Architecture Billings Index

 
In September, architecture firms experienced a decline in business conditions, marked by the lowest AIA/Deltek Architecture Billings Index (ABI) score since December 2020. The slump reflects increased reluctance among clients to commit to new projects, as evidenced by a decline in newly signed design contracts. While firms report robust backlogs, averaging 6.5 months, that figure is a decrease of nearly a month since March 2022. Employment in architectural services saw a notable dip in August, offsetting gains earlier in the year. Small businesses have expressed growing pessimism about the economic outlook, citing concerns about inflation, labor shortages, and financing costs. https://tinyurl.com/ABI-23