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Tuesday, July 19, 2011

AIA to Develop Database of Stalled Projects Suitable for Investor Financing

The American Institute of Architects announced it will make available to potential investors a database of stalled building projects nationwide that make economic sense but that lack the financing to be completed.

The database should be available in the coming months. "We are committing to developing this database not just with the fortunes of architects in mind," said AIA President Clark Manus, FAIA. "In large part the fortunes of the entire U.S. economy rest on the jobs-creating potential of the design and construction industry, which accounts for $1 in $9 of U.S. Gross Domestic Product, according to the U.S. Census Bureau," he said.

"For months, our industry has continued to suffer solely because banks won’t lend," Manus said. "With this innovative, unprecedented commitment, the AIA has decided to step up and do something about that."

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