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Alaska (+15%) and Hawaii (+11.1%), this region’s two smallest electrical markets at the state level, outpaced California (+0.1%); Oregon (-1.4%); and Washington (+1%) in estimated electrical sales potential growth through Sept. 2024. Two MSAs accounted for much of this growth, according to Electrical Wholesaling sales potential estimates. The Anchorage, AK, MSA, saw estimated sales increase +16.1% to $196 million on a YOY basis, and the Honolulu, HI, MSA, had a +15.3% increase to $443 million. No other metropolitan areas in the region had a notable increase in estimated sales potential.
It’s interesting to note that even though California only grew by +0.1%, with roughly $16.4 billion in new sales potential, even a sales gain of a fraction of a percent produced growth of $16.4 million, a surprisingly sizeable amount. California accounts for approximately 11% of all electrical sales potential in the United States.
Despite the forgettable sales growth in most of this region, some sizeable construction projects broke ground, and in total the region had 21 projects with at least $1 billion in total construction value in the pipeline through Oct. 2024. The largest project underway in the Pacific Region is the $12-billion, 218-mile Brightline West high-speed rail line from Los Angeles to Las Vegas. Five hospital projects valued at $1 billion or more broke ground in 2024 in Oakland, San Diego, San Francisco, Sacramento and Torrance, CA. There are also three large airport projects underway in California: the $2.9-billion Terminal 3 renovation in San Francisco; a $1.5-billion new terminal at the Hollywood-Burbank Airport in Burbank, CA; and the $1.4-billion Midfield Satellite Concourse at LAX in Los Angeles.