Grassi’s 2022 Construction and Architecture & Engineering Survey Reveals Industry Conditions and Outlooks
New York, N.Y. – July 14, 2022 – Grassi, a leading provider of advisory, tax and accounting services for the construction and architecture and engineering (A&E) industries, has revealed the findings of its 2022 industry benchmarking survey.
Grassi’s “Construction and Architecture & Engineering Industry Survey” was designed to elicit candid feedback from general contractors (GCs), civil/infrastructure contractors, subcontractors and A&E firms. It was designed to uncover industry conditions and outlooks in areas such as revenues, risks, technology, pricing issues and supply chain challenges.
The findings culminated in an authoritative benchmarking report that is now available to download at no cost. Highlights of the report include:
- Overall, respondents expect revenues to increase this year. A&E firms were the most optimistic (66%), followed by GCs (61%) and subcontractors (50%).
- 90% of GCs are implementing technology and innovation to improve efficiency, compared to 61% of subcontractors and 75% of A&E firms.
- While revenue/profitability was cited as the most important key performance indicator (KPI) for the vast majority of respondents, GCs review profitability forecasts far more frequently than subcontractors and A&E firms.
- Nearly half of all respondents (49%) lack confidence that their internal controls are sufficient to prevent fraud in remote environments.
- In assessing risks, financial and supply chain risks are top-of-mind, but A&E firms are also significantly concerned about labor shortages (42%).
The survey was developed by Grassi’s Construction and A&E professionals and sponsored by the following regional trade association partners: American Council of Engineering Companies of New York; American Institute of Architects, New York Chapter; Subcontractors Trade Association; Long Island Contractors Association; New York Building Congress; and Association of Wall-Ceiling & Carpentry Industries.
The survey was conducted by an independent research firm in April and early May 2022. All individual responses were confidential, and results were tabulated and reported in the aggregate.
A full copy of the comprehensive benchmarking report can be downloaded here.