Optimism Rises in Commercial Contractor Field

A report from the United States Chamber of Commerce revealed that commercial contractors are becoming more optimistic about the future. The report noted that contractor optimism is being driven primarily by a rise in revenue expectations and better outlooks on hiring and equipment spending plans.

During the first quarter of 2021, 36 percent of contractors reported they anticipated their revenue to increase over the rest of the year, rising 25 percent from the last quarter of 2020.

A moderate to high level of confidence was reported by 86 percent of contractors regarding the United States market’s ability to provide new business in 2021. In the fourth quarter of 2020, 19 percent of respondents said their confidence level was high; in 2021, almost a quarter (24 percent) reported the same.

The report stated, “The score of revenue expectations, one of the index’s three leading indicators, jumped five points to 57, while contractors’ confidence in new business opportunities rose two points to 59.”

In the upcoming six months, 46 percent of contractors said they would employ more people, making hiring plans gain traction, up from 37 percent in the fourth quarter of 2020. Only three percent of contractors expect to diminish staffing, down from 12 percent in the fourth quarter of 2020; 46 percent expect to keep the same amount of personnel.

Neil Bradley, executive vice president, chief policy officer, and head of strategic advocacy for the United States Chamber of Commerce, said, “The industry still has a way to go to return to pre-pandemic levels, but rising optimism in the commercial construction industry is a positive sign for the broader economy.”

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J&P Electrical is a full-service electrical equipment company. At J&P, we supply contractors, end-users, and supply houses with new surplus, quality reconditioned, and obsolete electrical equipment. We also purchase a wide range of electrical equipment such as bus plugs, ducts, panel switches, substations, and transformers. Call us at 877-844-5514 or visit us at https://www.jpelectricalcompany.com.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.