Here it is, then end of Q3 2024. One quarter to go.
Now is a good time to take stock of how the year has gone so far and start preparing for end-of-year reviews. It is also a good time to think about asking for a salary increase. That may sound strange in an environment where many firms have gone through layoffs, but some firms working in certain industries like healthcare or data-centers have been busy for a while. Also keep in mind that it is way better for the firm to give you a few thousand dollars than to lose your institutional knowledge.
If you need help working through the process, check out the Archtoolbox guide to asking for a raise. I also offer a product that goes into a lot more detail and includes tracking templates.
-michael
August Billings Still Down, but New Project Inquiries Up
The August AIA Billings Index dropped to 45.7 in August. New design contracts are still below 50 but continue to improve with a rise to 47.3. Inquiries remain level.
The commentary this month indicates that hiring at architecture firms remains soft with 3,400 fewer positions than a year ago. They go on to cover the level of confidence that business conditions will improve - the report indicates that about 1/3 of firm leaders think conditions will improve while 2/3 believe things will remain the same or decline.
August: 45.7, July: 48.2, June: 46.4, May: 42.4, April: 48.3, March: 43.6
ABI August 2024: Architecture firm billings continue to decline
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AIA Board files complaint with National Ethics Council
The AIA Board unanimously voted in support of the AIA EVP/CEO Lakisha Woods. In addition, they filed a complaint with the AIA's National Ethics Council alleging there was a "coordinated campaign" against her and the Board.
AIA Board files with the NEC against stakeholders targeting organization
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Archinect Report on What the Interest Rate Cut Means
Archinect interviewed an AEC financial analyst about the current business conditions and what the recent rate cut means for architects. Interestingly, Archinect's survey showed that 52% of firm owners thought that their firm was prepared for a recission while only 31% of firm employees felt that their firm is ready.
The Fed Just Cut Interest Rates. What Does It Mean for Architects?
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Is Your Client in Financial Trouble?
Construction Dive provides some common red flags that may alert you to a client or owner in financial trouble. In addition, the article offers some things to think about if you suspect they have lost funding. The article is geared toward contractors but will still benefit architects.
How to tell if a project owner is in financial trouble
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Starchitects and their Filmmaker Children
This New York Times review of Stardust, a documentary about Robert Venturi and Denise Scott Brown, delves into why so many children of architects make documentaries about their starchitect parents.
For the Children of Architects, Filmmaking as Therapy (alternate link)
