AIA National: Economic Impact of COVID-19

On April 1, 2020, AIA Chief Economist Kermit Baker, Hon. AIA hosted the first webinar of a four-part series on COVID-19’s economic impact on the architecture industry.

Highlights

• Architecture billings were generally weak in 2019 but strengthened moving into 2020
• Heading into the COVID-19 pandemic, billings, design contracts, and project inquiries were surprisingly healthy
• At least half of firms saw interest in new projects decline in March
• Three-quarters of firms have seen problems with current projects (delays in permitting, projects put on hold, financing, etc.)
• 83% of firms expected a revenue decline in March with more than one-third estimating revenue will be at least 10% below expectations
• 94% of firms expected a revenue decline in April with 57% anticipating a revenue decline exceeding 10%
• The main impact, so far, is increased staff working remotely and limiting in-person meetings
• 48% of firms have all or virtually all staff working remotely
• 31% of firms have some staff working remotely

Upcoming webinars in the series

• Session 2 – Residential Focus – Wednesday, April 8, 3 pm EDT
• Session 3 – Employment Data Focus – Wednesday, April 15, 3 pm EDT
• Session 4 – Architectural Firm Data Focus – Wednesday, April 22, 3 pm EDT

Log in at AIAU to get access to the replay and the upcoming sessions.