Industry Insight Report: Electrical Contractors Q1-2024
Industry Insight Report: Electrical Contractors Q1-2024
Wage Growth Outpaces Pricing Growth Wages in the electrical contracting industry rose moderately year-over-year in Q4, according to the Bureau of Labor Statistics (BLS). Meanwhile, BLS data show that producer prices for nonresidential electrical contractors have been falling since the beginning of 2023, but in Q4, they were up slightly year-over-year. As wage growth rises and producer prices remain mostly flat, electrical contractor margins could be squeezed. In Q4 2023, employment in the electrical contracting industry rose modestly compared to the same period in 2022, according to the BLS.
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Industry Forecast
Sales for the US electrical contractors industry are forecast to grow at a 5.68% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by electrical contractors increases Overall employment by electrical contractors changed 3.7% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at electrical contractors rise Average wages for nonsupervisory employees at electrical contractors were $35.07 per hour in December, a 7.8% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Electrical Contractors Q1-2024
Wage Growth Outpaces Pricing Growth
Wages in the electrical contracting industry rose moderately year-over-year in Q4, according to the Bureau of Labor Statistics (BLS). Meanwhile, BLS data show that producer prices for nonresidential electrical contractors have been falling since the beginning of 2023, but in Q4, they were up slightly year-over-year. As wage growth rises and producer prices remain mostly flat, electrical contractor margins could be squeezed. In Q4 2023, employment in the electrical contracting industry rose modestly compared to the same period in 2022, according to the BLS.
News Spotlight:
Construction Unions Face Fork In The Road: Shrink Or Seize The Moment
Bisnow: Full Article »
Industry Forecast
Sales for the US electrical contractors industry are forecast to grow at a 5.68% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by electrical contractors increases
Overall employment by electrical contractors changed 3.7% in December compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at electrical contractors rise
Average wages for nonsupervisory employees at electrical contractors were $35.07 per hour in December, a 7.8% change compared to a year ago.
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