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Architects Losing Projects, Freaking Out

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New York architects -- hell, all architects -- are hustling to make up for lost revenues as bigger projects dry up in the wake of these Scary Economic Times. One major New York firm reported that 10 percent of its NYC-based commissions folded over the past five months, resulting in unprecedented layoffs for the company. Lowering fees, chasing foreign assignments, picking up the boring, institutional stuff -- anything to keep their T-squares straight as even places like Dubai begin to suffer the wrath of the Dow. The numbers never lie: the Architecture Billings Index plummeted to 36.2 in October, the lowest it has dipped since 1995; anything below 50 indicates a decline in billings. [Crains]