The American Institute of Architects (AIA) today announced it would make available to potential investors a database of stalled building projects nationwide that make economic sense but which lack the financing to be completed.
The AIA is announcing this commitment here today as a participating member at CGI America, the first conference of the Clinton Global Initiative solely dedicated to economic issues impacting the United States. The database should be available in coming months.
"We are committing to developing this database not just with the fortunes of architects in mind," said AIA President Clark Manus, FAIA.
"In large part the fortunes of the entire U.S. economy rest on the jobs-creating potential of the design and construction industry, which accounts for $1 in $9 of U.S. Gross Domestic Product, according to the U.S. Census Bureau.
For months, our industry has continued to suffer solely because banks won't lend. With this innovative, unprecedented commitment, the AIA has decided to step up and do something about that."
The AIA commitment comes as the design and construction industry is plagued by a continuing dearth of credit for otherwise credit-worthy projects.
Almost two-thirds of architects responding to a recent AIA survey reported at least one project that is stalled due to lack of financing, despite record low interest rates.