2023 Q3 AE Services Analysis

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The Census Bureau released its 2023 3rd Quarter Quarterly Services Survey (QSS). This data includes the design and engineering services performed by architecture and engineering companies. 

Total seasonally adjusted A/E firm revenues were $112.3 billion. This represents a nominal year-over-year revenue growth of 5.2% and 0.2% quarter over quarter. These are the lowest annual and quarterly growth rates since the 3rd quarter of 2021. 

 Source: US Census, Quarterly Services Survey, December 2023 Release 

 The Bureau of Labor Statistics’ Current Employment Statistics (CES) show similar trends in the December 2023 ‘Architectural, engineering, and related services’ employment data. A/E firm employment grew 3.5% yearly and remained flat at 0% quarter-over-quarter growth. These are the lowest growth rates since the 2nd quarter of 2021. 

Source: US Bureau of Labor Statistics, Current Employment Statistics, December 2023 Release