Architecture Firm Billings Up in February

The Architecture Billings Index (ABI) score of 50.6 for February indicated that modest growth occurred at architecture firms that month, according to Jennifer Riskus, AIA Economics Research Manager. Although the pace of growth has slowed from the end of 2010, February still marks the fourth consecutive month that the ABI has been 50 or higher; an encouraging sign for a recovery. In addition, inquiries into new projects remain strong at firms.

While the majority of firms reported that the value of new design/design-build contracts remained about the same in February as in January, nearly one quarter (24 percent) indicated that the value increased by 5 percent or more for the month.

The overall economy showed signs of picking up in February, as 192,000 new jobs were added to total nonfarm payrolls and the national unemployment rate fell to 8.9 percent, the first time it has been below 9 percent in 22 months. Construction employment contributed to this growth, adding 33,000 new jobs.

However, after adding some jobs in mid-2010, architecture firms shed an additional 1,000 jobs in January, the most current data available. The most recent edition of the Federal Reserve's Beige Book (a survey of regional economic conditions), released in early March and that a broad-based expansion continues in much of the country.

- Courtesy of AIA