The American Institute of Architects’ Architectural Billings Index (ABI) is a leading indicator of growth in the construction industry.

Any score above 50 indicates an increase in billings relative to the previous month (and therefore an increase in anticipated construction activity) while a score below 50 indicates a decline. The most recent ABI score is 51.7: indicating slight growth going forward. Even so, the index has not recorded a contraction since December 2020.

The Northeast region saw the highest value at 54.6, which is somewhat surprising as it has not recorded a value above 50 since the end of May 2022. The institutional sector is the only sectoral figure to register growth – and an impressive 58.9 at that – likely due to the buzz generated by the Inflation

Reduction Act. The residential market has cooled off with increased interest rates, but expanded infrastructure spending should be enough to at least dampen the impact.