National consulting group Appleseed Strategy has released the results of a U.S. survey querying 39 AEC firms about the ongoing impact of COVID-19. The companies were a mixed bag of sizes ranging from five people to over 1,000; in turn, the results of the survey are equally as varied. Some of the findings include:
- 88% of the firms queried that received PPP loans or other pandemic relief funding had their loans fully or partially forgiven.
- Nearly 77% of the firms queried were back to pre-pandemic staffing levels.
- Nearly 53% of respondents had implemented salary cuts in at least one staff category because of the pandemic.
- About 9% of queried firms were found to be even larger than they were in March 2020.
In light of the wide-ranging information and the ongoing pandemic, Appleseed Strategy offered four new recommendations that apply to design construction companies of all sizes, ages and disciplines:
- Keep focus on higher return, lower risk ventures.
- Invest in technologies that advance the disciplines you practice.
- Think strategically about how to reposition, if you are heavily concentrated in market sectors, services or regions that are struggling.
- Get ahead of industry trends.
To read the new recommendations in full and learn more about Appleseed Strategy’s entire report, email kacey.clagett@appleseedstrategy.com.