U.S. architecture billings index falls in June
Source: FxWire Pro - Commentary / 18 Jul 2018 13:25:42 America/New_York
The U.S. Architecture Billings Index dropped in June. The index has continued to stay in expansion territory for nine straight months. The ABI dropped to 51.3 in June from May’s 52.8. The index has stayed above the key breakeven threshold of 50 for nine straight months, signifying that more companies are seeing billings expand than contract. Rising demand for architecture services hints at solid momentum for construction activity. Strength was mainly seen in the commercial/industrial and residential sectors, while institutional pulled back in June.
The South index rose 2.1 points to 57.4 in June and the region is now an even greater outlier. A revival in the energy industry in Texas and solid population growth throughout much of the South is underpinning construction. The billings index dropped in the West and Midwest and was flat in the Northeast. The sub-indices for all three regions came in at 50, implying construction should maintain its recent pace going forward, noted Wells Fargo in a research report.
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