Some of my Architect friends have been talking about the lack of work in the pipeline and they definitely are worried about slowdown in residential and commercial real estate. Just like Civil Engineers, Architects are another canary in the coal mine.
The Architecture Billings Index declined to 50.7 last month from 55 in December, the Washington-based institute said today in a statement. That was the lowest score since July 2006, when it was also 50.7. Any score above 50 indicates an increase in billings from the previous month.
The drop may signal a ``sustained'' decline in demand from developers of warehouses, offices and apartment buildings as the economy slows, the institute said. Weakness in the U.S. housing market is spreading to other parts of the economy and prompting economists to strengthen their forecasts of a recession. A Bloomberg News survey taken earlier this month showed chances of a recession were now even, compared with 40 percent in January. [via Bloomberg]
I think it might be time to update my Economy and Engineering Work Poll again.
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