At the start of every new business cycle, uncertainty is abundant. A month into the year—following a largely successful and booming 2022 for construction—we ask ourselves how long this prosperity will last. In this edition of our industry-leading magazine, we focus on workforce development while taking a look at market indicators, potential risk factors and workflow trends.
With the economy’s recent focus on inflation reduction and management of interest rates, one element of the electrical field has economists optimistic about our industry’s future: green energy. I know many of my friends and peers are working on projects focused on fulfilling the ever-growing push to net-zero emissions. Whether it be buildings, transportation or power grids, national economists predict this eco-friendly movement will keep the electrical construction workforce at a similar pace to 2022, if not give it a little boost.
As I strive to remain current with infrastructure news and trends, this movement toward sustained net-zero emissions is expected, by numerous economists, to keep our members and contractors occupied for decades to come. With recent developments at the legislative level in parts of the Inflation Reduction Act and other federal programs, a focus on construction will be crucial in increased energy efficiency.
It brings me great pride to know our NECA members are already informing customers of environmentally friendly options and working on solutions to make power sources for emerging technology more accessible. It is our responsibility to power North America and ensure we are supporting innovative growth. We hope this issue of our magazine is an insightful resource to help plan your company’s future.