The nation's architects reported improved business in October, with billings accelerating to their strongest pace of growth since December 2010.
Architectural contracts are a leading indicator of construction activity, with a lag time of about nine months to a year between the awarding of contracts and construction spending.
The American Institute of Architects, the leading trade group for the profession, said its index of “work on the boards” reported by architects was 52.8, up from 51.6 in September. Any score above 50 indicates an increase in billings.
“With three straight monthly gains – and the past two being quite strong – it’s beginning to look like demand for design services has turned the corner,” chief economist Kermit Baker said.