There have been some high-profile bank failures over the past couple of weeks. While most of the talk about these banks has been in the crypto and tech sectors, it is worth noting that there are some companies in the AEC space affected. I won’t get into a detailed explanation about what happened - you can find plenty of explainers online - but we shouldn’t assume this will only affect the tech industry.
First, be on the lookout for payment or other scams. Sketchy emails asking you to change payment methods for vendors are common in our industry. If you receive such an email, be sure to speak (yes, on the phone) with someone you know to confirm that they really want you to change their banking information.
The US Federal Reserve may also raise interest rates again this week. This is their continued response to high inflation numbers. It is worth keeping an eye on since the commentary will help us understand whether market prices are responding to their previous efforts to curb inflation.
Finally, we expect to see an AIA Billings Index update this Wednesday. The commentary will undoubtedly discuss the banking problems and construction costs. We will provide an update on their discussion in our next newsletter.
It is a nervous time out there. We continue to get mixed messages about the state of the economy. We must keep moving forward cautiously, but be ready to make adjustments.
-Michael
Safety Helmets Replacing Hard Hats
Many construction companies are moving from hard hats to safety helmets. While architects and engineers aren’t at as much risk as workers in the field, we should consider the benefits for safety. The cost is higher, but if that saves someone from serve injury or death then it is worth every penny.
Use your head: Traditional hard hats versus safety helmets
: : :
Notre Dame to Reopen Next Year
Notre Dame Cathedral in Paris is scheduled to reopen in 2024. It will be interesting to see what they have accomplished and how they acknowledge the fire. The restoration project will make for a fascinating historic preservation case study. Also of note in the second link, is the importance of preserving the original acoustic quality with new materials.
Paris’s Monumental Notre Dame Cathedral Is Scheduled to Reopen in December 2024
The Quest to Restore Notre Dame’s Glorious Sound
: : :
A Different Way to Pre-Fab On-Site
This is a fascinating way to build…fabricate an entire floor on the ground then hoist into place. No doubt, the design team was heavily involved in planning for this process.
LIFTbuild’s novel floor-lifting technology turns construction sites into fabrication factories
: : :
Electrification is Key to Reversing Climate Change
This article argues that we won’t hit our climate goals without changing our energy use to all electric. Electric grids are delivering cleaner power and heating/cooling technology is improving.
We’re Way Behind on Climate Targets; Can Electrification Save Us?
: : :
Do We Need an Oath to Save the Planet?
British architect Simon Sturgis thinks we need an oath similar to a doctor’s Hippocratic oath. First, do no harm to the environment.
‘Architects need a Hippocratic oath to stop them trashing the planet’
