ACEC Research Institute Releases New Forecast for Engineering Industry | Your money
Washington, DC, December 09, 2021 (GLOBE NEWSWIRE) – Today, the ACEC Research Institute released two new reports on the Engineering and Design Services Industry: The 2021 Economic Assessment of The engineering and design services industry and a new engineering business sentiment report for the fourth quarter of 2021.
Data shows the industry has rebounded from project postponements due to COVID, although companies identify a tight labor market and lack of skilled workers as continued obstacles to growth in public and private markets.
This is the second annual release of the Engineering and Design Services Industry Assessment, which tracks the industry’s economic contributions, analyzes key economic drivers, and forecasts industry growth.
Overview of the Engineering and Design Services Industry:
1.5 million direct full-time and part-time jobs $ 97,300 average annual salary $ 338 billion in industry sales $ 198 billion in direct economic contribution $ 105 billion in federal, state and federal taxes premises in total
âThe engineering and design industry made essential economic contributions to the nation throughout COVID. We have maintained employment in our industry and improved infrastructure, âsaid John Carrato, Chairman of the Board of Directors of ACEC Research Institute. âLooking ahead, the industry is poised to experience tremendous growth with the Infrastructure Investment and Jobs Act finally in place. However, we need to expand the pool of qualified employees to keep our industry on the path to growth. “
Key additional findings from the Engineering Business Sentiment report:
97% of respondents agreed that the industry’s labor market was tight 87% of respondents had at least one open position in their company 64% of respondents believe their company will see an increased backlog of projects over the next year 74% of respondents predict that there will be an increase in hiring over the next year in their company
The sentiment report, produced before the passage of the Infrastructure Investment and Jobs Act (IIJA), tracked the sentiment of engineering leaders across the country. Sentiment is measured with a clean score that subtracts the percentage of negative (pessimistic) ratings from positive (optimistic) ratings. The higher the score, the stronger the feeling.
The report found that compared to three months earlier, respondents noted a positive sentiment for the transport sectors, including roads and bridges (+30), public transport (+20) and airports (+ 23). For the next 12 months, the net positive sentiment score among respondents was even higher for roads and bridges (+69), public transport (+60) and airports (+54).
Adopting the IIJA will further increase optimism for physical infrastructure improvements and the need for skilled workers, adding an expected economic output of $ 132 billion through 2026.
âNow is a great time to work in the engineering and design industry as we tackle some of the biggest challenges America faces. The deep bench that is our engineering community has the expertise to deliver sustainable projects in the built environment that are safer and more resilient – projects that will benefit society for generations to come. Our industry has much to be proud of, âsaid Robin Greenleaf, Chairman of the ACEC Board of Directors.
“The ACEC Research Institute continues to provide a unique service to CEOs and decision makers of engineering companies with valuable information as we follow economic trends in the engineering and design industry.” , said Linda Bauer Darr, President and CEO of ACEC. “This data tells a powerful story about how far the industry has come and where we can go, together.” More information
Both reports, the Engineering and Design Services Industry Economic Assessment 2021 and the Engineering Business Sentiment Report for Q4 2021, can be downloaded by clicking here.
The ACEC Research Institute is the research arm of the American Council of Engineering Companies – the trade association for the country’s engineering industry. The mission of the ACEC Research Institute is to provide knowledge and business strategies that guide and elevate the engineering industry and to be the primary source of knowledge and thought leadership for creating a built environment. more durable, safe, secure and technically advanced. For more information, visit www.acecresearchinstitute.org.
The Engineering and Design Services Industry by the Numbers The Future of the Engineering and Design Services Industry
Jeff Urbanchuk American Council of Engineering Companies 202-682-4325 [email protected]
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