Lucrativeness of the business of architecture: The professional’s view

Abstract

The architectural profession, situated at the intersection of art, science, and business, faces a multifaceted challenge in balancing creativity and financial sustainability. This study aims to assess the financial viability of the architectural profession by investigating the perceptions of practicing architects in Enugu Urban, Nigeria. Employing a quantitative research approach, a structured questionnaire survey was administered to a sample of 135 registered architects in Enugu Urban, the data collected was analyzed using descriptive statistics to identify influencing variable and patterns in the responses. The findings reveal a strong consensus among respondents concerning the entrepreneurial nature of architecture and its potential for financial success. However, a notable division in opinion was observed regarding architects' participation in non-lucrative projects, with 62% supporting the idea and 38% opposing it. The results indicate that core architectural services, such as design and project management, are widely perceived as lucrative, while specialized areas like historical preservation and community-oriented projects face challenges in terms of financial viability. The study identifies key challenges faced by architects, including fee negotiation, intense competition, economic fluctuations, and the need to keep pace with technological advancements. Its conclusion highlights potential opportunities for architects to expand their business horizons, such as embracing advanced visualization techniques, offering specialized consultancy services, venturing into real estate development, and engaging in urban planning and research.