May’s Architecture Billing Index (ABI) released by the AIA follows an announcement last week from the Federal Reserve that to curb inflation interest rates will increase by 0.75 percent—the largest rate hike since 1994. In its latest report, the ABI score dipped slightly to 53.5, down from 56.5 in April. The organization stated in its report the fall is not a cause for concern (any score above 50 indicates an increase in billings from the prior month) and still shows “very strong business conditions overall.”
The month of May saw increases in the scores for new project inquiries (63.9) and design contracts (56.9). Regionally,
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