The Architecture Billings Index fell 2.8 points in November, marking the second-straight month of weakness. Residential billings climbed during the month, while commercial/industrial and institutional were down.
Residential Keeps Overall Billings Above Ground
- Billings by U.S. architecture firms showed some moderation in November coming in just a tad above the critical level of 50, at 50.9. Total billings are now at its lowest level since April.
- Consistent with the solid recovery in multifamily building, billings in this component rose 2.1 points to 56.8 during the month. On the other hand, commercial/industrial and institutional billings are showing a slower pace of gains.
The Trend Is Your Friend
- On a three-month moving average basis, overall billings have been stuck in a fairly narrow range of 53 to 54 over the past five months. The trend in billings is more instructive in determining the outlook for nonresidential building in the coming year. Project inquiries and design contracts, which typically lead billings, remained solid in November posting readings of 58.8 and 54.9, respectively.
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