New research published by the University of Technology Sydney (UTS) at the beginning of April 2016 suggests that the contribution architecture makes to an economy is dramatically underestimated. The report makes interesting reading and claims that the undervaluation could be as much as AUD$1 billion per year in Australia when considering areas like technological and business development. Similar underestimations could be expected to be occurring in many other countries.

The report, Measuring Up Innovation and the Value Add of Architecture, was created by people from the Schools of Business and Architecture at the request of the NSW Architects Registration Board. As well as estimating the undervaluation that currently occur it also looks at how the contribution could be measured more effectively in the future.

Four key areas of innovations springing from architecture were pointed at as being unaccounted for in estimates of economic contributions. They included;

– The new technology that is created as a result of architectural innovations
– The creation of new business models and practices as a result of innovative design
– The cultural products deriving from cutting edge design
– The additional benefits of architectural education and research

One area in particular that is worth looking at is the impact that architecture has on tourism. Tourists can contribute a huge amount to economies, from the money they spend on accommodation to leisure and food and drink. Beautiful buildings and high profile properties can attract lots of visitors and therefore make a bigger contribution to economies.

The ideas in the report are very interesting and should inspire people to take a closer look at how architecture is valued. It should encourage them to keep developing innovative ideas and making them a reality.

At Coffey Architects we understand the full value that architecture can offer. This knowledge drives our designs, encouraging us to continue innovating and creating buildings that will deliver the maximum value. We always look at the broad picture and create residential and commercial architecture that makes a positive contribution to society well as fulfilling the client’s needs.