The Architectural Billings Index dropped into negative territory in November, dropping to 49.3 from the October mark of 53.1.
But the decline didn’t set off too many alarms from officials at the American Institute of Architects, which compiles the index.
“Since architecture firms continue to report that they are bringing in new projects, this volatility in billings doesn’t seem to reflect any underlying weakness in the construction sector,” said AIA Chief Economist Kermit Baker. “Rather, it could reflect the uncertainty of moving ahead with projects given the continued tightness in construction financing and the growing labor shortage problem gripping the entire design and construction industries.”
The ABI is a leading economic indicator for construction: It takes approximately nine months to a year between architecture billings and construction spending. (Any score above 50 indicates an increase in billings.)
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