ABI increased in July
The American Institute of Architects' Architecture Billings Index (ABI), a leading economic indicator of construction activity, increased in July with an ABI rating of 52.7 compared with 51.6 in June. The inquiries for new projects score was 66.7 compared with 62.6 in June. A score above 50 indicates an increase in billings. Regional averages include the Northeast's rating of 54.3; South's rating of 54.2; West's rating of 51.1; and Midwest's rating of 50.8. Mixed-practice construction received a rating of 56.9; commercial/industrial construction received a rating of 54.2; multifamily residential construction received a rating of 53.3; and institutional construction received a rating of 50.6. "There continues to be encouraging signs that the design and construction industry continues to improve," says AIA Chief Economist Kermit Baker. "But we also hear a wide mix of business conditions all over the country, ranging from outstanding and booming...