Iowa architect billings showing signs of growth, report shows
Architecture firm billings in Iowa and the Midwest continued to outpace the national average, which remained soft at the beginning of the year, according to the latest AIA/Deltek Architecture Billings Index.
According to the report, the index score for the Midwest in December was 50.9, compared to the national score of 46.2 in January. The index is a leading economic indicator of construction activity, providing a look at nonresidential construction activity for the next nine to 12 months. Regional and sector categories are calculated as three-month moving averages and may not average out to the national score. Any score below 50 represents decreasing business conditions.
Other regional scores were 43.6 in the Northeast, 45.2 in the South and 46.6 in the West. Index scores for sectors were 47 for commercial and industrial, 48.5 for institutional, 44.6 for multifamily residential, and 42.9 for mixed practices, or those architecture firms that do not have half their billings in one specific category.
“Architectural billings continue to decline across the U.S., except for in Iowa and the Midwest,” Jessica Reinert, AIA Iowa executive director, said in a news release. “This is on track with historical markers that indicate our geographic area is often insulated against sharp changes in the markets.” She said that according to the organization’s market report for the fourth quarter of 2023, “the majority of Iowa firms surveyed perceive that inquiries, billings and design contracts are holding steady with a positive trajectory to be seen in 2024.”