Economy
ABI Falls Back Below 50 in April
Written by Laura Miller
May 25, 2023
While architecture firms saw a modest decline in billings from March to April, there were more inquiries for future projects, according to the latest data from the American Institute of Architects (AIA).
The monthly AIA Architecture Billings Index (ABI) registered a 48.5 reading in April, a decline from 50.4 the month prior.
Excluding the slight growth seen in March, architecture firms have seen declining billings every month since October, as an ABI score below 50 indicates a decrease in billings.
At the same time, the pace of inquiries accelerated slightly in April, with that index reading growing from 53.0 in March to 53.9.
The new design contract index, meanwhile, held steady at 48.9.
“The ongoing weakness in design activity at architecture firms reflects clients’ concerns regarding the economic outlook. High construction costs, extended project schedules, elevated interest rates, and growing difficulty in obtaining financing are all weighing on the construction market,” said AIA chief economist Kermit Baker in a statement.
Regional averages showed month-on-month declines in the Northeast (from 49.1 to 47.2) and the Midwest (from 51.4 to 51.2), while increasing in the South (from 47.4 to 48.7) and the West (from 47.2 to 49.3).
Note that regional and sector scores shown below are calculated by the AIA as three-month moving averages (3MMA).
An interactive history of the AIA Architecture Billings Index is available on our website.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in Economy
Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.