Thursday31 July 2014

AIA president blames banks for profession's woes

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US architects institute to publish list of stalled projects in need of investors

The American Institute of Architects (AIA) is to publish a list of stalled building projects across the US that make economic sense but which lack the financing to be completed.

The database will be made available to potential investors in the next few months.

AIA president Clark Manus said: “For months, our industry has continued to suffer solely because banks won’t lend. With this innovative, unprecedented commitment, the AIA has decided to step up and do something about that.

“We are committing to developing this database not just with the fortunes of architects in mind.

“In large part the fortunes of the entire US economy rest on the jobs-creating potential of the design and construction industry.”

The AIA commitment comes as the design and construction industry is plagued by the ongoing lack of credit for what would usually be credit-worthy projects.

Almost two-thirds of architects responding to a recent AIA survey said they had at least one project that was stalled through lack of financing.

The database will be compiled from the results of a survey that the AIA will launch to identify stalled projects that could be moved forward on almost any front but for the lack of financing.

Meanwhile the AIA’s UK chapter held its annual summer gala on Wednesday night at AHMM’s refurbished Saatchi Gallery in west London, with attendees including KPF chairman Gene Kohn.



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