The latest AIA/Deltek Architecture Billings Index (ABI) for January has recorded a slightly slowing decline to 45.6. For the month, inquiries for new projects continued to rise at a steady, slow pace, while the value of newly signed design contracts dropped for the eleventh month in a row. This is the third consecutive ABI to record a decline. Any score below 50.0 indicates decreasing business conditions.Billings were shown to be soft across all regions and specializations. Firms with a commercial/industrial focus reported the most significant decline in business conditions, but weakness was observed across all sectors. Business conditions remained weakest in the Northeast, continuing a trend from recent months."Stubborn inflation, persistently high interest rates, and labor concerns continue to weigh on the willingness of owners and developers to move ahead with construction projects," said AIA Chief Economist Kermit Baker. "Architecture firms have been moving to right-size their...