February’s Current & Future Market Conditions Increase in NEMA’s EBCI

The Current Conditions component of NEMA’s EBCI index increased to 63.8 points, up from last month and indicating a firmer but still moderate expansionary environment. Forty‑one percent of respondents reported “better” conditions, 14% reported “worse,” and 45% indicated conditions were unchanged. Compared to the prior month, the distribution of responses suggested improved momentum, with a larger share of firms reporting gains and fewer reporting deterioration.
Overall, respondents described current conditions as broadly stable with modest signs of improvement, supported by increased order activity and strength in data center and power infrastructure markets, while ongoing weather impacts and tariff‑related uncertainty continued to weigh on sentiment. Most panelists reported either unchanged conditions or relatively small month‑to‑month movements, consistent with the gradual improvement reflected in the Current Conditions index.
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 strengthened, as the Future Conditions component rose to 67.2 points. Looking ahead six months, 52% of respondents expected conditions to be “better,” 17% anticipated conditions would be “worse,” and 31% expected conditions to remain unchanged. Overall, respondents’ six‑month outlook reflects a cautiously expansionary view, with expectations of steady demand, improving backlogs, and increased capex driven largely by data centers and onshoring, tempered by significant uncertainty around tariffs, geopolitics and policy direction.