AIA Chief Economist discusses growth of renovation market

For the first time, billings for reconstruction projects at architecture firms exceeded billings for new construction projects, based on new data from AIA that draws on 20 years of tracking renovation, retrofitting, restoration, and reconstruction. 

What’s significant, according to AIA’s Chief Economist Kermit Baker, Hon. AIA, is the trend’s link to the pandemic, which is more tenuous than you might think. “As far as our respondents are concerned,” he says, “this rebalancing of new construction versus reconstruction is a much bigger trend.”

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