2025 AEC M&A Outlook Report
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Sector dynamics will also continue to guide buyer focus. Firms in environmental, water, renewable energy, and infrastructure markets are projected to remain top targets, driven by sustained policy and funding support. By contrast, commercial real estate and industrial design— currently among the slower sectors—may see a moderate rebound if financing conditions stabilize, and private development resumes. Growth trajectory will remain another key variable. Firms anticipating steady annual growth between 10%-19% were most likely to plan for M&A within the medium-term horizon, suggesting that consistent performers, not just rapid expanders, will fuel deal flow into 2027. REACHING A NEW BALANCE Overall, the medium-term outlook points to a mature and selective phase of AEC M&A. Deal volume may level off slightly from today’s
Firm Size vs. M&A Activity (Past Three Years)
Source: 2025 AEC M&A Outlook Survey, Zweig Group and Stambaugh Ness
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