The American Institute of Architects’ latest data show that the Architectural Billings Index continued to slide from 47.7 in October to 46.6 in November, below the benchmark of 50 (scores over 50 indicate an increase in firm billings). The increase in new inquiries slowed from the previous month, from 52.3 to 52.0, while design contracts continued to decrease from 48.6 to 46.9.
“Given the slowdown in new project work, many architecture firms will rely on their near record levels of backlogs to support revenue,” said AIA chief economist, Kermit Baker. “Still, firm leaders remain largely optimistic about future business trends," he added, with almost two-thirds of architecture firms projecting that "2023 will be either a good year or great year.”
Compare recent ABI scores with the interactive graph below.