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As usual, the South Atlantic Region is one of the electrical market’s leaders in many different growth metrics. Florida, South Carolina and Virginia were all running at +5% growth in estimated sales potential – more than double the national average of +2%, and metros like Miami, Naples and Port Lucie, FL; Charleston, SC; Virginia Beach and Richmond, VA, were growing even faster than that. As you can see in the Market Planning Guide data for population growth, most of Florida’s major markets, including Tampa, Orlando, Jacksonsville and Miami and several markets in the Carolinas, including Raleigh, NC, and Charleston, SC, are attracting more new residents than almost anywhere else in the United States. The Tampa-St. Petersburg-Clearwater, FL, MSA and Orlando-Kissimmee-Sanford, FL, MSA are attracting an estimated 150 and 128 new residents per day, and the Atlanta-Sandy Springs-Roswell, GA, MSA isn’t far behind at 116 new residents per day.
The region is also attracting a tremendous number of mega-projects, from the $10-billion Dominion Energy offshore wind project underway off the Virginia coast and the $3 billion Veridia mixed-development zoned for 8,000 residential units and 12 million sq ft of commercial and industrial space in Apex, MC, to a multi-billion dollar Nucor steel mill in West Virginia and the $2.5-billion Hyundai SK electric-vehicle plant in Georgia. Electrical Wholesaling’s editors logged 20 projects with a total construction value topping $1 billion in the South Atlantic Region, including data centers, airport expansion and large live-work-play developments.
