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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