As we approach the end of the year, many firms are slower than they were in the past. It is a good time to take stock on where there is extra spending that can be reigned in. For instance, Construction Dive reports that many companies pay for software that isn’t used. No doubt, there are other unnecessary expenses that can be cut back. If you have the opportunity, help your firm find these savings. Everything will help over the challenging months ahead.
It is also a good idea to take stock of your personal and family spending. We are in the subscription era where it seems like everything from TV, gyms, and software has a monthly subscription cost. Check to see what you use and what you can cancel.
-Michael
October Billings Fall Again
October saw a drop in all three stats: billings, design contracts, and design inquiries. This is the first month for a drop in design inquiries, which (along with fewer contracts) indicates that clients are not exploring new projects. The residential, commercial, and industrial sectors are fairing the worst, but institutional clients are also signing fewer contracts.
The commentary this month points to firm owners expecting flat revenues for 2023 and a prediction of lower revenues in 2024. It is unfortunate, but not surprising.
October: 44.3, September: 44.8, August: 48.1, July: 50.0, June: 50.1, May: 51.0
ABI October 2023: Business conditions continue to soften at architecture firms
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Cyber-Attack Insurance Costs Level in 2023
Firm managers and owners need to make sure you have cyber coverage as part of your insurance policies. And make sure you have good recovery processes in place to avoid paying ransoms.
For everyone else, this article is helpful to understand why your firm requires security training, why you have to use multi-factor authentication, and why you need to use unique passwords. All of those things make cyber insurance cheaper.
Cyber Security: Insurance Prices Level After Two Years of Brutal Increases
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Boston Looks to Update the Iconic Triple-Decker
Every city has a certain type of housing that it is known for. Boston has the triple-decker…a building with three levels, each serving as an apartment. The mayor’s office just issued a public RFP looking to reimagine the building stock to help alleviate the housing crisis in the city. Proposals are due in February.
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Architecture in 2043
The Architect’s Newspaper is celebrating 20 years of covering architecture and design. They asked architects what they envision for the profession 20 years from now. There are some interesting responses, including one from ChatGPT.
A glimpse into our collective crystal ball: What do you hope architecture will be like in 2043?
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Universities Reusing Empty Buildings
Colleges are taking advantage of vacant office buildings to capture downtown real estate. Michael Kimmelman explores some of these projects, along with some of the issues surrounding the projects.
Downtowns Are Full of Empty Buildings. Universities Are Moving In.
