2014-03-31 16:41:01 - Electricians in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
The United States Electricians market, one of the largest subcontracting industries in the United States, has stumbled during the past five years due to massive contractions across its downstream construction markets. Firms generate a large portion of revenue from electrical system installations in new residential and nonresidential structures, as well as from repair, retrofit and maintenance work. As the general level of economic activity slowed during the recession, developers, home builders and business owners canceled or postponed construction projects that required electrical installation. As a result, demand for electrical contractors waned in the five years to 2013. At the height of the recession in 2009, revenue plummeted 20.0%, representing the industry´s steepest revenue decline during the five-year period. Throughout this
period, revenue is expected to decline at an annualized rate of 1.8% to reach $123.6 billion in 2013.
As a result of weakened demand from the downstream construction markets, the number of industry firms, establishments and jobs has been volatile during the past five years. Because economic pressures reduced the pool of available work for electricians, intensified competition forced firms to lower prices, and many companies were unable to compete. Nonemploying firms without the luxury of reducing wages or closing branches struggled to stay in business.
But as construction markets stabilized in 2011 and began growing earnestly in 2012, operators returned to the industry.
As such, the number of industry enterprises is expected to rise at an annualized rate of 1.2% during the five years to 2013.
Construction markets showed strong signs of life in 2012 when the value of residential construction posted growth of 12.3%. In turn, industry revenue is expected to reflect downstream demand growth with an increase of 6.7% in 2013. In the five years to 2018, industry revenue is forecast to continue rising at an annualized rate of 5.3% to $160.0 billion, fully recouping its recessionary losses. In addition to new construction, the industry is also expected to benefit from an increase in renovation and retrofitting activity, particularly for green upgrades such as energy efficiency projects.
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