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2022 Economic Assessment of the Engineering and Design Services Industry

This is the third annual release of the Engineering and Design Services industry forecast. In 2020, the ACEC Research Institute first commissioned a series of studies – the Industry Impact Series – to profile and analyze performance in the Engineering and Design Services industry (A/E Services). 

This study is updating that series which aims to describe, measure, and analyze the economic significance of the Engineering and Design Services industry and demonstrate the inextricable partnership between engineering, architects, and other design services to deliver the built environment of the United States. The built environment refers to all human-made surroundings that provide the setting for human activity, ranging in scale from buildings and parks/green space to neighborhoods and cities including their supporting infrastructure, such as roads, bridges, water supply and energy networks.

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Download the newly released 2023 Q3 Engineering Business Sentiment Study today. 

Key Takeaways from the Q3 2023 Sentiment Study

Hot Topics:

  • Eighty-seven percent currently indicate their firm has at least one opening, down slightly from 91% last quarter. The median number of open positions decreased from 5 to 4.

  • Concern over the effects of inflation remains. However, firms are not quite as anxious about its impact as in recent quarters.

  • In the past three months, over half of firms (52%) continue to turn down work due to workforce shortages.

  • When asked about the likelihood of the U.S. economy going into recession over the next six months, respondents overall believe there is 46% chance (out of 100%), or almost 50/50.

  • Seventy percent agree that a lack of qualified workers is the single largest barrier to growing their company. The Net Rating is +52, similar to when asked in 2021 Q4 (+53).