Key economic conditions are mixed
Some economic conditions in the project management community are showing signs of long term improvement while others are lagging as revealed by results from our most recent global economic study, completed in September 2014.
A key indicator of economic progress is the number of cancelled or delayed projects. There has been little change in this metric from the beginning of the year but significant improvement when compared to the same time last year (35% vs. 46%).
Another key indicator of economic progress is the hiring of project managers. This has steadily increased since the end of 2013 and is at the highest level (51%) since PMI began tracking this in 2009.
Also showing signs of improvement are the number of cancelled or delayed professional development activities.
The following trending information has been collected from the quarterly PMI economic snapshot research. The most recent results below are from Q3 2014.
While employment status has remained unchanged compared to the same time last year (91%) it is not up to the high of 94% it was at the beginning of the year. At the same time, there has also been a slight increase in the number of laid-off project managers since the beginning of the year.
Fewer projects as well as professional development activities were restarted compared with the end of 2013. This, however, is impacted by the declining numbers of cancelled project and professional development activities. High performing organizations are more likely than low performing organizations to offer project management training and they enjoy more successful projects as a result. (Source: PMI 2014 Pulse of the Profession®)
Government stimulus funds for projects are slowing down. There has been little change when compared to the previous quarter however, compared to the same time last year, the decrease is significant (20% vs. 12%)