The American Institute of Architects (AIA) announced that it has launched an online database that will let developers and architects network with investors interested in lending to projects that have been stalled primarily due to lack of financing.
The AIA designed the database, housed at www.aia.org/stalledprojects, to help address one of the persistent impediments facing the design and construction sector, which accounts for $1 in $9 of U.S. Gross Domestic Product, according to the U.S. Census Bureau. Each $1 million in new construction spending supports 28.5 full-time, year-round-equivalent jobs, according to a study by George Mason University economist Stephen J. Fuller.
“In large part the fortunes of the entire U.S. economy rest on whether the design and construction industry can create jobs,” said AIA President Clark Manus, FAIA. “For months, our industry has continued to suffer primarily because banks won’t lend. With this unprecedented online database portal, the AIA has decided to do something that could create more jobs and help grow the economy.”
The credit crunch crisis in design and construction shows no signs of abating. A report issued by the AIA’s economics and market research group finds that the share of projects stalled due to financing problems through August 2011 has almost doubled since 2008 and that one-in-five stalled projects directly result from financing problems. Indeed, almost two-thirds of architects responding to a May AIA survey reported at least one project stalled due to lack of financing.
To populate this database with both stalled projects and investors interested in financing them, the AIA in the last week initiated a communications campaign to solicit information about stalled projects around the country from its members and allied professionals. Since going live on October 31, the site has attracted projects seeking a total of almost $230 million in financing. The AIA expects these numbers to grow as word spreads throughout the architecture profession about this initiative.
“The four-month project to create this one-of-a-kind portal represents a comprehensive, intense effort by this organization to address an issue of vital importance to our members and to the economy in general,” said the AIA’s EVP and Chief Executive Officer Robert Ivy, FAIA. “As this initiative takes hold, we hope that the AIA’s Stalled Projects Page will prove to be an immense asset to architects, builders and developers throughout the country.”
By creating a login and clicking inside the “Get Started Now” box on the site, architects and developers can fill out a form and tell investors about their projects. By clicking in that same box, investors list their companies and tell project leaders about their firms and the types of investments they are interested in making. Once registered, both project owner and investor can see details on stalled projects or peruse investor information. BD+C
Related Stories
Codes and Standards | Jun 7, 2022
FEMA launches National Initiative to Advance Building Codes
The U.S. Federal Emergency Management Agency (FEMA) has launched a new government-wide effort to boost national resiliency and reduce energy costs.
Plumbing | Jun 7, 2022
Sloan launches ‘Sinks Beyond the Restroom’ innovation
Sloan, the world’s leading manufacturer of commercial plumbing systems, has launched its ‘Sinks Beyond the Restroom’ concept.
Building Team | Jun 7, 2022
Announcing construction inclusion week 2022: October 17-21, 2022
Save the date for Construction Inclusion Week 2022: October 17-21, 2022.
University Buildings | Jun 7, 2022
Newfoundland university STEM building emulates natural elements, local traditions
Memorial University of Newfoundland (MUN) recently opened a new building that will provide interdisciplinary learning and research space for Faculties of Science and Engineering.
Codes and Standards | Jun 2, 2022
Guide helps schools find funding for buildings from federal, state government
New Buildings Institute (NBI) recently released a guide to help schools identify funding programs for facilities improvements available from federal and state government programs.
Airports | Jun 2, 2022
SOM-designed International Arrival Facility at Seattle’s Sea–Tac airport features the world’s largest aerial walkway
The Skidmore, Owings & Merrill (SOM)-designed International Arrivals Facility (IAF) at Seattle-Tacoma International Airport has opened, replacing a 50-year-old arrival facility.
Women in Design+Construction | Jun 2, 2022
Women in Architecture: How HMC Pioneers Gender Equality
A survey by the Association of Collegiate Schools of Architecture (ACSA) shows that while women account for nearly half of graduates from architecture programs, they only make up about 15 percent of licensed architects.
Codes and Standards | Jun 2, 2022
New design guide for hybrid steel-mass timber frames released
The American Institute of Steel Construction (AISC) has released the first-ever set of U.S. recommendations for hybrid steel frames with mass timber floors, according to a news release.
Mass Timber | Jun 2, 2022
Brooklyn is home to New York City’s first mass timber condo building
In the Brooklyn neighborhood of Park Slope, the newly completed Timber House is New York City’s first mass timber condominium building and its largest mass timber project (by height and square footage).
Codes and Standards | Jun 1, 2022
HKS, U. of Texas Dallas partner on brain health study
HKS and The University of Texas at Dallas’ Center for BrainHealth are conducting a six-month study to improve the way the firm’s employees work, collaborate, and innovate, both individually and as an organization, according to a news release.
