The American Institute of Architects reported a modest increase in billings for architecture firms in March.
This news was tempered by a slight decline in new design contracts, according to an April 19 news release. This was the first time since September 2022 that billings improved. The billings score increased from 48.0 in February to 50.4 in March.
“In spite of the positive movement in architecture firm billings in March, core concerns remain,” AIA Chief Economist Kermit Baker said in the release. “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.”
The report found the inquiries into new projects grew at a slower pace, while the value of new design contracts declined in March, the release reported.
The AIA March report breaks down regional averages and sector index breakdowns, including mixed practice, institutional, commercial/industrial and multi-family residential, the release reported.
According to the release, the regional averages were 51.4 for the Midwest, 49.1 for the Northeast, 47.4 for the South and 47.2 for the West. The sector index breakdown showed mixed practices at 53.9, institutional at 48.8, commercial/industrial at 49.7 and multi-family residential at 44.2. These categories are calculated as three-month moving averages.
Deltek, the leading global provider of enterprise software and information solutions for project-based businesses, provided the home of AIA MasterSpec, the release said.
AIA was founded in 1857 and focuses on creating "more valuable, healthy, secure and sustainable buildings, neighborhoods and communities," the release reported. The organization works to provide tools and resources to its members to help support and advance their businesses and careers.
Additionally, the organization works to engage civic and government leaders, as well as the general public, "to find solutions to pressing issues facing our communities, institutions, nation and world," the release reported.
