Tuesday, March 30, 2010

Building & Construction Builders’ Bulletin[Morgan Stanley] $URE

Building & Construction Builders' Bulletin

The AIA Architectural Billings Index for February was released last week and implies continued

contraction in US non-residential construction: The February index reading of 44.8 was around two points

higher than the 42.5 recorded in January. Still below 50, the index indicates a continued decline in demand for

architectural design services. With a typical 9-12 month lag between design activity and on-the-ground

construction, these data point towards a prolonged downturn in US non-residential construction. This is not

a surprise to us given the average duration of a downturn in US commercial and industrial construction

is around 27 months. For comparison, the ABI has now been below 50 for 25 months. The national enquiries

index was at 52.0.
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