2023 Q3 AE Services Analysis

The Census Bureau released its 2023 3rd Quarter Quarterly Services Survey (QSS). This data includes the design and engineering services performed by architecture and engineering companies. 

Total seasonally adjusted A/E firm revenues were $112.3 billion. This represents a nominal year-over-year revenue growth of 5.2% and 0.2% quarter over quarter. These are the lowest annual and quarterly growth rates since the 3rd quarter of 2021. 

 Source: US Census, Quarterly Services Survey, December 2023 Release 

 The Bureau of Labor Statistics’ Current Employment Statistics(CES) show similar trends in the December 2023 ‘Architectural, engineering, and related services’ employment data. A/E firm employment grew 3.5% yearly and remained flat at 0% quarter-over-quarter growth. These are the lowest growth rates since the 2nd quarter of 2021. 

Source: US Bureau of Labor Statistics, Current Employment Statistics, December 2023 Release