Electrical contractors generated record levels of revenue in 2023, according to data from one of the top industry publications.
The 2024 EC&M Top 50 Electrical Contractors – a ranking based on reported annual revenue – logged a record $51.737 billion in revenue in 2023, up nearly 18% from the $43.888 billion reported in 2022 by the 2023 EC&M Top 50.
According to EC&M, this is the sharpest year-over-year revenue increase on record for the cohort aside from the pandemic rebound in 2021.
“Recovery from the pandemic in the form of project resumption might have padded the revenue figure, but a strong-economy-fueled construction market was a clear contributor,” writes EC&M’s Tom Zind. “Despite ongoing construction labor challenges, stubborn inflation, elevated interest rates, supply chain glitches, and ample underlying worries about what lay around the bend, 2023 was a year of continued building in a resilient and seemingly robust U.S. economy.”
Each of the top 12 contractors on EC&M’s list generated over a million dollars in sales in 2023. The top 3 contractors were unchanged from the prior year’s rankings, with Houston, Texas-based Quanta Services retaining the top spot and generating $11,800,000,000 in revenue in 2023 – over $8,000,000,000 more than next closest contractor.
Norwalk, Connecticut’s Emcor made the largest leap of any electrical contractors on the list – they went from outside the Top 50 in the 2023 list to fourth in 2024 with $2,783,723,000 in revenue in 2023.
According to EC&M, nearly 87% of electrical firms rated the overall business climate in 2023 as “strong,” up 13 percentage points from last year. These firms cited a range of reasons for their optimism, including a solid enough underlying construction demand, continued evidence of electrical’s expanding profile in projects, and the steady emergence of broad “electrification” of the economy as an overarching trend.
“The construction industry, including electrical contracting, is in a relatively good place right now,” says Chuck Goodrich, CEO of Gaylor Electric (No. 25), Indianapolis. “We’ve seen the essential nature of this industry over the past several years, and the business climate looks promising, especially within the manufacturing and data markets. As we progress through 2024, we are seeing exceptional growth and potential.”
Greg Padalecki, CEO of San Antonio, Texas-based Alterman, Inc. (No. 32 on the list), told the publication that his company may be more selective in the year ahead with cost pressures rising in a demand-driven market.
“It’s a good time for the industry,” he said. “It’s now a lot about understanding when to say no. We’re regularly approached by customers that want to give us projects, but we have to look at resources available and make a responsible decision. We don’t want to overextend ourselves when it’s a constant challenge to maintain margins.”
According to EC&M’s data, contractors continue to view data centers, manufacturing, and health care as the hottest markets and private office, retail, and hospitality the slowest.
Jeff Thiede, president and CEO of Everus Construction Group (No. 5), says that data center work looks unstoppable and established utility clients are poised for a capital spending boom as artificial intelligence (AI), cloud storage, renewables, and electrification demands grow.
“These clients expect us to be a solutions provider, be proactive and a true partner, and we have highly skilled people ready to deliver,” he said.
GPRS supports the work of electrical contractors of all sizes through our comprehensive suite of subsurface damage prevention, existing conditions documentation, and construction & facilities project management services.
Utilizing state-of-the-art technology like ground penetrating radar (GPR), electromagnetic (EM) locating, and 3D laser scanning, we provide you with the accurate and complete, above & belowground infrastructure data you need to keep your projects on track. And all this data is at your fingertips 24/7 thanks to SiteMap® (patent pending), our project & facility management application that provides accurate existing conditions documentation to protect your assets and people.
GPRS Intelligently Visualizes The Built World® to keep your projects on time, on budget, and safe.
What can we help you visualize?
Frequently Asked Questions
Can GPRS locate PVC piping and other non-conductive utilities?
Yes! Using ground penetrating radar (GPR) scanning, we can locate all types of subsurface materials. And during those times when PVC piping does not provide an adequate signal for GPR scanning to properly locate, we can use alternative technologies such as electromagnetic (EM) locating to find the utility.
Can GPR be used to verify known measurements?
We can use GPR to cross-check the measured depth and location of a located utility with existing as-built plans to verify the accuracy of plans.
Can GPR determine the difference between rebar and electrical conduit?
Ground penetrating radar can accurately differentiate between rebar and electrical conduit in most cases. We have an extremely high success rate in identifying electrical lines in supported slabs or slabs-on-grade before saw cutting or core drilling.
Additionally, GPRS can use EM locators to determine the location of conduits in the concrete. If we can transmit a signal onto the metal conduit, we can locate it with pinpoint accuracy. We can also find the conduit passively if a live electrical current runs through it.
The combined use of GPR and EM induction allows us to provide one of the most comprehensive and accurate conduits locating services available.
What deliverables can GPRS provide when conducting 3D laser scanning?
We can provide 3D modeling in many formats such as:
- Point Cloud Data (Raw Data)
- 2D CAD Drawings
- 3D Non-Intelligent Models
- 3D BIM Models
- JetStream Viewer
Customizable deliverables upon request include:
- Aerial Photogrammetry
- Comparative Analysis
- Deformation Analysis
- Digital Drawings of GPR Markings
- Floor Flatness Analysis/Contour Mapping
- New Construction Accuracy Analysis/Comparative Analysis
- Point Cloud Modeling Training Webinars
- Reconciliation of Clients 2D Design Drawings
- Reconciliation of Clients 3D Design Model
- Structural Steel Shape Probability Analysis
- Template Modeling
- Volume Calculations
- Wall Plumb Analysis
