ABI February 2023: Business conditions remain soft at architecture firms
Architectural salaries saw strong gains in 2022, with more modest growth anticipated for 2023
Architecture firm billings remained soft for the fifth consecutive month in February. The Architecture Billings Index (ABI) score of 48.0 indicates softer business conditions than in January. However, while overall billings have declined every month since October 2022, the pace of the decline remains relatively modest, and has not accelerated dramatically.
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February Construction Employment Increases by 24,000
According to data released today by the US Bureau of Labor Statistics, the national construction industry added 24,000 jobs on net in February.
Nonresidential Construction Spending Increased 0.3% in January
- National nonresidential construction spending increased by 0.3% in January.
- On a seasonally adjusted annualized basis, nonresidential spending totaled $968.7 billion for the month.
- "On a year-over-year basis, spending in the nonresidential sector continues to outpace inflation.
ABI January 2023: Architecture firm billings decline at slower pace
One in five firms have current international projects, or have had one in the last five years
While architecture firm billings declined for the fourth consecutive month in January, the pace of the decline continued to slow. The ABI score of 49.3 for the month indicates that fewer firms reported softening conditions this month than in December. In addition, inquiries into new projects and the value of new design contracts both strengthened in January, as firms reported an uptick of interest in new projects.
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January Construction Employment Up by 25,000
According to data released today by the US Bureau of Labor Statistics, the national construction industry added 25,000 jobs on net in January.
Nonresidential Construction Spending Decreased 0.5% in December
- National nonresidential construction spending decreased by 0.5% in December.
- On a seasonally adjusted annualized basis, nonresidential spending totaled $943.5 billion for the month.
- "Despite the decline, nonresidential spending is up 13.8% year over year, an increase outpacing both overall inflation