The American Institute of Architects (AIA) reported Wednesday that the Architecture Billings Index (ABI), an economic indicator that provides an approximately nine to 12 month glimpse into the future of nonresidential construction spending activity, fell by more than a point in July, marking the fifth straight monthly decrease.
The July ABI score was 45.1--the steepest decline in billings since February 2010--after a reading of 46.3 the previous month. This score reflects a continued decrease in demand for design services (any score above 50 indicates an increase in billings).