III. Industry Analysis
The Architecture Industry has increased at an annualized rate of 2.0% to $52 billion, over the past five years. The industry’s primary driver is demand from the construction market. Specifically, fluctuations in the value of nonresidential construction have contributed to robust growth during the majority of the period as well as significant declines amid the coronavirus pandemic. Low interest rates, rising per capita disposable income and low mortgage rates have also encouraged individuals and businesses to invest in new structures that require architectural services.
Over the next five years, further economic growth will lead to growth in nonresidential construction projects. Access to credit, per capita disposable income and corporate profit are all projected to expand during the outlook period, supporting steady demand for architectural services.