Date: May 21, 2013

Good News: Construction to Increase

 

One of the leading economic indicators that looks ahead at future construction jobs is the Architectural Billing Index (ABI), which is provided by the American Institute of Architects. Recently, the ABI indicators for all sectors of construction rose to its highest levels since 2007, meaning currently architects have many new project requests for design.

Architects are the first line in construction jobs-they are our “early warning system” to know if business in our industry will be increasing or decreasing over the next six to eight months. By looking at economic indicators such as the ABI, construction companies, contractors and landscaping firms may be able to gauge potential jobs to look for that are ready for bidding to year’s end and into the next year.

The data is collected via a survey of participating architectural firms nationwide. Many of these firms provide engineering and construction-phase services, landscape and urban design and planning. The ABI indicators reflect projects that are approximately nine to twelve months behind the architectural billing and actual construction spending.

Since architects design about 75 percent of nonresidential buildings, new designs means new construction jobs on the horizon—with the largest in each geographic sector in multi-family residential, followed by commercial/industrial and institutional projects, such as schools, hospitals, churches and government buildings.

After years of difficult times in construction, this information is a silver lining that will give us all a chance to partner on projects in the near future. Chaney Enterprises has been preparing—making operational enhancements, including new systems and equipment to be ready to support our customers as business increases.

For more information, visit https://www.aia.org/press/releases/AIAB098125.