“The worst economic conditions since the great depression“. That’s what we are in, according to authoritative sources such as The Economist and the International Herald Tribune.
What started as a US sub-prime mortgage issue has since evolved to become a worldwide problem. With the collapse of the US investment banks, its repercussions have been felt all across Europe and Asia. The International Monetary Fund have recently called for a “collective commitment” by finance officials around the world to combat the current credit crisis and these events simply goes to show how interconnected our world is.
It will be a few more quarters before the construction industry truly feels the impact of the problem and when it finally comes, we can expect new building projects to slow down considerably. Perhaps there will be a few government projects to work on but other than that, all signs point to a rocky road ahead. Here’s my take on the possible impact on architecture due to these trying times.
On Projects
With the rapid rise in material and labour costs over the last few months, this recession will probably ease some demand and keep a check on these. It might mean some breathing space for construction to take place but nonetheless, the overall impact of the economic crisis will be something that the profession will need to brace itself against.
Similarly, developers and home owners will start to tighten their belts and we can expect the word ‘value-engineering’ to become pervasive in consultants and client meetings. Perhaps there might be some architects who would begin to worry that design will be compromised in this financially tight context but I beg to differ.
Might be good after all
This financially challenging situation might be the catalyst that we need to improve and evolve the profession. For far too often, we’ve seen big budget projects produce less than stellar architectural quality. I like to believe that constraints separate the creative architects from the geniuses. At this juncture, it is important to point out that clients need to understand the context that we architects are operating in and adjust their expectations accordingly.
In these tight times, I would also like to believe that clients might be more willing to experiment. In fact, it almost necessitates them to do so. Consider the following case;Â With X amount of dollars, would you build a ‘normal’ building that will fade into oblivion or take a risk and experiment with a new material that would give your building a higher perceived value? To stand out in a world which is filled with mediocrity due to financial challenges, a wonderful building is probably what’s needed.
Also, the increasingly busy schedules and timelines that we architects face everyday have, on some occasions, taken the pleasure out of designing and this might be a good time for all of us to breathe and take a good look at ourselves. This is perhaps the time to examine the administration and management of the firm. It might also be an apt time to explore how the creative processes in the firm is being nurtured. In other words, rediscover your architectural soul.
Here are 5 thngs that I would recommend to those who want to do some soul-searching.
- Self initiate experimental projects.
- Take a much needed break and go travelling. (Backpacking recommended)
- Read more, Draw more. Write more.
- Spend the time to develop local talent, talk to your local community, learn about local products and help develop local technologies.
- Learn something completely new. Maybe try fashion? Furniture? Web Design?
Some will be screaming out loud, stressing on the fact that there is not enough money in the pocket to indulge in the things that I’ve mentioned. However, I feel that it is about us managing our expectations and learning to enjoy the journey that life brings along. If work is going to be difficult to come along, why not make the best out of the extra time that you have?
Do tell us your thoughts on the impact of this crisis on the architectural profession in the comments. Or drop us an email at office [at] fivefootway.com
