When I was in college decades ago, engineering degrees were still really valuable, but there was also awareness that engineering was not immune to economic cycl

When I was in college decades ago, engineering degrees were still really valuable, but there was also awareness that engineering was not immune to economic cycles - in fact, it was recognized that engineering had a "boom and bust" cycle. That doesn't seem to have been the case in a number of years, but I am wondering if it still might happen.