Grassi is pleased to share the 2024 Construction and Architecture & Engineering (A&E) Industry Conditions and Outlook survey report. This benchmarking survey of 248 general contractors, subcontractors, and A&E firm executives shows industry leaders are optimistic, with 56% indicating they expect revenue to increase in 2024. Despite some challenges, the industry is resilient by adapting its strategies and seeking new solutions.
Several key takeaways from the report include:
- 56% of survey respondents expect revenue growth in 2024. General contractors are the most optimistic, with 63% expecting revenue growth, followed by 51% of subcontractors and 49% of A&E firms.
- 81% of general contractors, 79% of subcontractors and 88% of A&E firms said overhead costs have increased in the last 12 months, with more than a third citing double-digit cost increases.
- 72% predict their backlog will be the same or lower in the next 12 months (81% of A&E firms, 75% of subcontractors and 64% of general contractors holding that opinion).
- Labor issues remain prevalent, with 56% of respondents declaring it the biggest threat to their business.
- Companies across the industry use various strategies to cope with supply chain price volatility, including modifying pricing practices and estimates for future bids, using purchase agreements to lock in prices, diversifying suppliers and raising fees.
Click here or below to access one of the industry’s most comprehensive benchmarking studies today.
