Autodesk: Architecture Billings Index (ABI) - April 2026: Close But Not Quite There Yet

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Autodesk: Architecture Billings Index (ABI) - April 2026: Close But Not Quite There Yet

s data points to a stabilization in the number of firms reporting Q1 2.29 - 2.86 - 3.32

Q2 2.62 - 3.07 - 3.57

a decline in billings, with the index largely stable MoM at 48.3 from 49.8 last month, Q3 2.67 - 3.11 - 3.57

though the overall trend remains downward (any score below 50 indicates a Q4 3.00 - 3.41 - 3.90

decrease in billings MoM / above 50 indicates increase in billings). Importantly, the e = Morgan Stanley Research estimates

ABI index in the past three months has seen a materially lower number of firms

report a decline in billings vs. the prior twelve months.

Per the American Institute of Architects (AIA), "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... By specialization, institutional and multifamily residential firms

posted modest growth in April – an encouraging signal that new projects may be

emerging. Meanwhile, billings continued to decline at commercial/industrial firms,

which has remained one of the weakest sectors over the past six months."

Bottom line, we are encouraged by the largely stable MoM performance across

billings, inquiries and design contracts, though the path to an inflection in billings

growth (i.e., score above 50) still remains unclear. Although underlying architecture Morgan Stanley does and seeks to do business with

demand remains fairly soft, Autodesk has multiple levers to protect profitability companies covered in Morgan Stanley Research. As a result,