|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:
- Improving project and asset management
- Workforce development and training
- Expanding in new segments or technologies