Architects experienced a setback in March, according to the American Institute of Architects’ (AIA) Architecture Billings Index (ABI). The decline in March wiped out the slight growth seen in January and February.
The ABI score fell from 50.7 to 48.8, the lowest score since December 2013. The slip in March could be a replay of the spring dip in billings in 2013, when billings fell from 52.0 in March 2013 to 48.7 in April 2013—before showing growth for much of the rest of the year.
The fall in March 2014 could also reflect the severe winter weather that seized much of the nation at the start of spring.
It may be months before we find out whether the slowdown in billings should be attributed to a prolonged winter or something else in the economy.