China and India are turning out 1000's of engineers every year. Indian engineers work for about 1/2 the price of UK engineers and 1/3 the price of the best sub-con consultancies. Mind you many of the analysis jobs that get put out there have to be done 3x before they get it right but overall it's cheaper.
Polish engineers are cheaper than US and UK and high quality.
In UK many with the STEM skills that are required for engineering go into finance and earn 2.5-5x what engineers earn.