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Post- Hurricane Rebuilding Likely to Take Up to Five Years, According to Report From The American Institute of Architects
Research Forecast Short-term Increase in Building Materials, but Adequate Labor Supply
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For Immediate Release |
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Washington, D.C., October 11,
2005 — The American Institute of Architects (AIA) today issued a report
titled, The Economic and Construction Outlook in the Gulf States
after Hurricane Katrina, to provide design and construction
professionals a forecast of key economic components related to the
rebuilding process of the affected regions. Taking into
consideration the larger context of the overall regional economy,
the report examines the timeline for rebuilding efforts, the
economic and construction indicators for Louisiana, Mississippi,
and Alabama, and the outlook for building materials and
construction labor demand.
“In the coming months, we expect to see a jump in prices for
building materials such as concrete and gypsum products. Due to the
destruction of some regional timberlands by Hurricane Katrina,
there will also likely be a rise in lumber and plywood
prices,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA.
“What is interesting from a labor perspective is that the
increased demand for skilled trades in the gulf region is
coinciding with an expected national slowdown in residential
construction. That translates to a strong potential for a
relocation of labor to the hurricane impacted regions.”
To access the full report, click on this link:http://www.aia.org/econ_katrina_outlook
Key findings:
• Increased demand for labor coincides with an expected
national slowdown in residential construction, allowing for skilled
trade workers to commit to projects in the affected regions
• Rising prices for petroleum-based construction products
(roofing products, PVC piping, and asphalt paving) will compound
the effects of dramatic increases in transportation costs
• Less than half of the lost housing stock in Louisiana is
expected to be rebuilt due to decreased population base
• Short-term spike in construction materials costs is not
likely translate into long-term increases
About The American Institute of Architects
Since 1857, the AIA has represented the professional interests of
America's architects. As AIA members, nearly 75,000 licensed
architects, emerging professionals and allied partners express
their commitment to excellence in design and livability in our
nation's buildings and communities. Members adhere to a code of
ethics and professional conduct that assures the client, the
public, and colleagues of an AIA-member architect's dedication to
the highest standards in professional practice.
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