ABI, HOF, CGA and More
Looking at some data and ahead to GBA
Tough week both professionally and personally, but resilience is always the word around here so we plug on.
First, on the professional side. The Architectural Billings Index absolutely cratered, coming in with a brutal score of 44.8. That is the worst score since the teeth of the pandemic, and I think it was one of those scenarios of flying too close to the sun for a while and we finally got burned. We expected down scores for a while, and it never happened so I think the dam just broke. The analysts now say this starts a new cycle. The last 12 months this index was pretty sideways; basically flat, so where does the index go now? Does it follow previous patterns in the down times like the “dot com”, or recession, or will it be like the Covid one where the comeback was quicker? Only time will tell.
There was some good news though. Backlogs are holding up for the architects and new inquiries were still coming in well above break even. Hopefully with the Fed cooling on raising rates again maybe we’ll stabilize? Now more than ever I cannot wait to see what Connor Lokar of ITR says at GlassBuild. He will surely give us the insights needed!
Elsewhere…
What to expect at GlassBuild
One of the things going on during the GlassBuild timing is the Debut of the Glass Industry Hall of Fame that was spearheaded and executed by Matt Day and team. It has turned into an excellent process, and it’s been exciting to see it all come together. Our industry finally has that place to honor those that made a difference in our evolution and day to day activity. So kudos to Matt and team for pulling this through. It’s been a ton and Matt has done it up right.
In addition, the annual Glazier Nation awards will be handed out during the event. I am still humbled to be among the winners because this list of people is truly top notch. So besides a great GlassBuild to take in, you have the added flavor of these incredible events!
Also Matt and team have a documentary in the works. Check out the first 3 minutes HERE. It is awesome. If you love glass, and if you are reading this you probably do. You’ll love where this is headed.
If you listened to my podcast with the ultra cool Amber Deimler of MyGlassTruck you may have heard her hinting at something fun for her booth at GlassBuild. Well, that hint is now a reality as MyGlassTruck announced they’ll have a very cool electric glass delivery tricycle on display. It is the first of its kind and features a sleek MyGlassTruck glass rack and a range of up to 30 miles. And best yet you can win it! They have more on this awesome promotion HERE. Check it out and then make sure you see it at the show!
California Glass Association
Congrats to all the folks who worked so hard to get the California Glass Association re-born and off the ground as this past week the news came out that they are an official chapter of the NGA! Tremendous news! Kudos to the three fine folks I had on my podcast a few months ago to talk about the journey: Kristie Rehberger, Adam Posik, and Nathan Seeman and to my pal Dan Pompeo who had been banging the drum for this for a long time. This is great news for the industry and all involved!
Top 175 Architectural Firms
The list of the top 175 Architectural firms for the year is out and really nothing jumped out as a surprise. Many of the same names lead the way, but I always find it interesting looking at this list and of course looking at the revenue numbers. Those numbers are also interesting because according to the last AIA Forecast call I was on, the bigger the firms billings, the longer the backlogs they have. The bigger companies are in better long term shape right now vs. smaller.
NYC construction news
Missed this one… in early September it was reported HERE that New York’s Local Law 97 may not have the full teeth when it is due to go into effect next year. It’s an interesting read on what may happen with this important legislation, one that I believe is a very positive one for our industry. The key takeaway is the possibility that there could be a two-year grace period if there’s a “good faith” effort to meet the law. We’ll see. There’s another hearing on this in November, which I assume will clarify it all and it surely will be interesting to see what happens. And speaking of NYC, this nugget was good to see and helps ease the queasiness that I note above:
Construction spending on projects across New York City will reach $83 billion by the end of 2023, a gain of about $13 billion from last year and a 10% jump from pre-pandemic levels, according to a recent report from the New York Building Congress.
A sad, personal loss
Last this week… some of you may have heard that my father-in-law Peter Meldrum Sr. passed away this past Tuesday. While he never worked in our industry, he was a huge fan of what we did and always had an insatiable interest in what was new and happening in our world. Always got a kick out of me looking for tempered logos and for names on IG spacers.
He was obviously a huge part of my life and support system and a massive positive influence. Plus, when I was traveling like a mad man, he was always there to help with my wife and kids. Never ever said no and loved every minute of it. He was an amazing man who, after he retired from 35 years at Chrysler, went back to school, got two advanced degrees, and then taught and in his spare time volunteered at hospitals and medical facilities counseling those in need. This week was tough and I will miss him dearly. Thank you to all who have already connected with me on this, I and my entire family truly appreciated your prayers and support.
