Architecture billings ameliorate in February

The multifamily market received a sizable number of architecture billings in February.

The total level of architecture billings improved in February, which may signal property management companies will receive new construction in the next year.

Architecture billings improved to a reading of 54.9 in February, up from the previous month's rating of 54.2, according to the Architecture Billings Index from the American Institute of Architects. With the gains, the figure remained in the positive territory of the index, where billings continued to improve.

"Conditions have been strengthening in all regions and construction sectors for the last several months," said Dr. Kermit Baker, chief economist for AIA. "Still, we also continue to hear a mix of business conditions in the marketplace as this hesitant recovery continues to unfold."

The multifamily sector performed the best in the index, as it had a reading of 60.9, the report explained. The next-highest level was mixed practice, which was at 56.9. Commercial/industrial billings reached a level of 53.3, while institutional billings was slightly above the threshold, with a figure of 50.7.

While architecture billings improved, the multifamily market experienced a more positive situation during the recession than originally thought. A report from the Mortgage Bankers Association noted that the multifamily sector did not have a loan balance that declined at year-end throughout the entire economic downturn.

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