Various market surveys indicate expansion in architecture could create a substantial increase in architecture jobs, and this uptick could increase demand for staffing agencies that work with professionals in the industry.
The American Institute of Architects (AIA) recently indicated that its Architecture Billings Index remained at a reading of 52 in December, which signals expansion in the industry, according to Bloomberg. The Federal Reserve stated in its Jan. 11 Beige Book report that demand for commercial real estate has improved in various areas.
The component of the index that is based on commercial and industrial building reached a reading of 54.1 in December, which was a 10-month high, the media outlet reports. Kermit Baker, chief economist for the AIA, stated that many market experts interpret the survey as being a strong indicator of nonresidential construction activity. He stated that "pretty solid readings in November and December suggest some modest improvement" may be happening.
Wells Fargo Equipment Finance Inc. released a statement on January 31 indicating that a recent survey conducted by the finance giant illustrated that market participants are optimistic about construction activity in 2012, predicting that there will be expansion in the sector. The study stated that Wells Fargo’s Construction Optimism Quotient (OQ) is 114 for 2012, which is a strong rise over its reading of 96 for 2011. Any OQ reading over 100 is interpreted as denoting optimism related to local nonresidential construction.
A perfect example of a nonresidential construction project that could create numerous jobs is the Virginia Department of Transportation's (VDOT) plan to build a Midtown Tunnel tube, according to Daily Press. Officials have predicted that 5,000 construction jobs will result from the project, and that this tunnel will indirectly create another 1,000 positions.
A total of 1 million vehicles use the MidTown Tunnel every month, and the project will double this capacity, the media outlet reports. Last week, the government agency held an event where close to 150 small businesses gathered information on how they can potentially be involved in the project.
"We are bringing jobs and business opportunities to Hampton Roads - boosting the economy - as a result of this much needed project. VDOT is open for business," stated Grindly Johnson, VDOT's chief of administration, according to the media outlet.
The VDOT project could result in the creation of substantial architecture jobs.