ABI: Decline in Billings for Fourth Consecutive Month
The AIA/Deltek Architecture Billings Index (ABI) remained below 50 for the fourth consecutive month. The score of 45.3 increased by one point from October, indicating slightly fewer firms reporting a decline in billings. Any score below 50.0 indicates decreasing business conditions but there are encouraging signs of the pipeline.
“This marks the seventh month in 2023 with a decline in billings. Over the past three months this pace of decline has accelerated, with firms in all specializations and in all regions of the country reporting weakening business conditions,” said Kermit Baker, PhD, AIA Chief Economist. "However, with signs that credit conditions are beginning to ease,firms are reporting an uptick in inquiries for future projects.”