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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 Q2 Engineering Business Sentiment Study today. 

Key Takeaways from the Q2 2023 Sentiment Study

Hot Topics:

  • Future sentiment remains positive for firms’ finances (Net Rating +35), but less so for the industry (+13) and for the U.S. economy (-24).

  • Future sentiment of the U.S. economy declined from a Net Rating of -15 last quarter to -24 this quarter. Future sentiment for firms’ finances rose slightly, while sentiment for the industry declined six points but remains positive.

  • Concern over the effects of inflation remains high. However, firms are not quite as anxious about its impact as last year.

  • In the past three months, over half of firms (56%) have turned down work due to workforce shortages, up from previous quarters.