Industry Insight Report: Electrical Contractors Q3-2024
Industry Insight Report: Electrical Contractors Q3-2024
Single-Family Home Sales Rise New single-family home sales rose 10.6% month-over-month and were up 5.9% year-over-year in July 2024, according to the US Department of Commerce. July’s rise in home sales marked the biggest gain in more than a year as interest rates moved lower. For the week ending September 5, the average fixed-rate 30-year mortgage rate was 6.35%, down from 7.12% a year earlier. Housing industry observers expect mortgage rates to continue trending downward amid anticipated interest rate cuts by the Federal Reserve, according to Reuters. However, high home prices remain an obstacle for many would-be buyers. The median new home sales price in July 2024 was $429,800, up 3.1% from June but down 1.4 compared to July 2023.
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Industry Forecast
Sales for the US electrical contractors industry are forecast to grow at a 5.6% 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 4.0% in July 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 $37.68 per hour in July, a 2.9% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Electrical Contractors Q3-2024
Single-Family Home Sales Rise
New single-family home sales rose 10.6% month-over-month and were up 5.9% year-over-year in July 2024, according to the US Department of Commerce. July’s rise in home sales marked the biggest gain in more than a year as interest rates moved lower. For the week ending September 5, the average fixed-rate 30-year mortgage rate was 6.35%, down from 7.12% a year earlier. Housing industry observers expect mortgage rates to continue trending downward amid anticipated interest rate cuts by the Federal Reserve, according to Reuters. However, high home prices remain an obstacle for many would-be buyers. The median new home sales price in July 2024 was $429,800, up 3.1% from June but down 1.4 compared to July 2023.
News Spotlight:
Code compliance not enough to protect builders from lawsuits amid climate change
Smart Cities Dive: Full Article »
Industry Forecast
Sales for the US electrical contractors industry are forecast to grow at a 5.6% 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 4.0% in July 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 $37.68 per hour in July, a 2.9% change compared to a year ago.
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