The economic recession will mean tough times for architects, who saw jobs cut by more than 40% during the last slump. Many in the field are wondering whether many architects will survive the current situation.
"'Housebuilders are in such a hurry to drop projects,' says Amanda Baillieu, editor of Building Design magazine, 'they're text-messaging architects to tell them to stop work. At the same time, banks are foreclosing on loans made to small architectural practices set up over the past few years, in the hope of cashing in on the housing boom. The prediction is that one in five will go bust.'"
"Some 40% of architects lost their jobs in the last recession, says Sunand Prasad, president of the Royal Institute of British Architects. 'It was very hard for young architects in the early 1990s. Luckily, architecture encourages broad thinking. Many found new careers in law, academia, catering and so on. But, when the good times came again in the lead-up to the millennium, it seemed an entire generation had gone missing. It took some time to find them again.'"
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