Tag: Economics

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Energy outlook crowns solar new king

Electricity generation will undergo a massive change over the next five years as renewable energy sources overtake coal-fired power plants for energy production, report says.

Third-quarter data depict good news for AEC industry despite pandemic

Most notably, the survey shows a lack of expansive layoffs in the architecture, engineering, and construction industry.

AEC industry shows signs of slow but steady recovery

As of late August, early third-quarter economic data and consumer confidence indexes were heading in the right direction as the architecture, engineering, and construction market segment began to pull out of a relatively short but substantial recession, according to AEC industry economists. After COVID-19 shutdowns and stay-at-home orders in many areas of the country in the second quarter of 2020, the deep trough in...

ASCE Salary Report Reveals ‘Strong’ Profession, Positive Trends

The ASCE 2020 Civil Engineering Salary Report shows an industry with fundamentals that continue trending in the right direction. The median pre-tax annual salary in 2019 among survey respondents was $115,000, up from $109,000 last year, continuing a half-decade-long trend of increasing compensation for civil engineers. “This survey highlights the fact that prior to the pandemic, our profession was strong,” said ASCE President K.N. Gunalan, Ph.D.,...

COVID-19 Forces Small Engineering Firms to Cope with Uncertainty

AMID THE continuing COVID-19 crisis, small U.S. civil engineering firms have had to manage a shifting landscape in the quest to remain open for business. At the same time, they also have had to attempt to foresee how the pandemic might affect them in the long run. Civil Engineering interviewed leaders at three small engineering firms to learn how their companies have fared in...

Advice for younger engineers during an uncertain economy

OLDER, EXPERIENCED engineers have likely been through at least one economic downturn before the one currently being caused by the COVID-19 pandemic, with the most recent significant recession having taken place just a little more than a decade ago. So they know what to expect and how to keep their focus on recovery. But younger engineers—those hired after the Great Recession of 2007 to 2009—have...

How Does the 2020 Economic Downturn Compare with Others Past?

FOR ENGINEERS with several decades of experience, the current economic crisis wrought by the COVID-19 pandemic is, in some ways, a familiar challenge. Experienced engineers who weathered the economic downturns of the early 1990s; the aftermath of the September 11, 2001, terrorist attacks; the Great Recession caused by the financial crisis of 2008; and other national and international crises have learned from the past. Yet...

Near-Term Economic Forecasts Plunge amid COVID-19 Uncertainty

ARCHITECTURE, ENGINEERING, and construction (AEC) forecasters are struggling to comprehend the economic hardship that is likely to arise from the ongoing COVID-19 pandemic and resulting market influences. Although signs of a mild slowdown were prevalent before the pandemic, previous forecasts can be “thrown out the window,” says Richard Branch, the chief economist at Dodge Data & Analytics, of Bedford, Massachusetts. Several recent surveys of industry...

Survey Suggests Civil Engineers Take Moderate Hit from COVID-19

COMPARED WITH EMPLOYEES in other professions, ASCE members have fewer concerns regarding the short- and long-term viability of their companies in the face of the COVID-19 pandemic, according to the results of a recent survey commissioned by the Society and other organizations. And fewer civil engineering firms have had to let go of employees than other types of companies in the survey. Overall, the survey...

Survey Shows COVID-19 Economic Concerns Rising

For the second time since the crisis began, ASCE members participated in the “COVID-19 Impact and Implementation Survey,” compiled by Industry Insights to assess and understand the business effects of the coronavirus pandemic. The latest survey results show an economy coming to grips with the challenges this crisis is presenting. Eighty-one percent of respondents reported experiencing a negative financial impact, compared with 52 percent in the...