Key economic conditions are improving
Economic conditions in the project management community are showing short and long term improvement as revealed by results from our most recent global economic study, completed in March 2014.
Early 2014 saw significantly fewer cancelled or delayed projects than the previous quarter. This measurement is now at the lowest level it has been in two years.
The number of professional development activities that were cancelled or delayed in Q1 has also decreased compared to the previous quarter and is nearly back to the lowest level, which occurred in Q1 2012. However, organizations that cancel or delay fewer projects and professional development activities may hesitate to restart them. More projects are being restarted in Q1 2014 than in late 2012 but this indicator has not improved much since last quarter.
Significantly fewer professional development activities were restarted in Q1 compared to Q4 2013. Project manager training is the talent management practice that is most prevalent among organizations that are high performers in project management. (Source: PMI 2014 Pulse of the Profession®)
Hiring has remained stable for the past two quarters. While fewer project managers were laid-off in Q1 2014, there has been an increase in overall employment during that same timeframe.
Government stimulus funds for projects are slowing down. There was a steady increase in government support from the end of 2012 through the third quarter of 2013. Since then, the percent of projects receiving government funding has remained stable — 16 percent in both Q4 2013 and Q1 2014.