Construction + Economy

AEC Survey: 67% Anticipate Revenue Reduction Due to Pandemic

Zweig Group has updated the Impacts of COVID-19 on the AEC Industry Survey for the second half of 2020, adding new questions about personal protective equipment (PPP) funding, outlook and budget forecasting, and more.

Following up to a survey of architecture/engineering/construction (AEC) firms in March 20202, Zweig conducted a new survey on the same topic, with updated questions for the current environment. The results of the first 88 respondents to the new survey, along with comparisons to previously gathered data, appears in this report.

Two out of three respondents (67%) believe the COVID-19 pandemic will cause a decrease in their firm’s revenue this year, with an average decrease of 17% (median 25%).

In response, most firms are pro-actively making budget changes. Just 21% of respondents say they haven’t changed their 2020 budget and don’t intend to, and 20% say the same for 2021.

Spending decreases are most prevalent in travel, bonuses, discretionary spending, and business development. Ability to obtain new work (i.e. business development) was also listed as the area of business operations most negatively impacted by the virus, followed closely by “ability to train staff.”

 

author avatar
Craig DiLouie

Events

IES 24 – The Lighting Conference
ArchLIGHT Summit
American Lighting Association Annual Conference
SALC IES – Street & Area Lighting Conference
DLC Controls Summit
Click For More

 

 

 

Archives

Categories