Project Management

The coronavirus pandemic impacted all sectors of the project management industry in 2020 and early 2021. Business lockdowns and social distancing requirements disrupted the industry early in the pandemic. Many project management companies transitioned their employees to remote work, with meetings and sometimes property tours conducted virtually. Post pandemic, the economy continues to rebound and demand for project management services has increased as companies focus on maintaining and improving their business operations and productivity.

Project management is a growing field and is expected to continue growing in the future. The Department of Labor predicts faster than average employment growth for all management professions through 2033. About 1.2 million new management jobs are expected to be added by 2033. More organizations are using skilled project managements to increase efficiencies and project success rates. According to a talent gap report by the Project Management Institute, from 2023 through 2030, about 2.3 million individuals will be needed each year for project management roles globally across multiple industries. The DOL reports that demand for project managers will be especially strong in the computer systems design sector in the coming years. Since the pandemic, more people are working remotely or in hybrid schedules. As a result, project managers will be needed to manage the increasingly large and complex information technology projects that help support telework.

The major industries in which project management professionals work are construction, engineering, architecture, information technology, manufacturing, and real estate development. Employment in the professional, scientific, and technical consulting field will vary by industry sector. The market research group IBISWorld forecasts that the U.S. engineering services industry, which includes project management services, will experience steady growth through 2030, after a 4 percent drop in 2020 due to the pandemic, but then followed by annual growth of 1.6 percent through 2024. The types of activities that project management professionals are involved in for engineering companies are the following: design and management services for construction and engineering infrastructure projects, environmental projects, and industrial processes and equipment. The work also may involve construction management services, process management (assessing product and engineering problems), project planning, and economic assessments, among other services. As of late 2024, the U.S. engineering services industry was valued at $350.9 billion (up from $204 billion in 2020) and employed about 1 million workers.

As of November 2024, the U.S. architectural industry is valued at $55.3 billion, with 73,313 businesses and 225,000 employees. The pandemic caused a drop in nonresidential construction, triggering decline in revenue in 2020. Project managers and others in the architectural industry fared best in residential markets due to government assistance and low interest rates, which enabled more people to buy and renovate homes. Post pandemic, the architectural industry is recovering, with a 2 percent increase in revenue in 2024 compared to the previous year, and steady growth is expected through 2030. The growth in demand for environmentally friendly designs is also increasing the need for architecture firms and managers to oversee architectural projects.

The information technology (IT) industry experienced a 4 percent decline in revenue in 2020 due to reduced private investment in computers and software during the pandemic. Post pandemic, the IT consulting industry has resumed growing, at about 3 percent annually since 2020, and is expected to have steady growth through 2030. The U.S. IT consulting industry generates $712.3 billion; it has 487,000 business and 3 million employees, representing an increase over the 462,418 businesses and 2.2 million employees in 2020. Demand for consultants will grow due to increasing mergers and acquisitions in major markets, such as financial services and insurance providers; consolidated companies will need help with the various systems integration. The Department of Labor predicts 17 percent employment growth, much faster than the average, through 2033 for computer and information systems managers, including IT project managers. This strong growth is attributed to the rise in the cybersecurity, digital platforms, and artificial intelligence that businesses are increasingly using to improve their IT infrastructure. The health care industry is also expected to offer many job opportunities to IT consultants and project managers, as more health care agencies are implementing information technology. Many companies are outsourcing their services from on-site IT departments to cloud-computing companies, which will mean more job opportunities in companies focuses on computer systems design and related services, rather than in IT departments of non-computer companies.

The real estate industry will continue to provide decent employment opportunities for project management professionals. The commercial real estate industry is a $1.4 trillion business in the United States, as reported by IBISWorld. There are more than 3 million businesses and about 3 million employees. The industry experienced a 1.5 percent decline in annual growth from 2015 through 2020, due to the pandemic. Growth in office vacancies and falling demand for existing buildings coupled with a drop in corporate profit contributed to this decline. Post pandemic, the real estate industry has been experiencing small growth, about .7 percent annually from 2020 through 2024. Employment in the years to come may be offset, however, by the growth of remote and hybrid work coupled with the continuing rise of vacancy rates at offices. Overall, average growth is expected for the U.S. commercial real estate industry through 2030. Project managers will be in demand for real estate development projects. This type of work might involve such tasks as site research, reviewing consultant proposals, coordinating and managing team members, and working closely with other project managers, real estate development directors, departments, and funding agencies. Projects might be small scale, such as remodeling a home, or large scale, such as constructing housing developments.

The Department of Labor does not provide data that specifically pertains to project management in real estate development, but it does project the outlook for the construction management field, which is closely tied to real estate. The DOL predicts 9 percent job growth, much faster than average, for construction managers through 2033. Job opportunities will arise from the overall population growth and the need for new residences, schools, hospitals, and other structures to be constructed. The national infrastructure will also need portions to be improved. Construction projects to upgrade or replace bridges, roads, and sewer pipe systems will offer jobs for construction managers and project managers. The DOL also notes that as construction processes and building technology are becoming increasingly complex, there will be greater demand for specialized management personnel to oversee and manage the projects.