U.S. Architecture Billings Index falls in March

The U.S. Architecture Billings Index moderated in the month of March. The index fell from February’s 52 to 51 in March. Any reading above 50 signifies more companies saw billings rise than fall and is in line with strong gains in commercial building in quarters ahead, noted Wells Fargo in a research report. Even a slight fall in the Northeast regional ABI leaves that series with a rate in line with continued growth. The recent drop likely reflects some deceleration in apartment projects, where development seems set to wind down.

The multifamily residential ABI dropped to 53.4 in February while commercial/industrial rose to 53.1. The institutional ABI, which mainly includes education and healthcare, fell to 49.7. More restrained public construction spending might be at play. The project inquiries and design contracts indices, which tend to lead billings, dropped sharply in March. Momentum appears to have weakened slightly for construction activity, but stays strong, stated Wells Fargo.

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