July’s Architectural Billings Index was 51.5, down slightly from 52.6 in June — the tenth of the past twelve months when it’s been in positive territory. Similarly, the new projects inquiry index was 57.5, down from 58.6 in June.
All sectors of the construction showed growth.
Compiled by the American Institute of Architects, 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.)
“The uncertainty surrounding the presidential election is causing some funding decisions regarding larger construction projects to be delayed or put on hold for the time being,” said AIA Chief Economist Kermit Baker. “It’s likely that these concerns will persist up until the election, and therefore we would expect higher levels of volatility in the design and construction sector in the months ahead.”
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