Commercial Real Estate News
Architecture Billings Still Growing in 2022
According to The American Institute of Architects, architecture firms began 2022 with a slight improvement in business conditions.
AIA's Architecture Billings Index (ABI) score for January was 51.0 compared to 51.0* in December (any score over 50 indicates billings growth). Inquiries into new work and the value of new design contracts both remained strong with scores of 61.9 and 56.1 respectively.
"Architecture billings, while remaining at very healthy levels in recent months, have slowed considerably from the middle of last year," said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. "This no doubt reflects delays in the construction sector caused by supply challenges for both labor and materials, as well as ongoing staffing constraints at architecture firms."
Key ABI highlights for January include:
- Regional averages: South (61.2); Midwest (51.5); West (47.6); Northeast (46.8)
- Sector index breakdown: mixed practice (59.3); commercial/industrial (54.2); multi-family residential (50.1); institutional (47.3)
- Project inquiries index: 61.9
- Design contracts index: 56.1
