Architecture Billings Index ABI Decreased MoM to 48.3 in April

Research evidence excerpt

Architecture Billings Index ABI Decreased MoM to 48.3 in April

J P M O R G A N North America Equity Research

20 May 2026

Architecture Billings Index

ABI Decreased MoM to 48.3 in April

AIA released the Architecture Billings Index (ABI) for April. The ABI Machinery, Engineering &

decreased MoM to 48.3 in April (vs. 49.8 in March and 49.4 in February). The ABI Construction

is a leading indicator of construction activity, and AIA notes that there is normally Tami Zakaria, CFA AC

a 9- to 12-month lag between architecture billings and construction spending. An (1-212) 622-9888

ABI score below 50 indicates a decrease in billings. The AIA’s new design tami.zakaria@jpmchase.com

contracts index increased MoM to 48.0 in April (vs. 47.8 in March and 48.0 in Alec R McGuire AC

February), below 50 for the 26th consecutive month. The design contracts index (1-212) 622-2432

tracks trends in the dollar volume of design contracts and is less subjective than the alec.mcguire@jpmorgan.com

new projects inquiry index. The AIA estimates that the design contracts index leads Raquel Betesh

(1-212) 622-1313

changes in billings by ~6 months. New project inquiries rose steadily to 57.7 (vs. raquel.betesh@jpmchase.com

56.8 in March and 52.3 in February). AIA’s Chief Economist, Richard Branch said, J.P. Morgan Securities LLC

“April’s economic picture was mixed as employers continued to add jobs, but

inflation accelerated as higher energy prices tied to the conflict in Iran drove

up costs. While a proposed gas tax holiday could offer some short-term relief,

energy prices are unlikely to ease meaningfully until the conflict ends.”

• Non-residential billings index decreased MoM in April. The ABI decreased

MoM to 48.3 in April (vs. 49.8 in March and 49.4 in February), below 50 for