U.S. engineering firm CEOs remain encouraged about overall company performance and market trends. They also see strong signs of recovery in industry employment, this according to the latest ACEC Engineering Business Index (EBI), which charts the health of the engineering industry.
EBI is a diffusion index, consolidating hundreds of engineering leader responses nationwide on market and firm performance into a single “confidence” number. Any score over 50 indicates expansion.
The third quarter EBI (Q3), conducted Sept. 17 to Oct. 3 of 275 engineering CEOs, presidents and chairmen, produced a positive composite score of 68.8, virtually unchanged from 68.9 in the second quarter.
Survey respondents reported a strong rebound in hiring: 67.4% said employment at their firm was equal to or higher now than pre-recession (2008) levels; 25% said employment was “at least 10%” higher. Only 32.7% said employment was lower.
Engineering leaders remained encouraged by company performance: 65% reported higher backlogs compared to this time last year—significantly more than the 51% in the second quarter. Almost half of Q3 respondents (49.3%) expect backlogs to increase further over the next 12 months.
Respondents also believe most private markets will continue to thrive: 61.7% expect improvement over the coming year in Land Development, 56.1% in Energy and Power, and 53.1% in Buildings and Commercial.
Public market expectations, however, continue to lag: only 43.8% of respondents believe the Water and Wastewater segment will improve by next year; only 39.7% said Transportation will improve.
For the complete Q3 summary of ACEC’s Engineering Business Index (EBI) go to www.acec.org.
Related Stories
MFPRO+ News | Oct 6, 2023
Announcing MultifamilyPro+
BD+C has served the multifamily design and construction sector for more than 60 years, and now we're introducing a central hub within BDCnetwork.com for all things multifamily.
Giants 400 | Oct 5, 2023
Top 90 Healthcare Engineering Firms for 2023
Jacobs, WSP, IMEG, BR+A, and Affiliated Engineers head BD+C's ranking of the nation's largest healthcare sector engineering and engineering/architecture (EA) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking includes revenue related to all healthcare buildings work, including hospitals, medical office buildings, and outpatient facilities.
Giants 400 | Oct 5, 2023
Top 175 Healthcare Architecture Firms for 2023
HDR, HKS, CannonDesign, Stantec, and SmithGroup top BD+C's ranking of the nation's largest healthcare sector architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking includes revenue related to all healthcare buildings work, including hospitals, medical office buildings, and outpatient facilities.
Biophilic Design | Oct 4, 2023
Transforming the entry experience with biophilic design
Vessel Architecture & Design's Cassandra Wallace, AIA, NCARB, explores how incorporating biophilic design elements and dynamic lighting can transform a seemingly cavernous entry space into a warm and inviting focal point.
Regulations | Oct 4, 2023
New York adopts emissions limits on concrete
New York State recently adopted emissions limits on concrete used for state-funded public building and transportation projects. It is the first state initiative in the U.S. to enact concrete emissions limits on projects undertaken by all agencies, according to a press release from the governor’s office.
Architects | Oct 4, 2023
Architects and contractors underestimate cyberattack risk
Design and construction industry firms underestimate their vulnerability to cyberattacks, according to a new report, Data Resilience in Design and Construction: How Digital Discipline Builds Stronger Firms by Dodge Construction Network and content security and management company Egnyte.
Luxury Residential | Oct 2, 2023
Chicago's Belden-Stratford luxury apartments gets centennial facelift
The Belden-Stratford has reopened its doors following a renovation that blends the 100-year-old building’s original architecture with modern residences.
Giants 400 | Oct 2, 2023
Top 30 Data Center Architecture Firms for 2023
Corgan, HDR, Gensler, Page Southerland Page, and HED top BD+C's ranking of the nation's largest data center sector architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report.
Market Data | Oct 2, 2023
Nonresidential construction spending rises 0.4% in August 2023, led by manufacturing and public works sectors
National nonresidential construction spending increased 0.4% in August, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.09 trillion.
K-12 Schools | Oct 2, 2023
4 design strategies for successful K-12 magnet schools
Clark Nexsen's Donna Francis, AIA, Principal, and Becky Brady, AIA, share four reasons why diverse K-12 magnet schools require diverse design.
