News
July 26, 2024

Diverging Paths: Construction Hires Soar, Architecture Billings Plummet

While the construction industry continues to expand, with contractors adding workers at a steady pace, architects are facing a prolonged slump.

According to the Associated General Contractors of America (AGC), construction employment is on the rise in most states. The demand for workers to build massive data centers, manufacturing plants, and infrastructure projects is driving this growth. However, there are regional disparities, with states like Texas and Florida leading the charge while others, including New York and Colorado, are experiencing job losses.

In contrast, the architectural sector is grappling with its 17th consecutive month of declining billings, as reported by the American Institute of Architects (AIA) and Deltek. Despite a slight improvement in inquiries about new projects, the value of signed contracts continues to fall. While architects maintain a backlog of work, it's at its lowest point in over three years.

The industry is pinning its hopes on a potential decline in interest rates to stimulate the market. While the Northeast has shown signs of recovery, the overall outlook for architects remains cautious, especially in the multifamily and commercial sectors.

News
July 26, 2024

Diverging Paths: Construction Hires Soar, Architecture Billings Plummet

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While the construction industry continues to expand, with contractors adding workers at a steady pace, architects are facing a prolonged slump.

According to the Associated General Contractors of America (AGC), construction employment is on the rise in most states. The demand for workers to build massive data centers, manufacturing plants, and infrastructure projects is driving this growth. However, there are regional disparities, with states like Texas and Florida leading the charge while others, including New York and Colorado, are experiencing job losses.

In contrast, the architectural sector is grappling with its 17th consecutive month of declining billings, as reported by the American Institute of Architects (AIA) and Deltek. Despite a slight improvement in inquiries about new projects, the value of signed contracts continues to fall. While architects maintain a backlog of work, it's at its lowest point in over three years.

The industry is pinning its hopes on a potential decline in interest rates to stimulate the market. While the Northeast has shown signs of recovery, the overall outlook for architects remains cautious, especially in the multifamily and commercial sectors.