Zweig Group’s latest survey on the Impacts of COVID-19 on the AEC Industry, found that business development is one of the hardest hit areas of firm operations.
AEC firm leaders/managers were asked to rate on a 1 to 5 scale (1 being little to no impact, 5 being highly negative impact), how much COVID-19 has impacted certain aspects of their firm’s business.
Very low impact scores (2.5 or less) included: ability to finish current projects on time, ability to finish current projects within budget, and ability to provide high quality service and response to clients. The most heavily impacted areas were ability to obtain new work (score of 3.9/5) and ability train staff (3.2/5).
Zweig Group data also shows that AEC firms are investing less in traditional business development activities – partially due to lack of ability to travel and network in person, but also in response to budget cutting.
One area of business that appears to be largely unaffected in the AEC industry is salary levels.
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About Zweig Group
Zweig Group, three times on the Inc 500/5000 list, is the leading research, publishing, and advisory services resource for the A/E/C industry. The firm provides strategy, mergers and acquisitions, business valuation, ownership transition, marketing, financial management, project management, and executive search services. Zweig Group also provides a comprehensive suite of products including industry reports and surveys, executive training, and business conferences covering virtually every aspect of A/E/C firm management.
