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2024 U.S. Industry Statistics & Market Forecast - Electrical Contractors and Other Wiring Installation Contractors
Market Size & Industry Statistics
The total U.S. industry market size for Electrical Contractors and Other Wiring Installation Contractors:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Electrical Contractors and Other Wiring Installation Contractors industry include:- Increasing demand for energy-efficient electrical systems
- Rising adoption of smart homes and intelligent building automation
- Shift towards renewable energy integration
- Growing importance of safety and compliance standards
- Expansion in the electric vehicle (EV) charging infrastructure
- Advancements in technology and IoT connectivity
- Labor shortages and skill gaps
- Impact of economic cycles on construction activity
- Regulatory changes and environmental guidelines
- Aging infrastructure and need for upgrades
- Growing emphasis on cybersecurity in building systems
- Increased focus on sustainable and green building practices
- Proliferation of wireless technology and reduction of wired installations
U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
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|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Electrical Contractors and Other Wiring Installation Contractors company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Electrical Contractors and Other Wiring Installation Contractors industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Electrical Contractors and Other Wiring Installation Contractors measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 5% | Order at top of page |
||
| Chief Executives | 0% | |||
| General and Operations Managers | 3% | |||
| Business and Financial Operations Occupations | 5% | |||
| Office and Administrative Support Occupations | 8% | |||
| Construction and Extraction Occupations | 66% | |||
| Supervisors of Construction and Extraction Workers | 6% | |||
| First-Line Supervisors of Construction Trades and Extraction Workers | 6% | |||
| First-Line Supervisors of Construction Trades and Extraction Workers | 6% | |||
| Construction Trades Workers | 53% | |||
| Electricians | 49% | |||
| Electricians | 49% | |||
| Helpers, Construction Trades | 6% | |||
| Helpers, Construction Trades | 6% | |||
| Helpers--Electricians | 6% | |||
| Installation, Maintenance, and Repair Occupations | 9% | |||
Electrical Contractors and Other Wiring Installation Contractors Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Electrical Contractors and Other Wiring Installation Contractors industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Electrical Contractors and Other Wiring Installation Contractors industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Electrical Contractors and Other Wiring Installation Contractors industry. |
Source:
Innovation News
- Jun 06, 2024: Lumafield patents Inference Of Bright Flat-field Correction Based On Scan Radiographs
- Apr 18, 2024: Ayro patents Electric Vehicle Control Systems, Apparatus, And Methods
- Apr 11, 2024: Rosendin Electric patents Battery Energy Storage Supplemental Power
- Jan 25, 2024: Faith Technologies trademarks "PATH TO SMARTER ENERGY" - Consulting services regarding managing power usage in the nature of energy usage management and energy efficiency; consulting, engineering and design of renewable energy systems; engineering and design services for power management and power storage systems
- Jan 18, 2024: Hiller Companies trademarks "HILLER HAVEN GREEN" - Chemical preparations for use in industry; Chemicals for use in industry; Chemicals for use in industry and science; Fire extinguishing and fire prevention compositions; Fire extinguishing compositions; Fire extinguishing preparations; Fire retardant chemicals; Firefighting foam; Foaming agents; Wetting agents
- Jan 16, 2024: Vine Electric trademarks "VINE ELECTRIC" - Electrical repairs, maintenance, and installation of electrical wiring, outlets, light fixtures, and electrical panels
- Mar 06, 2023: Gridium raises $4 million in funding.
- Mar 06, 2023: Gridium raises $2 million in funding.
- Nov 28, 2022: Broadway Electric raises $3 million in funding.
Recent Federal Contracts for Electrical Contractors and Other Wiring Installation Contractors
- Apr 02, 2024: WHD, LLC (Andover, OH) awarded $169,088
- Apr 02, 2024: WHITE CLOUD COMMUNICATIONS, INC. (Twin Falls, ID) awarded $8,217
- Apr 02, 2024: VSGI SOLUTIONZ, LLC (Mc Lean, VA) awarded $611,768
- Apr 02, 2024: WELLS GLOBAL, LLC (Raleigh, NC) awarded $54,672
- Apr 02, 2024: ALABAMA CONTROLS, INC. (Hoover, AL) awarded $78,932
- Apr 02, 2024: CHICKASAW STRATEGIC POINTE, LLC (Norman, OK) awarded $368,080
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