Architects are economically bipolar; for us it is either the best or the worst of times. And it’s not just architects. The entire construction industry is tuned to these extremes, but only architects are psychologically validated by booms and crushed by busts. All professions have a larger source of dependency—medicine needs insurance, law needs the justice system—but the construction industry has a starker equation: building requires capital.
Contractors tend to react to market flows in purely transactional ways. Booms mean more work, more workers, more estimates, business expansion. For architects, a boom means life validation. Every architect wants to make a difference, and many want to offer salvation, like the architect Richard Rogers, who once said, “My passion and great enjoyment for architecture, and the reason the older I get the more I enjoy it is because I believe we—architects—can affect the quality of life of the people.” But salvation can only be earned if buildings are created.