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U.S. Architecture Billings Index falls in February

The Architecture Billings Index dropped in the month of February. The index fell 2.7 points to 52. The ABI, encouragingly, has stayed above 50 for five straight months, signifying the majority of firms reported rose or stable billings.

The ABI moderated to 52 in February from January’s 54.7. Any score above 50 is consistent with growth in billings, and the index has remained above this threshold for 11 pf the past 12 months. The ABI implies that construction continues to have solid momentum despite February’s slight pullback in the ABI, noted Wells Fargo in a research report.

The Northeast ABI rose on the month but remained in contraction territory at 47.5. All other regional ABIs came in above 50. The multifamily residential ABI rose to 56.6 in February while the institutional index rose to 53.8. The commercial/industrial and mixed billings index both moderated for the second straight month, with the mixed index falling below 50.

The project inquiries and design contract indices, which tend to lead billings, rose in February. Construction and development seems to have strong momentum going into the spring, stated Wells Fargo in a research report.

At 20:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -154.457. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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