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| There is a bright future ahead, with businesses expecting increases in the number of projects and associated budgets.
Our survey shows that the outlook of the project profession is optimistic. Over 50% of businesses surveyed anticipate an increase in the number of projects they undertake over the next three years, a significant increase in optimism compared to the outlook in 2019.
Creative media and fixed capital projects are predicted to become important drivers of this increase, with six in 10 of organisations involved in these areas expecting an increase in project-based activity.
There is also optimism in budget expectations; nearly half of businesses in 2023 predict increased project budgets, a rise from a third of businesses in 2019. This growth is mainly attributed to a wider recognition of project management value.
66% of businesses believe that increasing the appreciation of the impact of project management, as well as an increase in the number of larger and more challenging projects, will drive further growth in the profession over the next 5-7 years.
Additionally, the growth of the ‘green economy’ in the UK is also predicted to be important, with 63% citing it as a positive enabler of growth.
However, the UK’s economic and political landscape does present a great deal of uncertainty for businesses and projects. Our survey revealed that 6 out of 10 businesses consider political uncertainty as a barrier to growth in project-based activity.
| Project management’s evolving public image: from backroom to boardroom.
The project profession has taken great strides in recent years to improve its public profile, and research by PwC* shows that the profession is now more likely to be associated with terms such as problem solvers, leaders and motivators.
There is an opportunity for organisations to build on these perceptions and highlight the dynamic and influential aspects of project professionals, emphasising what the profession has to offer in terms of strategic thinking, creativity, adaptability and leadership.
*PwC, 2021, Who is the Modern Project Manager
