Key US construction index hits post crisis high
The US Architecture Billings Index, which measures activity in the US nonresidential property construction market, hit its highest level in July since 2007.
The Index hit a level of 55.8, up from 53.5 in June, reported the American Institute of Architects (AIA).
Any level above 50 indicates an increase in billings. The AIA said that the Index can be seen as a key leading economic indicator, providing a 9-12 month forward view on spending activity in the US nonresidential construction industry.
Separately, the AIA reported that its New Projects Inquiry Index was at a level of 66, down marginally from 66.4 the previous month.