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After seeing consecutive months of contracting demand for the first time in four years, the Architecture Billings Index (ABI) saw a modest increase demand for design services. [...] (AIA) reported the October ABI score was 50.8, up from the mark of 48.4 in the previous month. This score reflects a slight increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 55.4, down sharply from a reading of 59.4 the previous month. — AIA
“There was a collective sense of uncertainty throughout the design and construction industry leading up to the presidential election,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “Hopefully we’ll get a sense of what direction we will be headed once we get a clearer read on how... View full entry
Ministers approved the long-awaited decision at a cabinet committee meeting on Tuesday.
Transport Secretary Chris Grayling called the decision "truly momentous" and said expansion would improve the UK's connections with the rest of the world and support trade and jobs.
Although Heathrow has always been the favourite among businesses, it has attracted the most opposition from MPs with constituencies near the airport or under flight paths.
— bbc.co.uk
The expansion which had been publicly opposed by Mayor of London, Sadiq Khan, Tory MP for Richmond Park, Zac Goldsmith and Foreign Secretary, Boris Johnson has been widely debated for years. Funded with private sector cash the new runway will cost £17.6 billion but provide 260,000 more flights... View full entry
For the first time since the summer of 2012, the Architecture Billings Index (ABI) posted consecutive months of a decline in demand for design services. [...] The American Institute of Architects (AIA) reported the September ABI score was 48.4, down from the mark of 49.7 in the previous month. This score reflects a decrease in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 59.4, down from a reading of 61.8 the previous month. — AIA
“This recent backslide should act as a warning signal,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “But this drop-off in demand could be continued hesitancy in the marketplace to move forward on projects until the presidential election is decided. The fact that new work coming... View full entry
There is a city which is suffering a worse property bubble than Sydney, whose residents are more priced-out than Londoners, and where there is a greater divide between the housing haves and have-nots than even San Francisco.
That city is Vancouver, and in response to these mounting challenges, the west-coast Canadian metropolis recently imposed an extraordinary new tax on foreign buyers – whose impact is now being watched closely by other cities grappling with bloated property markets.
— theguardian.com
Related stories in the Archinect news:Mayor of London launches probe into the impact of foreign investment in city's real estateAnother case of "poor door" for proposed Vancouver high-riseCan Vancouver break out of its 'boring-architecture' mold with these new ambitious skyscraper View full entry
On the heels of six out of seven months of increasing levels of demand for design services, the Architecture Billings Index (ABI) fell just below the positive mark. [...] (AIA) reported the August ABI score was 49.7, down from the mark of 51.5 in the previous month. This score reflects a decrease in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 61.8, up sharply from a reading of 57.5 the previous month. — AIA
“This is only the second month this year where demand for architectural services has declined and it is only by a fraction of a point,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “Given the solid numbers for new design contracts and project inquiries, it doesn’t appear that... View full entry
The Architecture Billings Index (ABI) was positive in July for the sixth consecutive month, and tenth out of the last twelve months as demand across all project types continued to increase. [...] (AIA) reported the July ABI score was 51.5, down from the mark of 52.6 in the previous month. This score still reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 57.5, down from a reading of 58.6 the previous month. — AIA
“The uncertainty surrounding the presidential election is causing some funding decisions regarding larger construction projects to be delayed or put on hold for the time being,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “It’s likely that these concerns will persist up until... View full entry
After a strong 2015, there is a growing sense that the construction industry expansion will be more tempered over the next eighteen months. [...]
The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will increase just less than six percent for 2016, with next year’s projection being an additional 5.6% gain.
