Architecture Billings Index improves in September

Architecture billings rose last month.

The American Institute of Architects recently released a report that showed an increase in billings during September. This could mean property management companies are looking at acquiring more developing property in the future.

According to the institute's Architecture Billings Index, the level of billings were positive last month, as the figure was 51.6. This was higher than the 50.2 recorded in August, as well as the threshold for positive billings, which is 50.

"With high foreclosure levels in recent years, more stringent mortgage approvals and fewer people in the market to buy homes there has been a surge in demand for rental housing," said Dr. Kermit Baker, chief economist for the AIA. "The upturn in residential activity will hopefully spur more nonresidential construction."

The projects inquiry index rose to 57.3 during September, which was higher than the previous month's figure of 57.2, the report noted.

Regionally, the West had the best index level, as it was 53.4, while the South's 51.9 was a positive figure. The report added that the Northeast was slightly below the threshold, as it had a 49.5, and the Midwest finished with a 47.2.

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