“It’s a fun time in Vegas right now, with the economy up,” said Beth Campbell, principal and managing director of Gensler’s Las Vegas office. Downtown is being reborn, thanks in no small part to Zappos CEO Tony Hsieh’s multi-million dollar investment. The Strip, too, is booming—see the High Roller observation wheel, which opened on March 31. At the same time, the spendthrift breeziness of the pre-recession years is gone. “Everyone is coming back to life, but with a refined focus and purpose,” said Campbell. “I would say the clients and developers are cautiously aggressive…they still want to grow, still want to reach for the sky…But they’re really focused on how they’re applying [their money] to make these projects happen.”
After starting the year on a positive trend, the Architectural Billings Index ticked down last month. The March ABI score dropped sharply from February’s score of 50.7 to 48.8. This moves the index into negative territory as any score below 50 signifies a decrease in design services. The new projects inquiry, though, did tick up from 56.8 to 57.9.
After the Architecture Billings Index (ABI) posted positive gains in January, the question everyone was asking was, “What comes next?” Today, the AIA’s monthly report answered that question with a bit more good news. The ABI was measured at 50.7 in February, which is up slightly from a January score of 50.4. So, how did this happen? The change was due to strong numbers posted in the South (52.8) and the West (50.5). But dragging the group down, the Northeast and Midwest both scored below 50 with scores of 48.3 and 47.6, respectively (any score below 50 indicates a decline).
After months of slowed growth at the end of last year, the Architecture Billing Index ticked up slightly in January. The ABI score was measured at 50.4, up from 48.5 in December—and that’s good news because any score above 50 means positive growth. The positive number was largely due to growth in the South (53.5) and the West (51.1). The ABI dipped below 50 in both the Midwest and Northeast, with scores of 46.5 and 43.6, respectively.
Following a period of extended growth, the Architecture Billings Index (ABI), which is compiled by the AIA, declined for the second straight month, down to 48.5 in December from 49.8 in November (any score below 50 indicates a decline). The news is not entirely bleak, however, as new project inquiries rose to 59.2 up from 57.8.
Indianapolis’ public parks system, Indy Parks, is looking for third parties interested in privatizing some or all of the city’s parks and recreation holdings. The move follows last year’s survey seeking ways to upgrade the city’s 207 parks properties.
After a three-month streak of positive growth, the Architecture Billings Index revealed a small dip in the demand for design services. The ABI score slid down from 54.3 in September to 51.6 in October (any score above 50 indicates an increase). AIA Chief Economist Kermit Baker said that the tumultous political climate—read Government Shutdown—contributed to the drop in activity last month.
At its annual fall meeting (this year in Chicago), the real estate research non-profit Urban Land Institute released its 2014 trends report Thursday. The verdict of the 1,000 professionals surveyed? Next year we will continue “recovering from the recovery,” in the words of one respondent, following the depths of the 2008 recession.
The architecture business seems to be—slowly—rounding back into form in Southern California. One indicator? A bunch of Requests for Proposals (RFPs) and Requests for Qualifications (RFQs) for major public projects. One of the most significant is the $70 million renovation of the Los Angeles Memorial Coliseum, whose management was taken over by the University of Southern California (USC) this summer. The iconic Parkinson & Parkinson–designed building will undergo long-delayed updates throughout, including improved sight lines, seating, concessions, audio/visual, lighting, restrooms, and much more. The stadium’s last major upgrade came in 1993. The shortlist for the project for now includes Populous, NBBJ, DLR, HNTB, Gensler, and 360 Architecture.
The slow days of the recession are long gone. Recent figures indicate that September was another robust month for the architecture industry. The Architecture Billings Index (ABI) rose from 53.8 in August to 54.3 (any score above 50 indicates an increase in billings). AIA Chief Economist Kermit Baker said that this upswing in the demand for design services is a reflection of the industry’s new and advanced design and business practices. “The prolonged economic downturn that has affected the design and construction industry has actually resulted in the increased productivity levels as reported by architecture firms,” Baker said.
Recent economic figures from the Architecture Billings Index (ABI) revealed that summer finished on a high note with a significant rise in the demand for design services. The ABI score for the month of August jumped more than a full point from July climbing up to 53.8 from 52.7 (any score above 50 indicates positive growth). AIA Chief Economist, Kermit Baker, sees positive growth for the industry, but remains cautious about the future. “As business conditions at architecture firms have improved eleven out of the past twelve months, it is fair to say that the design professions are in a recovery mode,” Baker said. “This upturn signals an impending turnaround in nonresidential construction activity, but a key component to maintaining this momentum is the ability of businesses to obtain financing for real estate projects, and for a resolution to the federal government budget and debt ceiling impasse.”
Summer isn’t slowing the demand for design services, according to the AIA’s latest economic figures. In fact, numbers are on the rise. The AIA’s Architecture Billings Index (ABI) for July increased more than a full point spike in non-residential construction activity from June’s ABI score of 51.6 to 52.7 (any score above 50 indicates positive growth). Most notably, the new projects inquiry index produced positive results with a substantial increase from 62.6 the previous month to 66.7 in July.