The American Institute of Architects’ AIA/Deltek Architecture Billings Index (ABI) continued its 42-month slump through July, the longest in its history. Despite a slow uptick in new projects, the July ABI fell from 47.3 to 46.6, with newly signed design contracts declining after nearly approaching growth in June. Business conditions also remained weak in all regions of the U.S., with Northeast firms reporting the softest conditions for the second consecutive month. Billings declined in all specializations as well, although multifamily residential and institutional specializations both experienced slight growth earlier this year. Firms with commercial and industrial specialization have officially failed to report an increase in billings for four years as of this month as well.