— AIA
“Healthy job growth, strong consumer confidence and low interest rates are several positive factors in the economy, which will allow some of the pent-up demand from the last downturn to go forward,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “But at the same time, the slowing... View full entry
Buoyed by increasing levels of demand across all project types, the Architecture Billings Index (ABI) was positive in June for the fifth consecutive month. [...] The American Institute of Architects (AIA) reported the June ABI score was 52.6, down from the mark of 53.1 in the previous month. This score still reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 58.6, down from a reading of 60.1 the previous month. — AIA
The AIA reports these key ABI highlights for the month of June:Regional averages: South (55.5), West (54.1), Northeast (51.8), Midwest (48.2)Sector index breakdown: multi-family residential (57.9), institutional (52.7), mixed practice (51.0), commercial / industrial (50.3)Project inquiries index... View full entry
Brokers say the very top of the market — consisting of eight- and nine-figure homes — is faring the worst as slowing economies overseas and volatile stock markets have spooked buyers. The supply of homes for the rich exploded as builders aimed at the high end after the financial crisis. — NYT
Robert Frank highlights a worrisome pileup in the overinflated; luxury housing, megamansions and penthouse market. View full entry
Property funds worth £18 billion have stopped trading after Brexit sent a chill through the commercial property market. [...]
The fear was that too many property investors would try to take their money out at once, forcing fund managers to sell properties at a loss. [...]
The Bank of England has warned that the share prices of UK real estate investment trusts have fallen sharply following the referendum.
— Independent
Read more about the effects of Brexit on archinect:Creative Currency, post-BrexitPost-Brexit pessimism causes precautionary job lossesAfter Brexit, “the priority for the government at this time will not be big sexy projects”Architects react to shocking EU referendum result View full entry
According to a report from Reuters, construction spending fell in American for the second month in a row, following a steep 2% drop in April. April's drop was the largest since January 2011. The US Commerce Department states that May construction spending dropped 0.8%. The drop indicates that... View full entry
Led by a still active multi-family housing market and sustained by solid levels of demand for new commercial and retail properties, the Architecture Billings Index has accelerated to its highest score in nearly a year. [...] May ABI score was 53.1, up sharply from the mark of 50.6 in the previous month. This score reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 60.1, up from a reading of 56.9 the previous month. — AIA
The AIA states these key ABI highlights for the month of May:Regional averages: West (53.8), South (53.7), Northeast (51.2), Midwest (49.9)Sector index breakdown: multi-family residential (53.7), institutional (53.0), commercial / industrial (51.0), mixed practice (51.0),Project inquiries index... View full entry
After beginning the year with a decline, the Architecture Billings Index has posted three consecutive months of increasing demand for design activity at architecture firms. [...] (AIA) reported the April ABI score was 50.6, down from the mark of 51.9 in the previous month. This score still reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 56.9, down from a reading of 58.1 the previous month. — aia.org
Key ABI highlights for the month of April were reported by the AIA as:Regional averages: South (52.2), Northeast (51.5), West (50.8), Midwest (50.8)Sector index breakdown: multi-family residential (53.7), commercial / industrial (52.0), mixed practice (50.0), institutional (49.0)Project inquiries... View full entry
A study commissioned by the developer indicated that total economic output of the companies projected to occupy Hudson Yards will contribute $18.9 billion to the city's gross domestic product. [...]
Many projections in the report are also contingent on a host of economic indicators in the city, including demand for Class A office space. Out of the 10.4 million square feet Related will have to lease up, so far it has locked in commitments from tenants for 4 million square feet.
— crainsnewyork.com
The Hudson Yards project previously in the Archinect news:Welcome to the Hudson Yards, c. 2019: the world's most ambitious "smart city" experimentBIG's concept for a spiraling-landscape tower in NYC's Hudson YardsA Plan to Build Skyscrapers That Barely Touch the Ground View full entry
The Architecture Billings Index reflects consecutive months of increasing demand for design activity at architecture firms. [...] The American Institute of Architects (AIA) reported the March ABI score was 51.9, up from the mark of 50.3 in the previous month. This score reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 58.1, down from a reading of 59.5 the previous month. — aia.org
The AIA states these key ABI highlights for the month of March:Regional averages: South (52.4), Northeast (51.0), West (50.4), Midwest (49.8)Sector index breakdown: multi-family residential (55.7), commercial / industrial (51.8), mixed practice (50.0), institutional (48.0)Project inquiries index... View full entry
