A steadily improving economy is spurring on construction activity in most regions of the county, and stimulating speculative development.
The following is an excerpt from the AIArchitect Blog post on the annual Architectural Billings Index report for 2012:
“Architecture firms continued to report improving business conditions in December, with an Architecture Billings Index (ABI) score of 52.0. (Any score above 50 represents billings growth). While the pace of billings growth slowed slightly from November, it is still the fifth consecutive month of growth, which means eight months of 2012 showed improving business conditions, the most in one calendar year since 2007. Inquiries into new projects remained strong, and firm backlogs for the fourth quarter inched up slightly from the third quarter to an average of 4.5 months.
Business conditions continued to improve at firms in all regions of the country in December with the exception of firms in the West, which continued to struggle to recover from nearly five years of declining billings. Firms located in the Midwest reported particularly strong firm billings last month after suffering a period of softness in the middle of the year. And for the third consecutive month, firms of all specializations reported experiencing increasing firm billings. The pace of growth has slowed significantly from the middle of the year for firms with a residential specialization, but continues to improve for firms with a commercial/industrial specialization.”
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