Latest News Mon, Nov 18, 2024 7:17 AM
The Royal Institute of British Architects (RIBA) has published its annual Business Benchmarking report.
Using data submitted by UK-based RIBA Chartered Practices, it tracks business trends in the twelve months to 1 May 2024, including revenue, expenditure, profitability, salaries, types of work and global areas of growth. The full report is exclusively available to RIBA Chartered Practices.
The findings show a resilient profession that continues to grow revenue and secure international work, particularly in the EU. However, it also shows that practices continue to face tighter profit margins amid rising costs.
Key findings from the RIBA Business Benchmarking 2024 report include:
RIBA President Muyiwa Oki said: "Our annual Business Benchmarking report captures the pulse of UK architecture and stands testament to its status as a global success story.
“This year’s findings demonstrate the resilience of RIBA Chartered Practices who have increased overall revenue in a challenging year and remain optimistic about near-term prospects as they recover from economic and political instability.
“One thing is clear: architecture remains a powerhouse of the UK’s creative economy and global trade.
“Despite the fact that higher revenue has not necessarily brought higher profits, architecture has proven it can overcome considerable external challenges, from delays in the planning system to raised interest rates.
“Thank you to all those who contributed. Monitoring trends and opportunities allows us to build an accurate picture of the health of our profession so that we can continue to offer the relevant support to help all our members thrive, no matter where they live or work.”
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