The designers and architects who are responsible for the design of a city’s public spaces face a “death spiral” of debt.
The Wall Street Journal is reporting that interior designers and architectural firms are facing a $2.8 billion loss due to rising costs of upkeep and debt, due to a surge in construction, and a slowing economy.
The report says that in 2017, the interior design and construction industry suffered a net loss of $2 billion.
“While many designers and architecture firms were able to recover from the downturn, the cost of the building materials is spiraling out of control,” the WSJ article states.
“A study conducted by the Center for Investigative Reporting found that one of the top 10 occupations that have experienced the greatest declines in wages since the financial crisis is interior designers.”
It’s not just the designers who are facing problems.
“The recession has had a significant impact on the design and installation of many of the nation’s public places, from malls to amusement parks to schools,” according to the WSJP article.
“It’s really difficult to see how we can get any jobs,” said Robert Pascall, an architect and chief of the Center’s urban design and sustainability office.
“We’ve been seeing these big numbers come out of this recession, and there’s not a lot of people who are looking for work.
It’s very hard to see where we are.”
Pascall said he thinks that “there’s a fundamental lack of understanding” among design firms.
“There’s a lot that needs to be changed,” he said.
“It’s very, very hard for architects and interior designers to get the funding they need to make sure that we have a good quality of life for our people, and that we’re safe and sound.”
You know, they’re making millions of dollars a year,” Pascill said.
He also believes that design firms “should be doing a little more to make their designs more sustainable.”
The WSJ report comes on the heels of a survey released last week by the Urban Institute that found that the cost to build a new housing development in the United States has risen faster than any other sector of the economy, and the cost for a single-family home rose by 7.9 percent.
The housing boom in the country’s cities has created more than two million jobs.
A growing number of urban planners are now calling for more affordable housing in the cities, which could also mean higher rent prices in the suburbs.