The ElectroIndustry Business Conditions Index fell sharply from December, reflecting a pullback in positive sentiment among electrical manufacturers. Future expectations also declined, with increased concerns over supply chain and economic risks.
March 11, 2026
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NEMA’s Current Conditions component declined to 55.6 points, down sharply from 72.2 points in December. Twenty-two percent of respondents experienced “better” conditions; 11% reported “worse”; and 67% saw conditions remain unchanged. Compared to last month, the distribution of responses reflects a pullback in momentum and greater variability in operating conditions across firms. Overall sentiment remains slightly expansionary, but at a notably weaker level than in December. The ElectroIndustry Business Conditions Index (EBCI) is a monthly survey of executives at electrical manufacturers published by the National Electrical Manufacturers Association (NEMA). Any score over the 50-point level indicates a greater number of panelists see conditions improving than see them deteriorating. Forward-looking confidence cooled compared to the prior month, as the Future Conditions component declined to 61.1 points from 88.9 points in December. Looking ahead six months, 44% of respondents expected conditions to be “better,” 22% anticipated conditions will be “worse,” and 33% expected conditions to remain unchanged. While expectations remained in expansionary territory, the distribution of responses suggested increased uncertainty relative to last month. Despite nods to potential improvement, most comments highlighted downside risks from uncertainty in supply chains and tariff and economic.
