March 10. 2021: The ACEC Research Institute today released our final study in our Industry Impact Series—the 2021-2025 Engineering Industry Forecast. Like many parts of the economy, the engineering sector has been negatively affected by the COVID-induced downturn. Based on the federal government’s own numbers, the engineering and design sector’s revenue declined by 7% in 2020, and the ACEC Research Institute's newly released forecast projects another 4% decline in 2021 before recovery begins to kick in during the second half of the year. The industry will grow modestly (3% annually) from 2022-2024, primarily due to pandemic-related stimulus spending, but then will tail off slightly in 2025.
While these economic projections are not particularly encouraging, they are also not definitive. There are several things that could positively affect the forecast, most notably a new, robust infrastructure agenda. The principal driver for that agenda will be legislation to reauthorize and significantly expand federal programs that support surface transportation projects authorized by the FAST Act, set to expire this year.
Our industry has a critical role to play in shaping and driving such an infrastructure initiative. ACEC will be working closely with policy makers and Members of Congress, sharing our research findings to help illustrate how the engineering industry and our members can make a difference.
Learn more about what is in store for the engineering and design services industry. Download and dive into this new research today—2021-2025 Engineering Industry Forecast today.
Senior Vice President, Membership and MO Services, ACEC
Executive Director, ACEC Research Institute
1015 15th Street NW
Washington, DC 20005
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