Spending on nonresidential buildings is projected to increase more than 7% this year, according to The American Institute of Architects mid-year Consensus Construction Forecast.
Architecture firm billings remained soft in April, with an AIA/Deltek Architecture Billings Index (ABI) score of 48.3 for the month. The score rose from 43.6 in March but still indicates that billings continue to decline at most architecture firms.
This bi-annual report delivers timely information on residential and non-residential market trends and product relationships for both residential and non-residential fenestration products. Forecasts are based on projections of construction activity as of May 2024.
On April 23, the Federal Trade Commission voted 3-2 to issue a new rule prohibiting the use of noncompete agreements for most U.S. workers. It is estimated that approximately 30 million workers are currently bound by such agreements, which prevent them from changing employers in their industry.
The AIA/Deltek Architecture Billings Index reported a score of 43.6 for the month of March, indicating business conditions continue to soften for architecture firms.
Architecture firm billings remained soft entering into 2024, with an AIA/Deltek Architecture Billings Index score of 46.2 in January. Any score below 50.0 indicates decreasing business conditions.
The AIA/Deltek Architecture Billings Index (ABI) remained below 50 for December, indicating soft business conditions to close out 2023. The score of 45.4 remained essentially flat from November.
Government funding, reshoring manufacturing, and a boost in tourism are converging to create a demand for the construction of megaprojects and landmark builds that exceed $1 billion in budget.
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