Architects see drop in real estate design contracts

One way to tell if a recovery is on the horizon is to check in with architects. When they start drawing, development eventually follows.

Alas, not much can be seen on that front. On the heels of a six-point drop in September, the amount of work undertaken by architects, as shown in a measure called the Architecture Billings Index, plummeted to its lowest level since the survey began in 1995, the American Institute of Architects said today. Simple inquiries from developers about new projects were also at a historic low point.

AIA Chief Economist Kermit Baker said that the slowdown had finally affected work commissioned by large institutions and public agencies, meaning less business for architects designing schools, hospitals and other facilities. 

-- Roger Vincent