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
Contractors | Jan 7, 2021
The Weekly show, Jan 7, 2021: Preconstruction boot camp, and leadership strategies for navigating a challenging market
The January 7 episode of BD+C's The Weekly is available for viewing on demand.
Architects | Jan 5, 2021
Ware Malcomb finds itself in the mix for multiple diverse projects
Its latest completion is an office/factory/warehouse combo for one of Marvin Window’s brands.
Architects | Jan 4, 2021
Moody Nolan receives 2021 AIA Architecture Firm Award
Founded by Curt Moody, FAIA, NOMA, and the late engineer Howard E. Nolan, the firm’s work is centered on the belief that diverse perspectives foster creativity and more responsive solutions.
AEC Tech | Dec 17, 2020
The Weekly show: The future of eSports facilities, meet the National Institute for AI in Construction
The December 17 episode of BD+C's The Weekly is available for viewing on demand.
Multifamily Housing | Dec 16, 2020
What the Biden Administration means for multifamily construction
What can the multifamily real estate sector expect from Biden and Company? At the risk of having egg, if not a whole omelet, on my face, let me take a shot.
Giants 400 | Dec 16, 2020
Download a PDF of all 2020 Giants 400 Rankings
This 70-page PDF features AEC firm rankings across 51 building sectors, disciplines, and specialty services.
Architects | Dec 14, 2020
2021 AIA Gold Medal awarded to Edward Mazria
The Gold Medal honors an individual whose significant body of work has had a lasting influence on the theory and practice of architecture.
Healthcare Facilities | Dec 10, 2020
The Weekly show: The future of medical office buildings, and virtual internship programs
This week on The Weekly show, BD+C editors spoke with leaders from SMRT Architects and Engineers and Stantec about the future of medical office buildings, and virtual internship programs
Multifamily Housing | Dec 4, 2020
The Weekly show: Designing multifamily housing for COVID-19, and trends in historic preservation and adaptive reuse
This week on The Weekly show, BD+C editors spoke with leaders from Page & Turnbull and Grimm + Parker Architects about designing multifamily housing for COVID-19, and trends in historic preservation and adaptive reuse
Giants 400 | Dec 3, 2020
2020 Science & Technology Facilities Giants: Top architecture, engineering, and construction firms in the S+T sector
HDR, Jacobs, and Turner head BD+C's rankings of the nation's largest science and technology (S+T) facilities sector architecture, engineering, and construction firms, as reported in the 2020 Giants 400 Report.
