Financial Context
Growth Narrative Survey data shows sustained expansion across the AEC industry. Most firms continue to report positive revenue growth, with many achieving double-digit gains. This is evidence of durable momentum despite economic headwinds. 1 According to the US Census Bureau, total construction spending in July 2025 reached a seasonally adjusted rate of $2.13 billion, nearly unchanged from June and only 2.8% below the record level of July 2024. Private construction accounted for $1.62 billion, while public spending totaled $516 billion, led by education, highway, and water infrastructure projects. 2 Growth is increasingly strategic rather than cyclical. Firms are investing in digital delivery, sustainability, and infrastructure-related services that benefit from long-term public funding. This shift suggests that expansion is being driven by structural demand for resilient, adaptive design and engineering solutions. STRIKING A GROWTH BALANCE Mid-sized firms (50-249 employees) continue to stand out. Their balance of efficiency and scale allows them to achieve measurable pricing premiums compared with both smaller and larger peers, reinforcing their role as attractive acquisition platforms. 3 Environmental and infrastructure-focused firms also outperform design-centric practices, reflecting stronger funding pipelines and more consistent long-term demand. 4
1 “Description of Growth (2022-2024).” Zweig Group’s 2025 Valuation Report. Pg 56 2 US Census Bureau, “Monthly Construction Spending”, July 2025: www.census.gov/construction/ c30/pdf/release.pdf 3 “Value Per Employee by Staff Size.” Zweig Group’s 2025 Valuation Report. Page 70. 4 “Value/Net Service Revenue (By Firm Type).” Zweig Group’s 2025 Valuation Report . Page 70.
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