January’s score ends three straight months of growth

The US billings index slumped into negative territory for the first month of this year, with January’s mark coming in at 49.5 – down from the 55.9 recorded the previous month.

The fall ends three months of straight growth, with any score above 50 indicating growth while figures below this indicate contraction.

But chief economist at the American Institute of Architects Kermit Baker shrugged off worries that the score meant more bad news was on the way.

He said: “This small decrease in activity, taking into consideration strong readings in project inquiries and new design contracts, isn’t exactly a cause for concern. The fundamentals of a sound non-residential design and construction market persist.”  

The new projects inquiry index was 60.0, up from a reading of 57.6 the previous month.

 

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