US billings jump sharply

The US billings index remained in positive territory at the end of last year, with December’s mark of 55.9 up sharply on the previous month’s score.

The hike – up from the 50.6 recorded in November – was the largest monthly increase in 2016. Any score above 50 indicates growth with figures below this indicating contraction.

The American Institute of Architects (AIA) said the increase capped off three straight months of growth.

But AIA chief economist Kermit Baker warned firms not to read too much into the jump. “December is an atypical month for interpreting trends, so the coming months will tell us a lot more about conditions that the industry is likely to see in 2017.”

The new projects index was 57.2, down from a reading of 59.5 the previous month.