| Volume 2, No. 14 - November 16, 2008 |
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 Carlyle Westin Hotel, by Cooper Carry (more info) |
 Featured Project: Carlyle Westin |
"It's the economy, stupid" - James Carville
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The Economy of Greater Washington by John McClain, Senior Fellow, Center for Regional Analysis Office of Housing Policy Research at George Mason University |
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The anemic performance by the national economy in the first half of 2008 became more negative through the summer as damage from the housing/subprime mortgage problems escalated into more serious financial system problems. As the third quarter came to a close, the economic outlook for the next several months was very uncertain. Most economic indicators at the national level are down. However, as in recessions in the past, the Washington metropolitan economy continues to outperform most of the metropolitan areas in the country. A national recession has not yet been declared, but whether there is one or not, most of the country's major metropolitan economies are faring much more poorly, and are losing jobs. The Washington economy is actually doing quite well, all things considered. National Economic Backdrop In the 2nd quarter of 2008 GDP increased 2.8 percent which reflected the impacts of the stimulus package which reflects increased spending by consumers who got their stimulus checks in late spring. Against that indicator of economic expansion, however, most other indicators were in negative territory at the end of the 3rd quarter.
Against the environment of the national economic uncertainty as of fall 2008, the Washington economy continues to expand. For the past four recessions going back twenty-eight years, Washington’s Gross Regional Product did not turn negative in any of the recessions.  Most metropolitan economies are losing jobs on an annual basis as a result of economic conditions, particularly those markets that had the largest run-up in housing prices prior to the downturn, notably Los Angeles, Miami, Phoenix, San Francisco and Atlanta. New York's job growth has dropped from the 80,000 annual range to less than 35,000 (August data). Dallas and Houston - strong in the energy sector - are the only markets that have higher job growth than the Washington metropolitan area. Washington's job growth picked up in both July and August compared to the same months in 2007. The Regional Housing Market The housing market in Metropolitan Washington continues to adjust as prices are down although sales in some parts of the region have begun to increase. Key factors in the current housing market:
It is likely that a national recession will have been declared sometime in the next several months. While there is great uncertainty about the outlook, recovery and expansion should begin slowly in the second half of 2009 and accelerate into 2010. Given the partial insulation from recessions that has been experienced historically in Washington, it is very unlikely that the regional economy would enter a recession, although economic activity will slow down. Job growth is being sustained and is expected to continue. John is a senior professional with over 25 years of experience analyzing the Washington region. For fifteen years he was at the Metropolitan Washington Council of Governments where he directed the planning and policy programs and economic and demographic forecasting programs for the Washington region. He helped establish and for several years directed the Cooperative Forecasting Program, which provided official forecasts for metropolitan and local planning programs in the region. Following this work with the public sector, John was a senior executive at the Greater Washington Board of Trade, where he directed policy and research programs for the region's business community. John received a BS in Civil Engineering from Duke University and a Masters of Regional Planning from the University of North Carolina at Chapel Hill. |
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Navigating the Economy Resource Center |
