The Economic Perspective 3/21/2025

The Latest Trending Economic, Environmental and Infrastructure News Curated for You by The Balmoral Group

The Balmoral Group provides practical, professional and precise Economics, Data Analytics, and Engineering Consulting services and is part of a globally integrated team.

Happy Friday!

Hope everyone who celebrated had a fun St. Patrick's Day! Our president Valerie also had a birthday on Monday! Happy birthday, boss!

This week, TBG’s Laila Racevskis participated as a panelist at the Tallahassee Area Association of Environmental Professionals (TAAEP) March Luncheon & Seminar which focused on the topic of Women in the Environmental Profession. Laila was joined by three other panelists, business owner/scientist Elva Peppers, DEP scientist Kristine Locke, and FSU environmental science student Rebecca Plagens. The panel shared insights about their career trajectories, the importance of mentorship, and not being afraid to take risks! It was a great experience to be part of thought-provoking discussions and an engaged audience of TAAEP members who contributed insightful questions and comments as well. TBG’s David Kayata also attended, and Laila is looking forward to serving as a newly elected member to the TAAEP Board of Directors!

Atlantic hurricane season doesn't start for a few more months, but the National Oceanic and Atmospheric Administration (NOAA) released a report this week measuring the impacts of Hurricane Helene, which occurred from September 24 - 27, 2024. The highest rainfall was between 20 to 30 inches within the mountainous region of western North Carolina, followed by rainfall amounts of 10 to 15 inches from southwestern Virginia to northwestern South Carolina, as well as portions of Georgia and Florida. Flooding and landslide impacts were substantial in some areas, with North Carolina being hit the hardest. All told, Helene caused an estimated $78.7 billion in damage across impacted states - the 7th costliest hurricane in U.S. history. Read the report from NOAA here.

In this edition, we bring attention to the impact of uncertainty on architectural firm billings, World Water Day on March 22, proposed rollbacks of U.S. EPA regulations, declining butterfly and bird populations, and a look at historical changes in global mean sea levels. 

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Have a great weekend!

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February ABI Score Shows Declining Billings for a Majority of U.S. Firms 

The AIA/Deltek Architecture Billings Index (ABI) score for February 2025 was 45.5, where a reading under 50 indicates a decline in billings for a majority of firms. In addition, inquiries into new projects declined for the first time since 2020 in February. The softening of billings, and now inquiries, likely reflect the ongoing uncertainty about the economy at this time. The weakest conditions were reported in Northeastern and Midwest states. Read more here.

Investing in Water Resilience

World Water Day is observed on March 22, and to mark the occasion, the World Economic Forum has highlighted biodiversity and resilience. The day has been observed since 1993 to bring attention to the global gaps in access to safe drinking water. Climate impacts have hindered some progress in this space with 50% of global drinking water resources being significantly degraded from climate change, population growth, poor planning, land use, and more. Additionally, two-thirds of the global population are anticipated to be water-stressed this year, with 1.8 billion people facing absolute water scarcity. There are opportunities to invest in water resilience through nature-based solutions. The World Bank estimates that by 2030, if key ecosystem services collapse, $2.7 trillion GDP loss is estimated, but nature-smart policies could increase global GDP by $150 billion. Read more from the World Economic Forum.

U.S. EPA Announces Significant Climate Regulation Rollback Plans 

The U.S. Environmental Protection Agency (EPA) recently announced its plans to roll back 31 environmental regulations including rules related to climate and industrial air pollution. This includes revoking the 2009 finding that greenhouse gases endanger public health, which underpins climate regulations under the Clean Air Act. EPA also intends to revisit the social cost of greenhouse gas emissions, a metric used to reflect pollution damages currently at $190/ton. It is not clear what if anything will replace these rolled back rules and social cost metric, and implementing the changes will require establishing new scientific advisory boards, taking public comment, drafting a new endangerment finding, and dealing with court actions to address likely legal challenges. Read more here and here.

Butterfly Population Declining at ‘Catastrophic’ Rate

According to the journal Science, butterfly populations have dropped 22% since 2000 largely due to climate change, habitat loss, and insecticides. Five hundred fifty-four species of butterflies have seen decreases in population. Insect biodiversity has decreased at an accelerated rate over the last couple of decades. Butterflies are important pollinators for plant life making their loss a major risk to agriculture and every ecosystem. Monarch butterflies have luckily rebounded despite other species declining heavily. You can read more about this here and here.

U.S. Birds Rapidly Declining Across a Range of Habitats

According to the 2025 State of the Birds report, there is a significant decrease in the number of birds across multiple habitats since 1970. Grassland and Arid species are the two groups that have been hit hard, losing more than 40% of the total population over the same period. The report states that one-third of U.S. birds, or 229 species, are experiencing low population levels, declining trends, or other threats that call for an urgent need for conservation action. Shorebirds have the highest number of “tipping point” species – having lost more than half their population. Read more here.

Makah Tribe Submits Application to Hunt Whales

This week, the Makah Tribe of Neah Bay, Washington submitted an application to NOAA Fisheries to hunt two to three gray whales. This comes nearly a year after the Tribe was granted a waiver from the Marine Mammal Protection Act, which outlawed the harming of marine mammals. However, according to the 1855 Treaty of Neah Bay, the Tribe has indefinite rights to whaling and sealing. Animal rights groups have largely opposed the practice, signaling that they will challenge NOAA’s decision in court should they grant approval to the Tribe. The Tribe, however, maintains that the tradition is both culturally and spiritually significant, and that the practice will help to keep the gray whale population healthy. Read more here. 

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Data Visualization of the Week

Global Mean Sea Level Continues to Rise

A report by the World Meteorological Organization (WMO) earlier this year highlights the state of the world’s climate – this visual shows how sea level rise has changed over time. Global mean sea level rose at an average rate of 2.1 millimeters per year between 1993 through 2002, while from 2015 to 2024, that rate increased to 4.7 millimeters, more than doubling since the start of the satellite record. Sea-level rise impacts range from losses of coastal ecosystems, flooding and damage to coastal infrastructure, and food and water insecurity, among others. Additional topics discussed in the report include atmospheric carbon dioxide, temperature, and ocean pH. Read the report from the WMO here. Image credit: WMO.