Drawn out: Industry revenue is expected to return to growth as many downstream markets recover from the COVID-19 pandemic
Engineering Services in the US
Over the five years to 2019, the Engineering Services industry has performed modestly, with industry revenue growing largely in pace with the US economy at large.Revenue growth has primarily been a result of an increase in the value of private nonresidential construction, which can be used as a proxy for demand for industry services. Early during the period, industry revenue growth was dampened, as demand from energy extractors and commodities producers fell off due to a crash in commodities prices. The industry has since recovered and returned to consistent growth.Over the five years to 2024, industry growth is expected to decelerate. Industry growth is anticipated to rise at a slower pace due to a comparative acceleration in the value of private nonresidential construction, which is expected to mitigate a greater deceleration in industry revenue as a result of weak increases in the value of utilities construction.
Industry operators apply the physical laws and principles of engineering in designing, developing and using machines, materials, instruments, structures, processes and systems. These services may involve providing advice, preparing feasibility studies, preparing plans and designs, providing technical services during construction or development, inspecting and evaluating engineering projects and providing other related services.
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