From what I see here in Detroit, degreed engineers mostly just process paper work. The actual designs are done more by the CAD jockeys who have hands on experience in the particular product. Things in this field aren't pretty now with most of the work being outsourced to India.
Things may be more locally oriented in Civil Engineering. From what I see from my own small point of view in Quality Engineering is to look at professional certifications. Companies have so many resumes to pick through now, and they don't really know how to assess talent, that they rely on how many professional certifications you have.