Updated Impacts of COVID-19 and AEC Industry Outlook Survey
Zweig Group has updated the Impacts of COVID-19 on the AEC Industry Survey for the second half of 2020, adding new questions about PPP funding, outlook and budget forecasting, and more.
After the initial success of Zweig Group’s Impacts of COVID-19 on the AEC Industry, launched in March 2020, Zweig Group launched a new survey on the same topic, with updated questions for the current environment. The results of the first 50 respondents to the new survey, along with comparisons to previously gathered data, appears in this report.
Recent data shows that 71% of respondents secured PPP funding. The vast majority, 78%, feel that COVID-19 will cause a decrease in their firm’s revenue this year, with an average decrease of 16% (median 20%).
In response to this forecasted decrease, most firms are pro-actively making budget changes. Just 16% of respondents say they haven’t changed their 2020 budget and don’t intend to, and just 18% say the same for 2021.
Spending decreases are most prevalent in travel (no surprise), bonuses, discretionary spending, and business development. Ability to obtain new work (i.e. business development) was also listed as the area of business operations most negatively impacted by the virus, followed closely by “ability to train staff.”