Economic Downturns and Market Volatility: Stantec's project pipeline and revenue are highly susceptible to fluctuations in public and private sector spending on infrastructure and development, which can be impacted by economic recessions or market instability.

Intense Competition and Pricing Pressures: The consulting, engineering, and design industry is highly competitive, leading to potential pricing pressure, reduced profit margins, and challenges in securing new projects against numerous well-established rivals.

Talent Acquisition and Retention Challenges: The ability to attract, develop, and retain highly skilled engineers, architects, project managers, and technical specialists is crucial for project delivery and growth, with a shortage of qualified personnel potentially hindering operational capacity.