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 88 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 majority, 67%, feel that COVID-19 will cause a decrease in their firm's revenue this year, with an average decrease of 17% (median 25%). In response to this forecasted decrease, most firms are pro-actively making budget changes. Just 21% of respondents say they haven't changed their 2020 budget and don't intend to, and 20% 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."
9/25 Updated Impacts of COVID-19 and AEC Industry Outlook Survey
Sep 04, 2020
About Zweig Group
Zweig Group, three times on the Inc. 500/5000 list, is the industry leader and premiere authority in AEC firm management and marketing, the go-to source for data and research, and the leading provider of customized learning and training. Zweig Group exists to help AEC firms succeed in a complicated and challenging marketplace through services that include: Mergers & Acquisitions, Strategic Planning, Valuation, Executive Search, Board of Director Services, Ownership Transition, Marketing & Branding, and Business Development Training. The firm has offices in Dallas and Fayetteville, Arkansas.