Building Boom? Good Tidings for Your Business
Taking a step back from the law, we wanted to provide some information about recent numbers that are being published by our friends in the industry.
Due to government influx of public cash and subsidized funding, a building boom has generated construction across our nation. The numbers, across the board, are quite impressive.
The American Institute of Architects, the chief architects organization in the country, reported that billings have increased steadily over 2008 and into 2009. The AIA, as it is known, is responsible for creating the most popular of construction contract documents, used by many of you on your projects.
The AIA reported impressive increases in billings:
"In the three years leading up to the current recession, gross billings at U.S. architecture firms increased nearly $16 billion from 2005 and totaled $44.3 billion in 2008. That equates to 54 percent growth over three years with annual growth of about 16 percent."
More intriguing is the proportion of firms that now provide green building design services - up 31% from 2005. In fact, two-thirds of the projects begun in 2008 included sustainable design features. This is good news for the burgeoning green building industry.
More practical news was released by McGraw-Hill, one of the leading construction forecasters out on the market.
McGraw-Hill notes that after three years of declining building, the market is set to make a steady - but gradual -rebound in 2010:
"After a 39% drop in construction between 2006 and 2009, an improving residential market and signs of strength in some public sector markets could spark a turnaround in 2010, says Robert Murray, vice president of economic affairs for McGraw-Hill Construction.
“This is not a booming market; it is just inching upward,” he says."
The information bigwig states that increases in residential home building should drive the building market. To read their whole report, check out the reporting done by ENR.com.
Regardless, both reports show upward trends in the market. Good news for you and your company.
