3 changes to hit the engineering and construction industry in 2023

The engineering and construction industry is rapidly changing year over year and 2023 brings changes as we’ve never seen before. In order for firms and individual employees to remain successful, they must understand these changes and adapt accordingly.

The industry 4.0 market could reach $214 billion by 2023, according to a recent report from the Homeland Security Research Corp. This is immense growth from the previous year and is 30% larger than the cyber security market growth. Here are three industry changes engineers should keep an eye out for:

Efforts to Reduce Global Emissions

Engineering and construction companies place a heavy emphasis on doing their part to reduce global emissions in 2023. Building and construction account for 32% of global CO2 emissions and the engineering and construction sector has a goal of reducing those emissions by 2 gigatons by 2030.

This reduction comes from new building construction that avoids harmful materials, deliver high-quality ventilation systems and cuts down on toxic CO2 emissions. These changes are inevitable because a green capital project delivery system is being demanded by thousands of lenders, customers, investors and regulators. Customers also appreciate carbon ledgers that track emission levels to go along with the idea of “net zero as a service.”

Thousands of New Jobs

Engineers are in higher demand than a couple of years ago and the employment of engineers is projected to grow by 4% from 2014 to 2024, according to the U.S. Bureau of Labor Statistics. Several in-demand industries are expected to grow faster than that with a 23.1% growth for biomedical engineers, 12.4% growth for environmental engineers and 8.4% for civil engineers.

Engineers have a median wage of $100,640 along with the promise of job growth, which easily combats the 2022 inflation rate of 8.26%. If you’re a new grad entering the engineering or construction industry in 2023, be sure to research and bargain for a competitive salary that makes you happy long term.

Continued Recession Recovery

The onset of the 2020 COVID-19 pandemic was one of the shortest ever but led to many economic changes like supply chain shortages and massive inflation. The economy will continue to recover in 2023 as we add more jobs and funding for essential projects that help shape the future of our economy.

The industry continues to shift to digital and connected construction capabilities, according to research from Deloitte. As we focus on technology, we help grow and stabilize the economy through smart cities, air mobility, operational efficiency and reduced climate change.

To stay updated on the latest changes and news in the engineering and construction industry, consider investing in an ACEC Utah membership.