Reports provide industry benchmarking data, trends and insights impacting firm profitability and productivity
NEW YORK, Nov. 1, 2024 /PRNewswire-PRWeb/ — PKF O’Connor Davies, one of the nation’s largest accounting, tax and advisory practices, today announced the release of its 20th Annual Architectural and Engineering Studies. Based on 2023 financial and operational data provided by a sample of participating architectural and engineering (A&E) firms, the studies reflect the state of the industry and enable firms to benchmark their performance against others as they seek ongoing profitability and growth.
For the first time, the studies provide a historical perspective, highlighting key milestones and industry trends that have shaped the A&E landscape over the past two decades. They also include firms’ current and future use of artificial intelligence, as well as expert insights on emerging trends. The studies present several key takeaways for the A&E industry, including:
During 2023, profit as a percentage of net fee income reached its highest level in the past five years.Firms’ billing multiple increased slightly as they continued their focus on project management efficiencies.Firms’ breakeven multiple and overhead rate continued their upward trend, driven by increases in indirect labor, employee and fringe benefits, and computer and IT investments.Raises as a percentage of base compensation remain higher than historical averages, despite a year-over-year decrease.
“We are excited to release the 20th anniversary edition of the Architectural and Engineering Studies prepared by our dedicated team of industry specialists. These studies have provided valuable insights to the A&E industry and allowed firms to benchmark their results so they may assess their performance in order to continue to grow and improve profitability,” said David M. Sullivan, Jr., Partner and Leader of the Architecture & Engineering Practice at PKF O’Connor Davies. “The A&E industry is going through a period of unprecedented changes. To fully capitalize on future opportunities, it’s crucial for industry leaders to have a strong understanding of industry trends.”
To access the 20th Annual Architectural and Engineering Studies, visit https://www.pkfod.com/annual-architectural-study/ and https://www.pkfod.com/annual-engineering-study/.
About PKF O’Connor Davies
PKF O’Connor Davies is a top-tier accounting, tax and advisory practice with a long history of serving domestic and international clients. “Know Greater Value” speaks to the confidence and guidance that our clients realize when they work with us. It reinforces our commitment to delivering the highest levels of value, expertise and service in everything we do. Our clients Know Greater Connections, Know Greater Insights and Know Greater Value. “PKF O’Connor Davies” is the brand name under which PKF O’Connor Davies LLP and PKF O’Connor Davies Advisory LLC, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. PKF O’Connor Davies LLP is a licensed CPA firm that provides attest services and PKF O’Connor Davies Advisory LLC and its subsidiary entities provide tax and advisory services.
For more information, please visit pkfod.com, and follow us on LinkedIn and X (formerly Twitter).
Media Contact
Michelle Goyke, PKF O’Connor Davies, 914-341-7615, mgoyke@pkfod.com, https://www.pkfod.com/
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SOURCE PKF O’Connor Davies
