The American Institute of Architects' latest data show that the Architectural Billings Index eased to 51 in November, down from 54.3 in October, but still above the bench line of 50 (scores over 50 indicate an increase in firm billings). New inquiries and contracts have slowed down since last month from 62.9 to 59.4, and 58.0 to 55.8, respectively.

Noting that the 8-month streak in elevated billings scores “seems to be winding down for this cycle,” AIA Chief Economist, Kermit Baker, explained that “ongoing external challenges like labor shortages, supply chain disruptions, spiking inflation, and prospects for rising interest rates will likely continue to slow the growth in firm billings in the coming months.”