by Jonathan McGaha | June 28, 2011 12:00 am
Chicago, Ill.-based AIA announces a a database of stalled building projects nationwide that make economic sense but which lack the financing to be completed, which will be available to potential investors.
We are committing to developing this database not just with the fortunes of architects in mind,” says AIA President Clark Manus, FAIA. “In large part the fortunes of the entire U.S. economy rest on the jobs-creating potential of the design and construction industry, which accounts for $1 in $9 of U.S. Gross Domestic Product, according to the U.S. Census Bureau.”
“For months, our industry has continued to suffer solely because banks won’t lend,” Manus explains. “With this innovative, unprecedented commitment, the AIA has decided to step up and do something about that.”
Of the 63-percent of firms surveyed with stalled projects, the average value of each stalled project was almost $50 million per firm. To make matters worse, the AIA’s May ABI report shows a continued deterioration in business conditions. The May ABI score announced last week was 47.2, a decrease from a reading of 47.6 in April. One factor cited in the continued decline is the chronic lack of financing.
In order to build and analyze the database of stalled projects, the AIA will establish a new survey that will begin to identify and analyze stalled projects from around the country that could be moved forward on almost any front but for the lack of financing. The commitment by the AIA involves soliciting information about stalled projects around the country from its members and allied professionals.
The AIA will then analyze and categorize the identified projects by various factors, including building type location (including those locations with a strong, skilled workforce), new construction versus retrofit, and impact on sustainability and livability goals. The AIA will work to identify opportunities for collaboration and financing to help move projects forward.
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