FMI Releases 2024 Engineering and Construction Industry Overview and First Quarter Outlook
RALEIGH, N.C., Feb. 1, 2024 /PRNewswire/ -- FMI Corporation, a leading provider of consulting and investment banking services to the built environment, released the 2024 North American Engineering and Construction Industry Overview today. The report provides a comprehensive forecast for a broad range of construction and engineering segments in the U.S. and Canada for 2024.
FMI expects engineering and construction spending forecast to end 2024 up 2% from 2023
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.
FMI is a leading provider of consulting and investment banking services to the built environment. We provide services in the areas of strategy, leadership and organizational development, operational performance, mergers and acquisitions, financial advisory and private equity financing.
Copart, Inc. announced today that it will release earnings for the third quarter of fiscal 2024 after 4:00 p.m. Eastern Time (3:00 p.m. Central) on Thursday, May 16, 2024.
On Thursday, May 16, 2024, at 5:30 p.m. Eastern Time (4:30 p.m. Central),...
Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, autoimmune, cardiovascular and metabolic, ophthalmology...
SK hynix Inc. (or "the company", www.skhynix.com) announced today that it has developed the Zoned UFS, or ZUFS* 4.0, a mobile NAND solution product for on-device** AI...
In an innovative collaboration, Cervo Media Group Inc and Red Tusk Records are set to unveil "Pandora's Box," a musical experience that promises to redefine the very essence of contemporary classical music. Not just a composition, Pandora's Box is a...
Edwards Lifesciences today announced the European launch of the SAPIEN 3 Ultra RESILIA valve, the only transcatheter aortic heart valve to incorporate the company's breakthrough RESILIA tissue technology, designed to extend the valve's durability.*...
Silvaco Group, Inc. ("Silvaco"), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and AI through software and innovation, today announced the pricing of its initial public offering of 6,000,000 shares of its common...