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FMI Releases 2024 Engineering and Construction Industry Overview and First Quarter Outlook

Feb. 13, 2024
FMI offers insights into specific segments and overall outlook for 2024 and beyond.

FMI Corporation, a provider of consulting and investment banking services to the built environment, recently released the 2024 North American Engineering and Construction Industry Overview. The report provides a comprehensive forecast for a broad range of construction and engineering segments in the U.S. and Canada for 2024. 

Looking ahead, FMI expects engineering and construction spending forecast to end 2024 up 2% from 2023. Companies across the built environment will need to have clear strategies, best-in-class operations and inspired leaders to capitalize on industry conditions and create resilient firms.

“The built environment expe­rienced its share of challenging con­ditions in the past three years, making resiliency more important than ever,” writes FMI CEO Chris Daum in the introduction. “While historically being resilient meant focusing on the fundamentals, internal operations and other variables within our control, that definition is now evolving to also mean being flexible, innovative and adaptable.”

In addition to FMI’s market commentary, key highlights of the report include:

  • Total engineering and construction spending for the U.S. is forecast to end 2023 up 10%, a slightly slower pace than 12% in 2022. 
  • The highest growing segments in 2023 were manufacturing, multifamily residential, lodging, sewage and waste disposal, water supply, and conversation and development. These segments are expected to record annual growth rates exceeding 20% from 2022 levels. 
  • Many segments are expected to grow between 10% and 20% in 2023, including office, health care, educational, religious, public safety, amusement and recreation, transportation, power, and highway and street.

To learn more, download the full report here.

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