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Architecture Billings Index drops after three months of steady improvement

Following three straight months of promising conditions, the AIA have reported the May ABI rating as 45.8 - substantially less than the April’s rating of 48.4. The ABI is a leading economic indicator of construction activity and reflects the approximate nine to twelve month lag time between architectural billings and construction spending. This reported drop reflects a continued decline in the demand for design services, and has caused AIA Chief Economist Kermit baker, PhD, Hon. AIA, to comment: “This dip is somewhat of a surprise since it appeared that conditions were pointing towards a recovery. The overriding issue affecting the entire real estate sector is unusual caution on the part of lending institutions to provide credit for construction projects that apparently would be successful in this economic environment.”

IN BRIEF
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