Advertisement
YOU ARE HERE: LAT HomeCollections

CONSTRUCTION

Architects see a slight increase in contracts in February

March 22, 2009|Roger Vincent

The nation's architects reported a slight uptick in business last month after hitting a historic low in January. Architectural contracts are a leading indicator of construction activity, with a lag time of about nine months to a year between the awarding of the contracts and construction spending.

The American Institute of Architects, the leading trade group for the profession, said Thursday that its index of "work on the boards" reported by architects was 35.3 in February, up from 33.3 in January, but still pointing to a general lack of demand for design services. The West had the best performance in the country with a score of 36.4.

"Despite a higher score than last month, we are likely to see light demand for new construction projects through much of the year," said Kermit Baker, the institute's chief economist. "There is hope that the stimulus bill will result in more project activity, but that is also dependent on banks easing lending standards in the months ahead. Still, the improvement in the inquiries index does provide hope that some stalled projects will resurface in the near future."

--

roger.vincent@latimes.com

Advertisement
Los Angeles Times Articles
|
|
|