The outlook was especially pessimistic for multifamily residential (29.5 index), but the readings were low across the board. Mixed practice came in at 39.5, followed by institutional (37.1) and commercial industrial (33.8).
"Now that the stimulus bill has passed and includes funding for construction projects, as well as for municipalities to raise bonds, business conditions could improve," said AIA chief economist Kermit Baker in a statement.
"That said, until we can get a clearer sense of credit lines being made available by banks, it will be hard to gauge when a lot of projects that have been put on hold can get back online. "
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The majority of professionals I have spoken with in the A/E/C industry feel that the economy would have corrected itself and rebounded without the stimulus funding.
Michael J. McTamney
1818 Market Street, Suite 3500, Philadelphia, PA 19103
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