Market Intelligence Update – December 2024

The Census Bureau released its 2024 3rd Quarter Quarterly Services Survey (QSS). This data includes revenue for the design and engineering services performed by architecture and engineering companies.

Total seasonally adjusted A/E firm revenues tallied $118.6 billion for the 3rd quarter of 2024. This represents a nominal year-over-year growth of 9.1%, with 1.2% growth quarter over quarter. Due to revisions, this is the highest year-over-year growth since 2022 Q4. Quarter-over-quarter growth has declined for the 2nd straight quarter, reflective of the overall slowing of growth in the sector for 2024.

Source: US Census, Quarterly Services Survey, December 2024 Release

The Bureau of Labor Statistics Current Employment Statistics (CES) show similar trends in the most recent ‘Architectural, Engineering, and Related Services’ employment data. A/E firm employment was flat at the end of 2024 Q3 compared to the previous quarter, while year-over-year growth was at 2.3%.

Source: US Bureau of Labor Statistics, Current Employment Statistics, December 2024 Release