The American Institute of Architects’ latest data show that the Architectural Billings Index decreased from 53.2 in June to 51 in July, still above the benchmark of 50 (scores over 50 indicate an increase in firm billings). New inquiries continued to fall from the previous month, from 58.2 to 56.1, while design contracts rose slightly, from 52.2 to 52.9.

"Despite architecture services employment recently surpassing pre-pandemic levels, the ABI score this month reflects the slowest growth since January, and marks the fourth straight month with a lower score than the previous month, indicating a slowing trajectory in billings activity,” said AIA chief economist, Kermit Baker. “With a variety of economic storm clouds continuing to gather, we are likely looking at a period of slower growth going forward."