Architectural and engineering (A/E) activity, a precursor for
nonresidential construction, remains positive. A/E employment rose 57,000 (4.2%)
over 12 months, BLS reported. The American Institute of Architects (AIA) reported
on March 23 that its index of billings at 300 architectural firms slipped in
February but remained above neutral.
“Growth in the
commercial/industrial and institutional sectors fell slightly this month, but
remains elevated overall,” AIA Chief Economist Kermit Baker commented. As for
residential billings, “The score indicates that the sector is no longer in
freefall, but instead has moderated to a more stable level.”