Strong Rebound for May Architecture Billings Index
Following the first reversal into negative territory in 10 months in April, the Architecture Billings Index bounced back in May. As a leading economic indicator of construction activity, the ABI reflects the approximate nine- to 12-month lag time between architecture billings and construction spending.
The American Institute of Architects reported the May ABI score was 52.9, up dramatically from a mark of 48.6 in April. This score reflects an increase in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 59.1, up slightly from the reading of 58.5 the previous month.