Industry Insight Report: Electrical Contractors Q4-2024
Industry Insight Report: Electrical Contractors Q4-2024
Housing Market May Not Rebound in 2025 The 2024 housing market is on track to be the slowest in nearly 30 years as high mortgage rates and home prices combined with extremely low housing inventories have kept homeowners locked in place and would-be homebuyers priced out of the market, according to The New York Times. The National Association of Realtors estimates that four million homes will be sold in 2024, marking the second straight year of historically weak activity and the slowest home sales since 1995. Market observers note that the housing crisis is a product of weak supply. Builders have struggled amid lingering pandemic-era problems, including high borrowing, labor, and materials costs. Freddie Mac estimates the housing shortage equals about 3.7 million homes. The outlook for 2025 remains uncertain as home prices and mortgage rates are expected to remain stubbornly high.
News Spotlight:
AGC survey reveals struggles in finding skilled labor just the tip of the iceberg Daily Commercial News: 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 3.2% in October 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 $38.43 per hour in October, a 4.2% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: Electrical Contractors Q4-2024
Housing Market May Not Rebound in 2025
The 2024 housing market is on track to be the slowest in nearly 30 years as high mortgage rates and home prices combined with extremely low housing inventories have kept homeowners locked in place and would-be homebuyers priced out of the market, according to The New York Times. The National Association of Realtors estimates that four million homes will be sold in 2024, marking the second straight year of historically weak activity and the slowest home sales since 1995. Market observers note that the housing crisis is a product of weak supply. Builders have struggled amid lingering pandemic-era problems, including high borrowing, labor, and materials costs. Freddie Mac estimates the housing shortage equals about 3.7 million homes. The outlook for 2025 remains uncertain as home prices and mortgage rates are expected to remain stubbornly high.
News Spotlight:
AGC survey reveals struggles in finding skilled labor just the tip of the iceberg
Daily Commercial News: 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 3.2% in October 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 $38.43 per hour in October, a 4.2% change compared to a year ago.
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