Here are two articles on the economy and real estate that we think may be interesting to the AE&E business we serve. First an excellent and detailed report on trends in the USA and Canada and second an update on backlog from AIA.
2023 is just on the other side of the river and in the real estate industry, there is a, “new normal,” coming being established as the market distortion from the pandemic begins to focus. Unfortunately, this focus is being defined by higher interest rates and an unpredictable future of the current market. The big question on experts minds is what to expect in the coming year? At this point, predictability is decreased, shortening reaction time for markets and industries….
Architecture Billings Decline For First Time Since January 2021
A contraction in billing has been detected by The American Institute of Architects, Architectural Billings Index. A 7% decrease since October of last year as occurred causing the index to hit 47.7 from 54.3. This is said to be a result of developers, “hitting the brakes,” on design and architectural spending. The hope is that companies will have a healthy enough backlog of design activity to weather the potential continued decrease in billings…