U.S. architecture billings index rises in April, non-residential construction to see solid momentum
Source: FxWire Pro - Commentary / 23 May 2018 16:09:51 America/New_York
The U.S. Architecture Billings Index rose in April. The index expanded by 1 point to 52 in April from March’s 51. Given the month-to-month volatility, not too much should be interpreted into a single gain or loss, noted Wells Fargo in a research report. The three-month average for the ABI moderated, while the six-month average came in flat. The ABI has not stayed above 50 for more than seven straight months, signifying that more companies are seeing billings rise than contract. This implies strong momentum for non-residential construction, said Wells Fargo.
The ABI’s all four sectors continued to stay above 50 in April. Commercial/industrial, institutional and mixed gained on the month, while residential moderated slightly. The Midwest ABI dropped below 50, but all other regions were in expansionary territory. The Northeast had been below 50 for the previous three months, likely influenced by winter storms and a deceleration in apartments. The South ABI came in notable firm.
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