According to the American Society of Interior Designers (ASID) Interior Design Billings Index (IDBI), the revenue for home improvements and interior design projects has increased in the first quarter of 2014. The report said that by March 2014, the annual rate for the industry has reached $145 billion.
Jack Kleinhenz, Ph.D, collaborated with ASID Research Director Andy Whittaker in studying the index. Kleinhenz said that even if the economy was generally weak in the first quarter of the year, the billing index for interior design had a positive growth rate. From March 2013 to March 2014, the ASID IDBI was above average throughout 12 consecutive months.
“I remain optimistic about the balance of the year. Income, employment and consumer confidence continue to improve, suggesting sustained growth in all sectors,” Kleinhenz said.
Aside from this, the report also showed that interior design firms are receiving increasing levels of inquiries from interested potential clients. In March, the inquiry index for new projects was at 63.5, which is its highest point. Single-family residential projects continued to increase above for the entire year as well.
Increased billings for nonresidential projects such as hospitality, education, healthcare, corporate, government and retail sectors also increased during the first quarter of 2014. The first three months of the year also proved to be highly positive for the education segment as project billings on this sector also increased.
IDBI was launched in November 2010. It is created to diffuse indexes made from monthly ASID survey comprised of 300 firms within diverse geographical locations. The participating firms primarily offer interior design services on its own or as a part of other related practices including engineering and architecture. Results of the IDBI survey give helpful indications on the present and future condition of the interior design profession and gives those in the industry a perspective on the direction of the economy.
