Total estimated industry revenues in 2Q 2023 for the electrical wholesaling industry increased +3.8%, a solid if not spectacular increase, according to Electrical Marketing’s updated sales forecast data.
In total, the nation’s 37 Metropolitan Statistical Areas (MSAs) with estimated 2023 annual sales of at least $1 billion are expected to account for roughly half of the nation’s 2023 electrical sales through distributors, which EM is now forecasting to hit $145.4 billion. With nearly $6.5 billion in sales forecast for 2023, the nation’s largest electrical market, the New York-Newark-Jersey City, NY-NJ-PA MSA, saw some big growth in 2Q 2023. Sales potential in this market increased +8.4% to an estimated $501.1 million for the quarter, more than double the growth rate of the nation as a whole.
The Chicago-Naperville-Elgin, IL-IN-WI, MSA and Dallas-Fort Worth-Arlington, TX, MSA also doubled the national growth rate in 2Q 2023 and enjoyed sales increases of more than $300 million. EM estimated 2023 annual sales for the Chicago metro at $3.7 billion and forecasts electrical sales for the Dallas-Fort Worth metroplex at $4.2 billion.
When you look at the chart below of the 50 metros that enjoyed the largest increase in estimated sales volume, Columbus, OH, sticks out. It's one of only three markets in the Top 25 on the chart with total estimated electrical sales of less than $1 billion. EM estimates the metro's 2023 electrical sales potential at $937.2 million and ranks it #9 with an estimated sales potential increase for 2Q 2023 of $128.7 million and a quarterly increase of +15.9%. The Baton Rouge, LA, MSA ; Cleveland-Elyria, OH, MSA; and Salt Lake City, UT, MSA; were also in the Top 25 and had double-digit sales increases on a percent basis and estimated increases in electrical sales potential of at least $90 million.