MEP Giants design revenue is up dramatically
The 2022 MEP Giants reported an 18% increase in MEP design revenue, and gross revenue has increased 13%
The 2022 MEP Giants generated $11 billion in mechanical, electrical, plumbing and fire protection engineering design revenue, an increase over last year’s MEP Giants’ revenue of $9.3 billion. This year, the 2022 MEP Giants earned approximately $70.5 billion in gross annual revenue during the previous fiscal year, an increase of about $8.3 billion. Gross revenue was up, and MEP design revenue rose 18% over last year’s numbers.
A couple of changes occurred within the top 10 firms on the MEP Giants list — Mott MacDonald and Jensen Hughes were added. There were also some newcomers to the total of 100 companies. Several companies either joined the list for the first time or returned after time away from reporting data (in alphabetical order): Bowman Consulting Group Ltd., Colliers Engineering & Design, Jensen Hughes, Loring Consulting Engineers Inc., McKim & Creed, MG Engineering DPC, Mott MacDonald, PBS Engineers Inc., Re:Build Optimation Technology LLC (a rebranding of Optimation Technology Inc.) and Spectrum Engineers Inc.
Absent from the 2022 MEP Giants, as compared to 2021: Advanced Engineering Consultants, AMA Group, BR_+A Consulting Engineers, Integral Group, LEO A DALY, PAE Consulting Engineers Inc., Ross & Baruzzini Inc., tk1sc and VBFA. Some of this is due to mergers and acquisitions, some from the inability to submit information at this time.
The list this year comprises 59% private companies (down from 62% in 2021), 28% employee-owned companies, 7% public companies and 6% limited-liability companies. The 2022 MEP Giants are made up of consulting engineering firms (60%, up from 59% last year) and architectural engineering firms (29%, down from 31% last year).
Several mergers and acquisitions occurred in the past year; 29% of the firms reporting acquired another company, a big jump from last year’s 21% acquisition rate (see related article about mergers and acquisitions).
Table 1 shows the top firms based on MEP design revenue, which is how the MEP Giants are ranked.
Visit www.csemag.com/giants for the full MEP Giants report in a downloadable format.