The latest economic data from the American Institute of Architects shows that May marked the sixteenth straight month of rising demand for design services in the US. While the read is down from April’s 56.5, it still represents very strong trading conditions considering that any reading above 50 indicates a month-on-month increase in settlements.
The indices of new project inquiries and construction contracts also rose, hitting 63.9 and 56.9 respectively, up from 62.3 and 55.4 in April.
May ABI highlights
- Regional Averages: West (59.3); Midwest (56.8); south (52.3); Northeast (51.4
- Sector index breakdown: trade/industry (57.7); mixed practice (56.2); apartment building (54.5); institutional (51.7)
“The strength of design activity over the past three months has resulted in a broader base of gains. The Northeast region and the institutional sector have struggled with slow settlement activity but have now posted months of positive results,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “With improved inquiries and new design projects, demand for design services is likely to remain high over the coming months despite strong economic headwinds.”
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