Slower growth for surveying and mapping services in 2023, as investments in construction projects ease
After two years of strong growth, operating revenue for the surveying and mapping services industries (+4.8%) increased at a more moderate pace to $2.9 billion in 2023. Demand for these services has slowed, as housing starts, the number of building permits, and investment in new construction have been declining since 2021. Operating expenses grew 7.3% to $2.6 billion in 2023, lowering the profit margin for the second year in a row (from 14.4% in 2021 to 11.0% in 2023). The largest expense item continued to be salaries, wages, commissions and benefits, representing just over half (51.0%) of total operating expenses.
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