New A/E Firm Revenue Analysis

The Census Bureau released its 2024 1st 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 $115.1 billion for the 1st quarter of 2024. This represents a nominal year-over-year growth of 7.4% and 3.1% quarter over quarter. This is a significant increase in quarterly growth rates compared to the previous 2 quarters, as well as the highest quarterly growth since 2022 Q3. 

Source: US Census, Quarterly Services Survey, June 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 grew at 2.5% year over year and had strong growth to start the year with an increase of 1.1% in 2024 Q1. These rates represent an uptick in labor growth for the industry compared to the 2nd half of 2023. 

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