National Billings Continue to Increase

The Architecture Billings Index (ABI) score for August 2022 increased to 53.3 from 51.0 in July as firms report an increase in billing. The American Institute of Architects (AIA) index showed.

Regional averages hovered above 50 — the Northeast remained the only region to score under 50 with a score of 49.8. The South scored 52.9, the Midwest 51.4 and the West 50.8.

The regional and sector categories are calculated as a three-month moving average, whereas the national index, design contracts and inquiries are monthly numbers.

Dodge Momentum Index Ticks Down Following July’s Record High

The Dodge Momentum Index (DMI) dropped 1.2% in August to 171.9 from July’s figure of 174.0.

The Momentum Index measures monthly nonresidential building projects in planning. Its producer, the Dodge Construction Network says. The DMI tracks lead construction spending for nonresidential buildings by a full year.

The DMI reports that commercial planning in August was led by an increase in hotel projects. However, fewer healthcare projects drove the institutional component down.

The figures are lower compared to a year ago. In August 2021, the DMI sat 14% higher, the commercial figure was 16% higher and the institutional component was 10% higher.

Total Construction Projects Dip in August, Industry Still in Good Position

Total construction starts fell 9% in August to a seasonally adjusted annual rate of $1.25 trillion, reports the Dodge Construction Network.

Year-to-date, total construction was 16% higher in the first eight months of 2022 compared to August 2021. Nonresidential building starts rose 35% over the year, residential starts were 1% higher and nonbuilding starts were up 21%.

Nonresidential building starts moved 7% higher in August to a seasonally adjusted annual rate of $569.6 billion. Commercial starts were 22% higher in August, with all categories posting an increase. Institutional starts were up 62% despite education and healthcare starts declining, while manufacturing starts lost 42% during the month.

Residential building starts rose 1% in August to a seasonally adjusted annual rate of $400.7 billion. Single family starts lost 10%. Multifamily starts, however, gained 19%.

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