The American Institute of Architects’ latest data show that the Architectural Billings Index increased slightly from 51 in January to 51.3 in February, above the benchmark of 50 (scores over 50 indicate an increase in firm billings). New inquiries also increased modestly from 61.9 to 62.5, while design contracts decreased, from 56.1 to 55.2.
Despite this positive trend, AIA Chief Economist Kermit Baker expressed concern about the "prolonged lack of demand for design services in the Northeast." Continued issues with the supply chain and staffing have been compounded by spiking inflation and interest rates. "Activity is plateauing as firms face a myriad of external challenge," says Baker.
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