The Great Recession blew a hole in the floor of the electrical wholesale industry. Why are we still talking about that when it was more than four years ago? Because we are still paying a heavy price and the effects are still with us today. In the past four years since the financial crisis, the overall economic environment has not provided the business sector with the confidence to take calculated investment risks and that in large measure explains the slow pace of recovery.
Riding the Rebound: Herm Isenstein's 2014 electrical industry outlook
Had we recovered at the same rate as the previous recovery our industry revenues this year would be about 20% higher than our projected 2013 revenues. In 2014 we are looking for total industry sales to increase 7.5%. Activity in the residential market will be responsible for over 60% of that growth. Activity in the business equipment investment sector will be responsible for over 30% of industry growth in 2014 and activity in the nonresidential market will be responsible for nearly 8% of next year's industry growth.