The American Institute of Architects (AIA) reported Wednesday that the Architecture Billings Index (ABI) score in February was 54.9, up slightly from a mark of 54.2 in January. This score reflects a strong increase in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 64.8, higher than the reading of 63.2 the previous month--and its highest mark since January 2007. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending.
"Conditions have been strengthening in all regions and construction sectors for the last several months," said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. "Still, we also continue to hear a mix of business conditions in the marketplace as this hesitant recovery continues to unfold."