Sixty-Three Percent of Architects Surveyed Report Stalled Projects

Almost two-thirds of architects surveyed by the American Institute of Architects (AIA) last month report that they have at least one project that is stalled due to lack of financing, despite record low interest rates. Of the 63% of firms surveyed with stalled projects, the average value of each project was almost $50 million per firm. Among the survey's major findings is that the availability of construction project financing remains a major issue for many architecture firms. In April, 57 percent of survey respondents rated the issue as very or extremely serious, and an additional 30 percent indicated that it is a somewhat serious issue. Nearly half of respondents (45 percent) think that the availability of credit has become more restrictive over the past year, with just 16 percent seeing an easement in credit availability.

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Source: AIA
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