Nov. 19 (Bloomberg) -- Demand for U.S. architectural services, a leading construction indicator, dropped for the ninth month as developers delayed or canceled projects, sending an index tracking architects’ billings to a record low.
The Architecture Billings Index registered 36.2 in October, down from 41.4 the month before and the lowest reading since the survey began in 1995, the Washington-based American Institute of Architects said today in a statement. Any score below 50 indicates billings dropped from the previous month. The index last had a score above 50 in January.
The decline in architecture billings indicates a decrease in construction spending through most of next year. The index predicts the development of offices, warehouses, apartments and other buildings, with about nine to 12 months between the time architects bill their clients and when developers start spending on construction, the institute said.
http://www.bloomberg.com/apps/news?pid=20601103&sid=auiQ68PHnhFM&refer=us
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