‘Engineering Services in the US Industry’ Report Available

Independent market research firm IBISWorld has released a report titled “Engineering Services in the US Industry.”

The report’s overall findings state that despite the limited nature of Engineering Services within the past five years, there is expected growth from 2013-2018. This limitation is a result of low construction levels and private demand. The industry was also heavily impacted by the economic recession. The report states that long-term contract might have sustained engineering firms, but many companies postponed or cancelled upcoming projects due to the shortage of financial resources in the global market. However, the industry is showing signs of improvement, with industry revenue expected to increase in 2013.

The overall picture of the Engineering Services is fragmented, with a high number of small-scale operators that provide services in specialized regions and markets. These smaller firms were unable to support themselves through the economic recession.

“Firms have begun to reenter, however, as business conditions have improved over the past two years,” says Jeremy Edwards, IBISWorld industry analyst.

Looking forward to 2018, the report anticipates growth within the Engineering Services industry. Profit margins are also projected to benefit with the increasing use of computer-aided design systems that provide cost-effective project assessment.

For more information, visit IBISWorld.