The Architecture Billings Index, an indicator of US non-residential building activity, fell slightly in October, the American Institute of Architects (AIA) said on Wednesday.
The index fell to 53.7 in October from 55.2 in September. Any reading above 50 indicates an increase in billings. The index, based on a survey of US architects, reflects a roughly nine to 12 months between architecture billings for design services and actual construction spending.
AIA Chief Economist Kermit Baker said there is momentum developing in design activity for nonprofits and municipal governments. “It will be interesting to see if and how the results of the mid-term Congressional and gubernatorial elections impact this developing momentum,” he said.