Industry leaders share expertise and best practices about mitigating risk in a new report
Amid a search to curtail inflation rates and current news about the failure of Silicon Valley Bank, speculations about financial outlooks for the remainder of 2023 shape how architecture offices make decisions in an increasingly volatile world.
“Economic uncertainty is top of mind for firm leaders in the architecture and engineering industry,” Robert Yuen, CEO and cofounder of Monograph, a firm performance management platform for architecture and engineering (A/E) practices, told AN. “Inflation. Interest rates. Rising material costs. The combined effect of these uncertainties intensify risks already at play in the A/E industry.” In Yuen’s view, after a period of expansion due to general economic growth, today firms are renewing efforts for business development and efficiency.