ASID Releases 2024-25 Economic Outlook Report

The American Society of Interior Designers (ASID) today announced the release of the 2024 Economic Outlook Report sponsored by Sherwin Williams.

The annual report delves into the current state of the economy, equipping interior designers and the industry across all sectors with insights to inform and prepare practitioners for future shifts in business and trends. 

Key takeaways include: 

• National employment gains continue at a good place despite increased interest rates over 2022 and 2023. The outlook for the remainder of 2024 and 2025 is for slower but sustained employment growth; both construction and interior design services employment have the same outlook.
• Commercial office space is one area of the economy warranting attention. Office construction spending will be up slightly in 2024 and 2025, with most of the spending directed toward renovating existing office space to compete in a tough market.
• Construction spending across various commercial markets – healthcare, education, and recreation specifically – is expected to increase healthily the rest of 2024 but will climb at a slower rate in 2025. Lodging and retail construction spending, however, is expected to be down in 2024 and up a modest amount in 2025.
• Employment was up 4.1 percent from February 2020 to May 2024, which is reflected in these statistics from the trough in May 2020 to April 2024: interior design services employment was up 29 percent and interior design services average hourly earnings were up 9.5 percent.

Visit www.asid.org for more information.