According to The Business of Architecture: 2022 AIA Firm Survey Report, renovation overtook new construction at firms with a commercial or industrial specialization (62%) and firms with an institutional specialization (61%) this year. According to AIA’s Chief Economist Kermit Baker, the last time that design services were so heavily weighted toward renovation was likely during the Great Depression. The increase in firm billings from renovations, rehabilitations, additions and historic preservation have grown significantly over the last 15 years as building stock continues to age.
Source: The Business of Architecture: 2022 AIA Firm Survey Report.
