The latest data from the American Institute of Architects (AIA) shows that the Architectural Billings Index decreased from 49.3 in January to 48 in February, below the benchmark of 50 (scores under 50 indicate a decrease in firm billings). New inquiries and design contracts slowed from the previous month but remained positive, from 55.2 to 55, and from to 53.4 to 51.3, respectively.

"The combination of an unsettled economy and high interest rates is causing investors and property owners to take a closer look at their plans for construction projects,” says AIA chief economist, Kermit Baker. “While this is producing delays for some projects under design, architecture firms are reporting that prospects for future project work remain generally positive.”