Architecture can’t escape the current reality of volatile economic conditions, but watching AIA’s Managing Director of Research and Practice, Michele Russo’s economic forecast helps break down the the complex issues into practical reality and provided specific information for California markets. AIA CA hosted this Outlook on May 19 – and compiled this list of key takeaways from a diverse cross section of attendees.
6 Things You Need to Know:
- There’s a brewing talent shortage that’ll require rethinking retention and recruitment practices, and the workplace
- Materials pricing, supply chain delays, and labor availability are major problems that influence project costs – a real and present danger for project sponsors’ ambitions
- Pandemic and post-pandemic stresses are creating better relationships within the AEC team; cooperation is emerging – and very desirable
- Sensible Immigration policy could shore up construction trades dwindling labor pool
- Portions of the residential and non-residential market sectors are continuing to remain in high demand
- The Architectural Billings Index is a unique predictor of where the market is going in the future. Currently, over half of billings are related to rehabilitation, renovation, and historic preservation and promises a robust market opportunity over the next few years
Whether you’re running a firm or working in a firm, this information is important to everyone and well worth your time.