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The American Institute of Architects’ (AIA) ABI Index – a leading economic indicator of non-residential construction activity 9-12 months into the future – posted a reading above 50 for the fifth successive month in March, coming in at 50.4, modestly below February’s 51.0 (any reading higher than 50 means the number of architects reporting “rising billings” outpaced the number reporting “declining billings”).

The new project inquiry index declined sharply in March, falling 6.8 points to 56.6, down from February’s 63.4, which was the highest level since July 2007.

Some highlights in the report included both the Commercial/Industrial Index and the Northeast Index hitting more than four-year highs during the month.

Our full report is available to subscribers and provides further thoughts on the March ABI Index as well as the impact on steel equities.

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