A leading indicator of U.S. nonresidential construction activity rose slightly in February from a record low the previous month, an architects’ trade group said Wednesday.

The Architecture Billings Index rose 2 points to 35.3 last month, according to the American Institute of Architects. Any reading below 50 indicates a decline in billings from the month before.

All four geographic regions tracked by the group remained below 50, as did all four construction subsectors. However, a measure of inquiries for projects rose 6 points to 49.5, its second consecutive monthly increase.

While still below 50, this measure is stabilizing, and could indicate an improvement in billings about three months from now, AIA Chief Economist Kermit Baker said.

"If that’s the case, we should see a bottom in billings and start to dig out of that hole in the months ahead," Baker said. But he added: "I wouldn’t call this downturn over yet by any stretch."

The improvement in inquiries could be due to stalled projects coming back, rather than developers thinking up new plans, he said.

"These are projects that may have hit financing problems last fall, started to sort that out, and are coming back to architecture firms," Baker said.

The AIA’s Billings Index, which began in 1995, is considered a measure of activity nine to 12 months in the future.

Nonresidential construction includes commercial and industrial facilities like hotels and office buildings, as well as institutions like schools and hospitals.

Companies that sell to this market include diversified manufacturer Honeywell International Inc, lighting maker Acuity Brands Inc and electrical components maker Thomas & Betts Corp, as well as heating and cooling systems makers Ingersoll-Rand Co Ltd and Johnson Controls Inc.

Caterpillar Inc, Deere & Co, Terex Corp , Illinois Tool Works Inc and Eaton Corp are also exposed to the sector.