Insights from the ACEC Research Institute's Economic Forecast

Welcome to the latest episode of Engineering Influence, a podcast by the American Council of Engineering Companies. In this episode, we are joined by Jon Gray, Principal at Rockport Analytics, to discuss the recently published economic forecast for the engineering industry, specifically tailored for 2024. John provides insightful analysis into the macroeconomic impact of the engineering design services industry on the U.S. economy, presenting a comprehensive overview of growth, employment trends, and wage projections. With data collected over five years, this report offers valuable trend indicators that are shaping the industry’s present and future. The discussion also delves into the effects of federal spending, notably from acts like the IIJA and the Inflation Reduction Act, which continue to drive notable growth in infrastructure and other key sectors. Additionally, John and Jeff examine the geographic shifts in industry growth, highlighting states like North Carolina and Florida, and explore the market sectors that are thriving versus those facing challenges. Addressing the workforce and skills gap, Jon explains how labor shortages are impacting project delivery and industry profitability. As firms navigate these challenges, strategic insights provided in this episode are indispensable for industry leaders and policymakers alike. Don’t miss this engaging episode that combines economic theory with real-world application, guiding the engineering sector through uncertain times towards a promising future.