The latest data from the American Institute of Architects (AIA) shows that the Architectural Billings Index increased from 48 in February to 50.4 in March, above the benchmark of 50 (scores over 50 indicate an increase in firm billings). New inquiries grew at a slower pace from 55 to 53.1, while design contracts decreased from to 51.3 to 48.9.

“In spite of the positive movement in architecture firm billings in March, core concerns remain," says AIA chief economist Kermit Baker. “Inflation still needs to ease further for interest rates to return to more normal levels, and the banking turmoil still threatens to hold back residential and commercial construction loans.”