But Timothy R. Sznewajs, the firm's sector investments managing director, believes the energy price reduction "should not have a negative impact on the current expansion taking place in the residential and non-residential engineering & construction markets. Fundamentals of market demand remain strong, and the U.S. non-residential construction market should still post a healthy growth rate in 2015."

He says that "energy market slowdowns may perhaps lead to less competition for craft labor," and also points out that industry firms will still consider growth through acquisition, since many "continue to have strong cash balances, corporate borrowing costs remain low, and stock market valuations—even taking into account recent corrections—remain healthy." 

According to Sznewajs, "companies focused on diversification and growth by acquisition should not be fazed by the near-term market dislocations."

He also notes the incentive of low gasoline prices through the year for Congress to pass federal gas tax increases to pump up the transportation construction trust fund.

Michael Dudas, analyst at Sterne Agee, on Dec. 29 noted a boost in petrochemical projects spurred by lower feedstock prices, while others see similar gains in manufacturing and consumer-related construction investment from reduced costs. Environmental Defense Fund analysts Victor A. Rojas and Paul Stinson on Jan. 5 said demand for alternative energy would remain, even as "stocks for some of the more trusted, clean-energy investments are being dragged down by dipping oil prices."

Firms are banking on diversified markets as a cushion. PCL Construction COO Ian Johnston predicts the oil-price trend will not affect the firm in 2015, with long-term oil projects continuing and other sector work benefitting. "We recognize that, should the price of oil stay low for a long period–one year or more—we may begin to see a greater negative impact on our business results," he says.

Amec Foster Wheeler, a firm just created from the link of two energy sector specialists UK-based AMEC and US firm Foster Wheeler, "has been in business for over 150 years and our customer service model has been built to operate through such fluctuations; additionally, we work in a diverse range of markets," says a spokeswoman.

"The better diversified, multidisciplined firms will adapt and try to cut their losses vs. the more pure oil and gas plays, which are going to have to learn how to survive and cut during this down cycle period," says Gido.