The American Institute of Architects’ latest data show that the Architectural Billings Index slid from 51.7 in September to 47.7 in October, below the benchmark of 50 (scores over 50 indicate an increase in firm billings). New inquiries and design contracts also dipped from the previous month, from 53.6 to 52.3, and from 50.7 to 48.6, respectively.
“Economic headwinds have been steadily mounting, and finally led to weakening demand for new projects,” said AIA chief economist Kermit Baker. “Firm backlogs are healthy and will hopefully provide healthy levels of design activity against fewer new projects entering the pipeline should this weakness persist.”
Compare recent ABI scores with the interactive graph below.