Last updated 2 hours 37 minutes ago
The?American Institute of Architects? monthly?Architecture Billings Index declined in May cooling the optimism that commercail and residential construction is in full recovery.
?Whatever positive momentum that there had been seen in late 2010 and earlier this year has disappeared,? said AIA Chief Economist,?Kermit Baker, PhD, Hon. AIA. ?The broader economy looks to be entering another soft spot, and certainly state budget constraints are adversely affecting the profession?s ability to work on institutional projects. But there is no denying that the prolonged credit freeze from lenders for financing commercial projects is the number one challenge to a recovery for the design and construction industry.?
Family businesses need to batten down the hatches and expect soft third and fourth quarter business prospects. The "Summer of Recovery" is not shaping up to live up to its hype, and family businesses need to stay in survival mode?a while longer.
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