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Recently, the ACEC Research Institute released the Engineering Business Sentiment report for the second quarter of 2024.   

New data shows engineering firm executives have an extremely positive outlook on their firm’s financial standing (+86), the industry (+83), and the U.S. economy (+39). Optimism about the U.S. economy, specifically, has increased four points from last quarter and is up 54 points from its low of -15 in Q3 2022.  

About the survey: The survey offers a comprehensive look at current and future conditions in engineering and overall sentiment toward the economy using a “Net Rating” system with zero being neutral. The higher or lower the number, the stronger the sentiment (positive or negative). This quarter’s respondents included 650 executives across the engineering and design services industry.

“The ACEC Research Institute continues to have its finger on the pulse of the engineering industry, and this quarter’s robust survey response demonstrates the Institute’s reach and results,” said ACEC Research Institute Board Chair, Michael Carragher.  

“Engineering firm executives’ outlook is overwhelmingly positive, and we see some specific bright spots in the data. This quarter, recession concerns continue to subside and are down 23 points from a year ago, along with supply chain issues that have fallen from 40% at this time last year to 16% this quarter,” said Joe Bates, Senior Research Consultant with the ACEC Research Institute.  

Additional Findings  

Future Hiring – Looking to the future, 74% of respondents predict there will be an increase in hiring over the next 12 months at their firms.  

Inflation Impact – Concern over the impact of inflation remains elevated as 70% at least somewhat agree that they are extremely concerned about the impact of inflation.  

Artificial intelligence (AI) – Nearly half the executives say that their firm uses AI either internally (27%), externally (2%), or both (19%).   

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June 5, 2024



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