The 2024 Electrical Contractor Industry Report, published by NECA and developed by Renaissance Research and Consulting, presents significant industry growth and evolving trends. The comprehensive analysis, spanning over 100 pages with a 14-page summary, captures a current snapshot of the industry including firm sizes, revenue, demographic shifts, and project types. Key insights include:
Firm and Revenue Growth: There’s a notable increase in the number of larger firms (10+ employees) and a corresponding rise in revenue, particularly among firms earning over $2.5 million. NECA-affiliated firms especially have seen growth, with more reaching revenues beyond $10 million.
Demographic Changes: While 56% of firms have maintained their workforce size, 28% report hiring more employees. Younger electrical contractors are becoming more prevalent in larger firms.
Revenue and Project Trends: Revenue from commercial, industrial, and institutional projects is on the rise, reflecting economic strength. There is also increased involvement in cutting-edge areas like electric vehicle charging and smart home technology.
Purchasing Shifts and Brand Influence: There’s a shift towards online purchasing over traditional electrical distributors. Contractors continue to play a significant role in brand and project specification decisions, influenced primarily by availability and price.
The full report and its summary are accessible through ELECTRICAL CONTRACTOR Magazine’s July and August editions and online at ecmag.com.
J&P Electrical is a full-service electrical supply company. At J&P, we source contractors, end-users, and supply houses with new surplus, quality reconditioned, and obsolete electrical equipment. We also purchase a wide range of heavy industrial electrical equipment such as bus plugs, bus duct, transformers, circuit breakers, fuses, and switchboards. Call us at 877-844-5514 for assistance.
Written by the digital marketing team at Creative Programs & Systems: www.cpsmi.com