Construction Constriction

The Architectural Billing Index slid to 44.8, the lowest reading since 12/20. The Index is a 9-to-12-month leading indicator of construction activity. Reduced billings were reported in all regions. Multifamily billings are the weakest, followed by commercial/industrial billings while institutional billings are flat. Moreover, there appears to be rising client hesitation to commit to new projects, with backlogs falling to 6.5 months from their peak of 7.2 months during 3/22.