Today I voted in the 2024 election and as I waited in line, I started thinking about the effect the election will have on the construction industry. I have already noticed a decline in projects coming out to bid which is not uncommon at this point in a presidential election year cycle. Many of my clients have reported seeing less projects to bid on as well.
The American Institute of Architects (AIA) reports seeing a decline also, “Construction spending, while continuing to increase, has seen the pace of growth slow so far this year, and this slowdown is expected to continue into 2025”.
One thing is for certain, there will be a new president with new policies so that means changes to the economy. Electrical contractors need to be cautious and extra steps should be taken to protect forecasted profits and mitigate risk on jobs either already under contract with a construction schedule into 2025 and jobs they are bidding between now and inauguration day. Here at DBP Electrical Consulting we take analyzing risk very seriously and our clients have benefitted from using us as their preferred Electrical Estimating Service.
