In 2022, architectural billings for renovation overtook new construction at commercial, industrial and institutional firms by wide margins. According to AIA’s Chief Economist Kermit Baker, the last time design services were so heavily weighted toward renovation was likely during the Great Depression. The increase in firm billings from renovations, rehabilitations, additions and historic preservation has grown significantly over the last 15 years as building stock ages.

Source: The Business of Architecture: 2022 AIA Firm Survey Report