Architect Billing Up for First Time in 3 Years
Architect Billing Up for First Time in 3 Years
The American Institute of Architects reports that September saw the industry's first gain in billings in nearly three years.
The Architecture Billings Index rose to 50.4 from 48.2 in August, the first increase in architects’ fees since January 2008, when the index was at 51.1, according to the American Institute of Architects.
The index fell to 33.9 in January 2009, the lowest since the institute began tracking fees in 1995.
The index for commercial and industrial billings rose for the fifth straight month; but the indexes for residential projects and institutional work held below 50, suggesting that demand continues to fall for these projects.
“We’re moving in the right direction,” says Kermit Baker, chief economist of the architects’ institute. “It certainly looks like a sustainable recovery on the commercial and industrial side.”
Source: Bloomberg (10/20/10) Hui-yong Yu
