ACEC Research Institute Releases New Engineering Industry Forecast
This month 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 Q4 2021.
The data shows the industry has rebounded from project postponements due to COVID, though firms identify a tight labor market and lack of qualified workers as continued barriers to growth.
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 for the next five years.
Snapshot of the Engineering and Design Services Industry:
- 1.5 million direct full- and part-time jobs
- $97,300 average yearly wages
- $338 billion in industry sales
- $198 billion direct economic contribution
- $105 billion collected in total federal, state & local tax
In the Engineering Business Sentiment report, the Institute surveyed the leaders of 500 firms about their views on the current and future state of the market. Overall, respondents are extremely positive about the industry and its prospects. Large firm leaders and those in the Sunbelt were the most optimistic.
These reports mark the second edition of the Institute’s most shared and downloaded research. For more information on the ACEC Research Institute click here.