The US-based American Institute of Architects announced Wednesday that after a depressed reading in the previous four months, the Architecture Billings Index (ABI)-a leading economic indicator of construction activity-rose to 51.4 in August, following a score of 45.1 in July (any score above 50 indicates an increase in billings). The new projects inquiry index was 56.9, up sharply from a reading of 53.7 the previous month.
"Based on the poor economic conditions over the last several months, this turnaround in demand for design services is a surprise," said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. "Many firms are still struggling, and continue to report that clients are having difficulty getting financing for viable projects, but it's possible we've reached the bottom of the down cycle."