AIA Reports Longest-Ever Slump in Architecture Billings as July Index Falls to 46.6

July's AIA/Deltek Architecture Billings Index fell to 46.6, extending a decline that has run for three and a half years – the longest on record. The Northeast suffered most with a score of 44.8, while inquiries rose but signed contracts dropped. All specializations saw billings fall, with commercial and industrial firms recording no growth since July four years ago. AIA chief economist Richard Branch attributed the downturn to macroeconomic uncertainty and high oil prices pushing up inflation, threatening higher interest rates. Construction costs have climbed 7.4% year-over-year since July 2025, according to Associated Builders and Contractors. Despite the record stretch, billings remain above the pandemic-era low of 29.6. The previous longest decline lasted about 30 months after the 2008 recession.