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The financial crisis and economic downturn are affecting architects, architectural firms, clients and AIA members. Everyone needs information and tools to help them deal with the current economic environment and fluctuating financial markets. The AIA is providing practical resources to help you manage through these unprecedented times more confidently. These tools include web seminars with industry experts, weekly podcasts, articles, and events. In each issue, AIArchitect will have stories sharing the effects of the latest economic developments on members. We continuously strive to respond to members' needs and deliver the resources to help you deal with the challenges at hand. Current information and helpful tools are available and constantly updated through the Navigating the Economy Resource Center on the AIA website. Recent articles include Surviving an Economic Downturn, Putting Panic in Perspective, Surviving the Crunch, Marketing Ideas for Small Architecture Firms, and In Hard Times, Don't Be Too Quick to Pull Layoff Trigger. The Center provides links to weekly podcasts which offer expert professional and personal advice. Topics include Navigating the Economy, Managing Staff in Difficult Times, Insurance Needs and Concerns, Managing Finances, Job Security or Job Search, Dealing with the Credit Crunch, and Overseas Opportunities. The AIA has also produced a 90-minute Webinar titled Strategies and Tactics for Architects in an Economic Downturn, which covers the overall picture, firm financial management, staffing strategies, and market positioning. Originally offered on September 24, the Webinar is now available here free of charge. |
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AIA Compensation Report : A Survey of US Architecture Firms |
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The AIA just released the 2008 Compensation Report, the most comprehensive source of compensation and benefits data available for the architecture profession. The report includes salary information for 40 positions, in 37 states, 41 metro areas and more than a dozen cities. The detailed data is presented by firm size, ranging from fewer than 5 employees to more than 250 employees and includes information on insurance, retirement savings, profit-sharing plans, leave time and much more. |
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AIA Northern Virginia Presents Chapter Honors, Elects 2009 Officers + Directors |
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At our annual dinner last Thursday evening, the Chapter honored seven distinguished colleagues: Award of Honor – Steven H. Ruiz, AIA Distinguished Leadership and Service – Valerie Hassett, AIA, IIDA, LEED® AP Recognition of Service to the Chapter – Eliza Beth Engle, AIA, LEED® AP Recognition of Service to the Chapter – Matt Shuba Allied Professional – Sheng-Jieh Leu, RLA, Fairfax County Planning Division Craftsmanship Award – James Lemke, J-N-L Wrought Iron, Inc. Craftsmanship Award – Doug Clark – Clark’s Lumber + Millwork We also held a brief meeting where attendees unanimously approved the new Chapter Bylaws and elected our 2009 Executive Committee, Chapter Directors & Virginia Society Directors. Our leaders for next year are: Executive Committee: President – Al Cox, FAIA President Elect – Carolyn Rickard-Brideau, AIA, LEED® AP Treasurer – Brian J. Donnelly, AIA, LEED® AP Secretary – William T. Brown, AIA, LEED® AP Vice President – Randall A. Mars, AIA Vice President – Edward D. Weaver, AIA, LEED® AP Valerie Hassett, AIA, IIDA, LEED® AP – Past President Chapter Directors: Robert E. Beach, AIA Francie K. Fetzer, Associate AIA, LEED® AP David Jameson, FAIA J. Paul Lewis, AIA, SCUP Scott S. Matties, AIA Derek J. Moore, AIA John K. Mott, FAIA Michael Nawrocki, AIA Stephen A. Smith, AIA Virginia Society AIA Directors: William T. Brown, AIA LEED® AP Paul R. Erickson, AIA Randall A. Mars, AIA Carolyn Rickard-Brideau, AIA, LEED® AP Marlene Walli Shade, AIA, LEED® AP Please watch for a complete summary of the annual dinner in the November/December issue of AIA Northern Virginia News. |
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Carlyle Westin Hotel + Jamieson Condominiums |
Cooper Carry designed this 14-story full service hotel and luxury condominium in the Carlyle development located in Old Town Alexandria, Virginia, just blocks from the King Street Metrorail Station. |
The 338,000-square-foot facility provides approximately 18,000 square feet of meeting space, 315 hotel rooms, and over 100,000 square feet of luxury condominiums. The facility is adjacent to the federal courthouse and approximately 4 million square feet of office space. The condominiums provide views of Old Town, the Potomac River, and beyond to the Capital. The project cost $65 million, and was completed in November 2007.
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November 7 - Small Firms Roundtable Presents Green Buildings November 8 - Builders Ball November 10 - AIA Northern Virginia Board Meeting November 10 - Cooper Carry Firm Tour November 12-14 - Architecture Exchange East November 13 - 2006 Virginia Residential Code Update Training November 19 - AIA Northern Virginia Lunch Series : Find the Lost Dollars in Your Business |
