Research Shows Engineering Firms’ Impact on Economy, Continued Optimism on Business Climate

The ACEC Research Institute released the results of two studies on the current and future state of the engineering industry, and its role in the overall U.S. economy. The reports, the 2024 Economic Assessment of the Engineering & Design Services Industry and the Engineering Business Sentiment Report for 2024 Q4, both point to continued optimism for the industry and its firms, though somewhat softened compared to previous quarters.

This year’s research also examined for the first time the potential impact of emerging technologies on the engineering and design services industry. With AI identified as a key trend, research authors note these technologies are rapidly gaining traction with firms, with around one-third of firms either implementing or planning to incorporate AI into workflows. Both reports can be found at acec.org/resources.

Healthcare highlights include:

Current sentiment remains optimistic within most market sectors. Sentiment is strong in healthcare, but strongest in water/wastewater, energy and utilities, along with transportation (roads and bridges). Many sectors saw declines compared to last quarter, and most sectors declined compared to one year ago. However, the decline for healthcare was slight.