Architects grapple with less work

New York /
Feb.February 25, 2010 08:50 AM

Architects had even less work to do in January, according to the American Institute of Architects, whose Architecture Billings Index dropped three points during the month to 42.5, down from 45.4 in December. The index, on which scores above 50 indicate an increase in the demand for design services, is an indicator of construction activity; there is a lag time of nine to 12 months between architecture billings and construction spending. Inquiries about new projects dropped more than seven points to 52.5. “Projects are being delayed or canceled because lending institutions are placing unusually stringent equity requirements on new developments,” Kermit Baker, chief economist at AIA said in response to the data. “This is even happening to financially sound companies with strong credit ratings,” he said. He added that a decrease in tax revenues for publicly-funded projects and declining property values were other contributors to the low demand for design work. The design and construction industry has an unemployment rate of more than 20 percent, he said. TRD


Related Articles

arrow_forward_ios
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
These are the tallest towers underway in NYC
These are the tallest towers underway
in NYC
These are the tallest towers underway
in NYC
A new competition asks what would houses on Mars look like (Credit: Getty Images, Pixabay)
Architecture’s final frontier: Here’s what houses on Mars might look like
Architecture’s final frontier: Here’s what houses on Mars might look like
Marvel's Jonathan Marvel and Dattner's Kirsten Sibilia
Here are 2020’s most active architects
Here are 2020’s most active architects
Welcome co-founder Alec Hartman and rendering of a model home (Welcome)
Design, click, build: Startup sells new homes online
Design, click, build: Startup sells new homes online
Rendering of the Tokyo Tokiwabashi project (Courtesy of Mitsubishi)
Mitsubishi unveils design for Japan’s tallest skyscraper
Mitsubishi unveils design for Japan’s tallest skyscraper
Design experts: These office solutions will slow Covid’s spread
Design experts: These office solutions will slow Covid’s spread
Design experts: These office solutions will slow Covid’s spread
SBE's Sam Nazarian and leading architect Kobi Karp
“It is catastrophic:” Sam Nazarian, Kobi Karp talk coronavirus toll
“It is catastrophic:” Sam Nazarian, Kobi Karp talk coronavirus toll
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...