The US engineering and construction (E&C)industry began 2022 on a bright note after achieving strong growth of 8% in construction spending in 2021.1 While the value added reached $1 trillion in Q2 2022, gross output stood at $2 trillion in Q2 2022 compared to $1.9 trillion in Q2 2021.² But a closer look at current market dynamics suggests that 2023 will likely experience differentiated growth rates across different industry segments.
On the one hand, the nonresidential segment is likely to be buoyed by funds entering the market from the Infrastructure Investment and Jobs Act (IIIA) and the CHIPS and Science Act of 2022. The CHIPS and Science Act provides $52.7 billion for American semiconductor research, development, manufacturing, and workforce development
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