The American Institute of Architects reported Wednesday that its Architecture Billings Index (ABI) reached its first positive mark since August in November. The November ABI score was 52, following a score of 49.4 in October. (any score above 50 indicates an increase in billings). The new projects inquiry index was 65 last month, up dramatically from a reading of 57.3 the previous month. the ABI reflects the approximate nine to twelve month lag time between architecture billings and construction spending and is a leading economic indicator of construction activity.
AIA's Chief Economist Kermit Baker said that hopefully the uptick in billings in November is a sign that "a recovery phase is in the works. However, given the volatility that we've seen nationally and internationally recently, we'll need to see several more months of positive readings before we'll have much confidence that the US construction recession is ending."