New York City. Image © Simon Menges
Architecture, as a profession, is highly cyclical in nature. It ebbs and flows with the tides of economic conditions, and is especially hard hit during times of downturn. We’ve all heard stories or experienced it ourselves, or layoffs during the Great Financial Crisis in 2008, or even more recently the significant cutbacks architecture firms went through during the uncertainty of the COVID-19 pandemic. Projects went on hold and new business opportunities declined almost overnight. Now, two years later, firms are keeping a close watch on global supply chain issues and rising inflation rates, especially with increased pressure to meet the needs of a growing urban population. Will architecture be recession-proof as we enter a bear market?