ACEC Research Institute Releases New Engineering Industry Forecast

ACEC News / Market Forecast

December 9, 2021

ACEC Research Institute Releases New Engineering Industry Forecast

The ACEC Research Institute released two new reports on Wednesday 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 the COVID-induced recession, but firms continue to grapple with a tight labor market and lack of qualified workers.

The Economic Assessment of the Engineering and Design Services Industry tracks the industry’s economic contributions, analyzes key economic drivers, and forecasts industry growth for the next five years. Highlights include:

• $338 billion in industry sales
• $198 billion direct economic contribution
• 1.5 million direct full- and part-time jobs
• $97,300 average yearly wages
• $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.

Click here to download the reports.

Click here to listen to the podcast about the results

Click here to view the roundtable session on the release of the reports. The passcode is ?p5+*e0y.

 

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