AIA Database Now Totals More Than $1 Billion Worth of Stalled Projects
Posted
01/19/2012
The American Institute of Architects' stalled projects database
now contains 36 projects worth a total of almost $1.2 billion, and
50 (both anonymous and public) investors looking for projects to
finance, the AIA announced.
Launched on November 7, the AIA's stalled projects database,
housed at www.aia.org/stalledprojects, is designed to let
developers and architects network with investors interested in
lending to projects that have been stalled primarily due to lack of
financing. The database seeks to addresses the persistent lack of
financing facing the construction sector, which has an unemployment
rate of 16 percent, almost twice the national average.
According to a study by George Mason University economist Stephen
J. Fuller, each $1 million in new construction spending supports
28.5 full-time, year-round-equivalent jobs. If each of the projects
listed in the database obtained financing, according to this
equation, 28,500 jobs could be created nationwide.