ACEC Member Survey: Firms Continue to Buckle Down, See Slow Recovery

ACEC News / Coronavirus

April 3, 2020

ACEC Member Survey: Firms Continue to Buckle Down, See Slow Recovery

In the latest ACEC Member Survey, more firms report stepping up their efforts to keep operating while protecting their staff members and see continued tough times ahead.

In the survey, conducted March 31 to April 1, 610 firms participated. Of these, 31 percent employ 10 staff or fewer, and 71 percent employ 50 or fewer.

Key highlights include:

• Compared with 30 days ago, 58 percent report that their cash flow situation is worse, and 54 percent report that their finances are worse. Among small firms, 64 percent say their cash flow is worse.
• Eight in ten believe the economy will get worse over the next 30 days. As a result, 72 percent believe their cash flow situation will worsen and 68 percent anticipate a decline in their financial situation.
• Almost half of respondents think the economy will improve in six months, but one in four expect it to get worse.
• To preserve cash, 29 percent of respondents have instituted a hiring freeze and 29 percent have put a stop to all non-essential purchases.
• To protect their staff, nine out of ten firms are using virtual work and social distancing. More firms are relying on emergency paid leave (34 percent) than on emergency unpaid leave (9 percent).
• Seven in ten firms report project delays or cancellations and 45 percent say that RFP/RFQs have been delayed.
• Most respondents (72 percent) have not received credit assistance or do not need it.
• More than half (51 percent) expect the recent federal stimulus plan to have a positive impact, while just 3 percent think the impact will be negative.

Click here to view the complete survey.

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