AIA Survey: Residential architecture firms have been hit hard by the COVID-19 economic crisis
A new report published by the American Institute of Architects (AIA) indicates that architects who focus on residential projects are bracing for steep losses over the coming months as the COVID-19 economic shut down put in place to limit the spread of the novel coronavirus has dimmed what was projected to be a year of healthy growth. The report’s findings state, “With years of overbuilding, the large millennial generation reaching their prime home-building years, and mortgage rates near historical lows, the outlook was bright for the housing sector entering 2020. Most forecasters were expecting housing production to average 1.5 to 1.6 million units per year over the coming years.” All of that, however, has come to a screeching halt as a hodgepodge of work shut downs and other initiatives have slowed new construction across the country. “Just as the residential sector was getting back on a solid foundation, it has been hit with this setback,” writes AIA Chief Economist, Kermit Bake...
A new report published by the American Institute of Architects (AIA) indicates that architects who focus on residential projects are bracing for steep losses over the coming months as the COVID-19 economic shut down put in place to limit the spread of the novel coronavirus has dimmed what was projected to be a year of healthy growth.
The report’s findings state, “With years of overbuilding, the large millennial generation reaching their prime home-building years, and mortgage rates near historical lows, the outlook was bright for the housing sector entering 2020. Most forecasters were expecting housing production to average 1.5 to 1.6 million units per year over the coming years.” All of that, however, has come to a screeching halt as a hodgepodge of work shut downs and other initiatives have slowed new construction across the country.
“Just as the residential sector was getting back on a solid foundation, it has been hit with this setback,” writes AIA Chief Economist, Kermit Bake...
