Surveying and Mapping Services
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 7,000 surveying and mapping service providers collect data to determine property boundaries and create maps of the Earth’s surface, including the sea floor. The processes of surveying and mapping involve measurement, documentation, and representation of the Earth’s features. Surveying is used for land planning and development, construction, infrastructure planning, real estate transactions, environmental management, navigation, and geographical analysis. Determining the boundaries, elevation, and topography of an area is critical in construction work.
Dependence on Construction and Real Estate Industries and Economic Conditions
Demand for surveying and mapping services is driven primarily by the construction and real estate industries, which are cyclical and affected by changes in economic conditions.
Drones and UAVs
The use of aerial drones and uncrewed or unmanned aerial vehicles (UAV) is growing as surveyors look for ways to cut costs and operate more efficiently.
Industry size & Structure
The average surveying and mapping company operates out of a single location, employs about seven workers, and generates about $1 million annually.
- The surveying and mapping industry consists of over 7,000 firms that employ over 53,000 workers and generate over $7 billion annually.
- The industry is fragmented with the top 50 companies accounting for about 33% of industry revenue.
- Firms that generate less than $1 million account for over 70% of the industry. Firms that generate $5 million or more account for more than 45% of the industry revenue.
- Surveying and mapping firms are primarily local businesses; most companies are small, independent operators that serve a limited geographical market. Larger firms have a regional or multi-state presence. Major engineering and construction companies, like Dewberry and Stantec, provide surveying and mapping as part of their comprehensive services.
- Independent surveying firms may consist of a single licensed land surveyor and an assistant. Mid-size firms employ teams of five to 50 workers overseen by one to two licensed surveyors and may offer related professional services. The largest firms manage 50 to 1,000 employees and work in multiple states.
Industry Forecast
Surveying and Mapping Services Industry Growth
Recent Developments
Nov 15, 2024 - Construction Backlog Indicator Drops
- The Associated Builders and Contractors (ABC) Construction Backlog Indicator fell 0.2 months to 8.4 months in October compared to September. Backlogs were flat compared to October 2023. The infrastructure segment backlog increased by 1 month to 8.9 months compared to September. The heavy industrial backlog fell by 0.8 months, and the commercial and institutional backlog dropped by 0.4 months. The ABC’s Construction Confidence Index for sales rose to 59 in October from 58.1 in November. A Confidence Index sales reading of 50 or more indicates most contractors are optimistic about sales. ABC Chief Economist Anirban Basu said that while the backlog fell in October, it remained healthy and has been stable throughout the year. October’s survey results showed that 53% of ABC members expect their sales to rise over the next six months, while only 22% expect sales to decline.
- Multifamily developers’ confidence was mixed in the third quarter of 2024, according to the National Association of Home Builders (NAHB) latest Multifamily Market Survey. The Multifamily Production Index (MPI) rose two points in Q3 2024 to 40 compared to the third quarter of 2023. The Multifamily Occupancy Index decreased by seven points to 75 over the same period. An MPI or MOI reading of 50 or more indicates that multifamily production or occupancy, respectively, is growing. Multifamily developers’ headwinds include a tight lending environment, higher borrowing costs, regulations, and land availability. The NAHB forecasts that multifamily construction activity will remain weak for about another year amid a significant volume of projects under construction. Multifamily construction is expected to return to more robust growth near the end of 2025.
- In October, the Department of Transportation (DOT) announced $4.2 billion in grants for infrastructure projects, the latest awards funded through the Infrastructure Investment and Jobs Act. The grants will fund a total of 44 projects. The National Infrastructure Project Assistance (Mega) program is providing $1.7 billion in funding for 11 projects, and the Infrastructure for Rebuilding America (INFRA) will provide $2.5 billion for 33 projects. The DOT grants will fund highway, bridge, port, and other infrastructure projects in several states, and projects in three states (Arizona, Massachusetts, and Rhode Island) received grants from Mega and INFRA.
- The Dodge Momentum Index (DMI) decreased by 5.3% in October 2024 to 197.2 (2000=100), down from the revised September reading of 208.2. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which has been shown to lead construction spending for nonresidential buildings by a full year. On a monthly basis, the institutional planning component fell by 2% in October, and commercial planning declined by 6.7%. Dodge’s associate director of forecasting, Sarah Martin, said, “In addition to data center planning normalizing, a moderate pullback in the number of planning projects for several other nonresidential sectors also contributed to the decline in the Dodge Momentum Index for October. Regardless, owners and developers remain confident in next year’s market conditions, and the planning queue remains poised to spur stronger construction activity in 2025, following deeper rate cuts by the Fed.”
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