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2023 Economic Review and 2024 Outlook - Architecture Billings Index02-01-24 | News

2023 Economic Review and 2024 Outlook - Architecture Billings Index

Non-Residential
by Staff

Architecture Billings Index

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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

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