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Weekly Briefing: April 3-7, 2023

Updated: Apr 20, 2023

Week of April 3, 2023

World Bank Warns of Lost Decade for Global Economy

  • The World Bank is warning of a "lost decade" for global growth due to a slowdown caused by structural factors such as an aging workforce, weakening investment, and slowing productivity.

  • The bank believes it will take a "herculean collective policy effort" to restore growth, citing a drop in the global potential growth rate to a three-decade low over the 2020s.

  • The global potential growth rate was 3.5% from 2000 to 2010, but this dropped to 2.6% on average from 2011 to 2021 and will further decrease to 2.2% from 2022 to 2030, with about half of the slowdown due to demographic factors.

  • The latest alarm bells from the World Bank about the global economy come in the wake of the U.S.’s passing of the Inflation Reduction Act, which includes hundreds of billions in incentives and funding for clean energy, as well as a law to ratchet up investments in semiconductors. In response, the European Union is relaxing its rules on government tax breaks and other benefits for clean-tech companies.


Goldman Sachs Predicts 300 Million Jobs Will Be Lost Or Degraded By Artificial Intelligence

  • Generative artificial intelligence or AI technologies, including the highly popular ChatGPT, could expose around 300 million full-time jobs around the world to automation, a report by Goldman Sachs predicts.

  • The report added that although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI.

  • Of all industries examined within the report, Office and Administration Support, Legal, Architecture and Engineering, Life Sciences, and Business and Financial Operations had the highest exposure rate regarding the share of work tasks that could be automated by AI.

April 3, 2023

Ethos Capital LP (Ethos), a Massachusetts-based private equity firm investing in middle-market information service companies, primarily across North America and Europe, has acquired Newforma, Inc. (Newforma), a Massachusetts-based provider of Project Information Management (PIM) and Building Information Modeling (BIM) collaboration solutions to customers across the architecture, engineering, construction, and owners (AECO) industry. The acquisition by Ethos will help to support Newforma in accelerating product development, cloud migration, and the delivery of incremental value to clients. “We’re thrilled to partner with Ethos Capital as we continue to deliver innovative technologies and products that connect the AECO ecosystem and facilitate information exchange,” said Brock Philp, Chief Executive Officer of Newforma. “We look forward to leveraging Ethos’ sector-specific operating expertise as we launch our new cloud-based collaboration platform.”


April 4, 2023

Bowman Consulting Group Ltd. (Bowman), a Virginia-based multi-disciplinary consulting firm offering a broad range of real estate, energy, infrastructure, and environmental management solutions to both public and private clients, has acquired Richter & Associates (Richter), a Maryland-based professional services firm focused on dry utility infrastructure engineering. The acquisition of Richter will enhance Bowman's utility engineering capabilities to better serve private and public clients -- along with utility services providers -- in navigating the complexities of design, development, and implementation of natural gas, electric, and telecommunications infrastructure.


April 4, 2023

CIMA+, a Canada-based consulting engineering firm focusing on the building, energy and resources, municipal infrastructure, telecommunications, and transportation sectors, has acquired MidSea Engineering Ltd. (MidSea), a Canada-based engineering consulting firm specializing in water resources, hydropower, marine infrastructure, and industrial engineering, as well as mechanical and structural engineering services. The acquisition of MidSea by CIMA+ will augment the firm's water resources and mechanical service offerings, and expand its operating footprint in Western Canada.


April 5, 2023

WSP Global, Inc. (WSP), a Canada-based consulting engineering firm, has entered into an agreement to acquire Calibre Professional Services One Pty Ltd (Calibre), an Australia-based engineering services provider across the full asset life cycle, focused on rail, infrastructure, rehabilitation, and renewable projects supporting blue-chip mining clients. The acquisition of Calibre and its mining advisory and consulting expertise will help WSP to pursue project opportunities related to mine closure and rehabilitation, as well as water management. “This transaction will further position WSP to play a leading role in assisting with the green transition of the mining industry in Australia and globally,” said Alexandre L’Heureux, WSP’s President and CEO. “Our combined business will further increase our technical capabilities and provide opportunities to serve as the partner of choice for mining companies with strong ESG commitments.”

There's still time to register for EFCG's 23rd Annual CFO Conference, which will take place on April 19-21 in Denver, CO! As the only major CFO Conference in the AEC Industry, this event will provide the first view of the industry’s reported 2022 performance and 2023 projections, and delve into the major strategic and financial decisions CFOs are focused on today.

Please note, space is limited and we are expecting the Conference to be sold out! Visit our 23rd Annual CFO Conference page to sign up, see the agenda, and view the current attendee list.


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