Total U.S. engineering and construction spending is forecast to end 2022 up 8% (the same as 2020 and 2021), led primarily by residential, according to the Electronic Systems Outlook Winter 2022 report. For 2023, however, a 2% decline is forecast in engineering and construction spending levels compared to 2022.
The National Systems Contractors Association (NSCA) partners with market research firm FMI to produce the biannual report, which is said to offer the newest, most relevant indicators of business opportunities for integrators. By tracking new construction starts and renovations across multiple markets — including healthcare, lodging, corporate, education, houses of worship and more — NSCA pinpoints which verticals should do well in 2023 and the years to come.