IMPORTANT NEW STATISTICS

Electrical Contractor Magazine continually surveys it's 86,000+ subscribers. Here are some of their recent findings:

 

Subscribers were asked about their expectations and plans for the second half of 2021 in contrast to the first half. Key findings include:

• 60% are substantially or somewhat optimistic about business growth in the second half of 2021.
• 11% indicated some decline in business. Only 1% indicated substantial decline.
• 21% indicated no change in business from the first half of 2021.

What types of construction projects do you expect during the second half of 2021?

• 59% Commercial Construction
• 43% Residential Construction
• 29% Industrial / Utility
• 18% Institutional Construction

81% of survey respondents said they have been able to find new customers, prospects, and projects over the past 14 months through one or more of the following channels:

• Service work (repair, maintenance, and upgrades)
• Good relationships with general contractors
• Networking with existing customers, local businesses, manufacturer reps, and distributors
• Invitations to bid a project
• Proposing regular maintenance contracts for existing customers
• Marketing efforts
• Word of mouth referrals

Given current global material supply challenges, how willing are you to use an alternative material, provided it meets all applicable standards?

• 35% Extremely or very willing
• 47% Somewhat willing
• 12% Not very or not at all willing
• 3% Not sure

Observationally, survey respondents are planning three major steps to improving revenue:

1. Improving project and asset management
2. Workforce development and training
3. Expanding in new segments or technologies