WASHINGTON, DC-After several months in which theArchitecture Billings Index posted downwardmovement, the indicator made a U-turn in August, theAmerican Institute of Architects reports. Thescore for August was a 51.4, following a weak 45.1 in July.
"Based on the poor economic conditions over the last severalmonths, this turnaround in demand for design services is asurprise," said AIA chief economist Kermit Bakerin a prepared statement. "Many firms are still struggling, andcontinue to report that clients are having difficulty gettingfinancing for viable projects, but it’s possible we’ve reached thebottom of the down cycle." Baker was unable to return a call fromGlobeSt.com in time for publication.
Not that the ABI hasn’t faked out the industry before. InDecember itjumped three points, after a disappointing few monthsof stagnation. At the time Baker predicted an up-and-down period ofmovement, which could well be the case still.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
