U.S. Census Bureau Releases New A/E Firm Revenue for Q2

The U.S. Census Bureau recently released its Quarterly Services Survey (QSS) for the second quarter of 2024. This data includes the design and engineering services performed by architecture and engineering (A/E) companies.

Total seasonally adjusted A/E firm revenues were $116.1 billion for the second quarter of 2024. This represents a nominal year-over-year growth of 8.1% and 1.7% quarter over quarter. Due to revisions, this is the highest yearly growth since 2023 Q2.

Source: US Census, Quarterly Services Survey, June 2024 Release

The Bureau of Labor Statistics Current Employment Statistics (CES) shows similar trends in the most recent employment data for architectural, engineering, and related services. A/E firm employment grew 2.4% year over year and had an increase of 0.7% quarter over quarter. These rates represent an uptick in labor growth for the industry compared to the second half of 2023.

Source: US Bureau of Labor Statistics, Current Employment Statistics, August 2024 Release