Key Highlights
- Electrical sales in 2025 are estimated at nearly $2.4 billion, indicating strong growth in the electrical contracting sector.
- Miami's construction projects include a $600-million airport expansion and the $6-billion Miami World Center development.
- The region has seen a population increase of over 324,000 residents from 2020 to 2024, with more than 300 new residents arriving daily
Miami-Fort Lauderdale-West Palm Beach, FL, MSA
Miami had five multi-family projects topping $200 million in total contract value, as well as a $600-million airport project. The $6-billion, 27-acre Miami World Center recently topped of a 32-story condo tower at 600 Miami World Center. Also underway are the $300-million Royal Caribbean Headquarters expected to be completed next year; a large port construction project; and the $250-million Irma & Norman Braman Comprehensive Cancer Center at Mount Sinai. The metro also has eye-popping numbers of new residents moving into the area — 324,486 from 2020-2024 and an estimated 307 new folks coming into town every day.
SALES ESTIMATES
2025 Total Electrical Sales Estimate: $2,395.8 million
Electrical Contractor $ Potential Estimate: $1,644.7 million
Industrial $ Sales Potential Estimate: $272 million
BUILDING PERMITS
Single-Family: 3,317 permits
Multi-Family: 10,240 permits
POPULATION GROWTH
Population Estimate 2024: 6,457,988
# Change 2023-2024: 123,471
# Change 2020-2024: 324,486
New Residents per Day: 306.6
Electrical Wholesaling's Top 10 Local Markets to Watch gives you a taste of the mountain of electrical market sales estimates and other local market data available at Electrical Marketing newsletter for just $99 per year. This data includes:
- Local market sales estimates, building permits and population data for more than 300 other Metropolitan Statistical areas
- The Electrical Price Index (EPI) - A monthly compilation of pricing trends for more than 20 key electrical product groups
- Annual product sales estimates from 16 key electrical products
Sources of market data: Local market data collected by Metropolitan Statistical Area (MSA) and county. Sales estimates developed with sales-per-employee multipliers from Electrical Wholesaling’s Market Planning Guide ($78,775 per electrical contractor employee and $2,650 per industrial employee) and employment data from the U.S. Bureau of Labor Statistics. Building permit and population data downloaded from U.S. Census Bureau website.
About the Author
Jim Lucy
Editor-in-Chief
Over the past 40-plus years, hundreds of Jim’s articles have been published in Electrical Wholesaling and Electrical Marketing newsletter on topics such as the impact of new competitors on the electrical market’s channels of distribution, energy-efficient lighting and renewables, and local market economics. In addition to his published work, Jim regularly gives presentations on these topics to C-suite executives, industry groups and investment analysts.
He recently launched a new subscription-based data product for Electrical Marketing that offers electrical sales potential estimates and related market data for more than 300 metropolitan areas, and in 1999 he published his first book, “The Electrical Marketer’s Survival Guide” for electrical industry executives looking for an overview of key market trends.
While managing Electrical Wholesaling’s editorial operations, Jim and the publication’s staff won several Jesse H. Neal awards for editorial excellence, the highest honor in the business press, and numerous national and regional awards from the American Society of Business Press Editors. He has a master’s degree in Communications and a bachelor’s degree in Journalism from Glassboro State College, Glassboro, N.J. (now Rowan University).