Electrical construction companies play an important role in residential, commercial, and large-scale industrial construction projects. These firms design, install, test, maintain, and repair electrical systems, including power systems, fire and security systems, telecommunications systems, and electronic control systems.
The total electrical construction market is projected to reach $239.1 billion this year. While this is down 1.4% from 2022, it still amounts to a steady 0.4% compound annual growth rate (CAGR) over the last five years. According to the National Electrical Contractors Association (NECA), there are more than 70,000 electrical contracting firms and 650,000 electrical workers in the US.
39 Top Electrical Contractors and Electrical Construction Companies
With so many contractors, it can be hard to tell which are the best. The industry has come to rely on annual lists from two top publications, Electrical Construction & Maintenance (EC&M) and Engineering News-Record, highlighting the who’s who in the world of electrical contractors. But even the firms across those lists vary quite a bit.
So we dug into the most recent EC&M Top 50 Electrical Contractors and ENR Top 600 to identify the best of the best. In total, 39 companies made both lists, with each generating more than $200M in revenue.
10 Fastest Growing Electrical Construction Companies to Watch
Revenue isn’t always a sign of a healthy organization. Growth rate is often a better indicator of how well a company is doing. Two dozen of the firms on this list of top electrical construction companies reported double-digit growth rates last year. Ten of those firms showed an impressive 30% or higher growth.
Here’s a deep dive into the ten fastest growing electrical construction companies—what they do, who they serve, and what factors are driving their growth.
1. MasTec, Inc.
Headquarters: Coral Gables, FL
Company Size: 22,000 employees
Revenue: $2.4 billion
YOY Growth: 171%
MasTec has been through a lot of transformation over the years. It first launched in 1929 as Burnup & Sims in honor of the two unemployed construction workers who founded it. The firm changed its name to MasTec in 1994 after acquiring telecommunications contractor, Church & Tower.
While known for producing efficient and reliable electrical transmission, distribution, and substation systems, MasTec’s focus is broader than electrical construction. The multi-billion dollar firm offers a range of infrastructure services that include power generation, power delivery, oil and gas, water and sewer, communications, civil and industrial, and technology deployment services.
On the surface, MasTec’s 171% growth is surprising for a firm of its size. It’s worth noting though that the company made a major move in October 2022, acquiring all of the outstanding shares of common stock of Infrastructure and Energy Alternatives (IEA). This merger was a significant driver in MasTec’s growth.
Visit MasTec’s website to learn more.
2. Sargent Electric Company
Headquarters: Pittsburgh, PA
Company Size: Approx. 290 employees
Revenue: $208 million
YOY Growth: 97%
Sargent Electric Company has been around for over 100 years. First established in 1907 to serve power and industrial customers in Pittsburgh, PA, it’s grown to one of the largest specialty contracting companies in the region.
The firm serves all segments of the electrical contracting industry including industrial, utility, wireless, commercial, transportation, and service.
Sargent Electric Company has a consistent growth track record. It nearly doubled its revenue last year and has been named numerous times as one of the Top Fastest Growing Companies by the Pittsburgh Business Times.
Visit Sargent Electric Company’s website to learn more.
3. Van Ert Electric Company, Inc.
Headquarters: Wausau, WI
Company Size: 500 employees
Revenue: $207 million
YOY Growth: 85%
Founded in 1964, Van Ert Electric has grown from a five-person team to an established national contractor with nearly 500 employees. It has seven locations across the Upper Midwest.
Services include commercial and institutional electrical solutions, engineering, power generation, low-voltage systems, industrial automation, and more. It serves a range of industries including healthcare, paper and fiber, and food and plastics.
Van Ert has an excellent reputation with employees, subcontractors, and vendors. This is evident by its 4.2-star rating on Glassdoor, plus the fact that subcontractors and vendors report 100% on-time payments on all projects.
Visit Ven Ert Electric’s website to learn more.
4. Archkey Solutions
Headquarters: St. Louis, MO
Company Size: 5,500 employees
Revenue: $1.1 billion
YOY Growth: 35%
ArchKey Solutions is one of the US’s largest electrical, technologies, and specialty contractors, with a $1.2 billion bonding capacity. The company prides itself on being one of the only single contractors with the resources to take on any project regardless of size or location.
ArchKey plans, designs, builds, and maintains electrical construction projects in 49 states. It’s completed nearly 6,000 projects across more than 20 industries in the last five years.
Part of ArchKey’s unique differentiation includes a lean approach to project execution and a fully transparent project delivery model. These two aspects combined result in improved efficiency, productivity, and quality.
Visit ArchKey Solutions’ website to learn more.
5. IES Holdings Inc.
Headquarters: Houston, TX
Company Size: 6,500+ employees
Revenue: $1.4 billion
YOY Growth: 34%
IES Holdings started as a small group of community-based electrical contractors. Today, it’s an electrical, communications, and infrastructure solutions provider focused on building,
installing, and maintaining critical power systems.
Capabilities include custom power solutions, electrical services, industrial services, mechanical and plumbing, and technology infrastructure. IES focuses on seven primary markets: commercial and institutional, data centers, e-Commerce, housing, industrial and manufacturing, power, and transportation.
We’re most impressed with IES Holdings’ consistent and steady growth. The firm managed to demonstrate double-digit growth in 2020, a year when most contractors saw a significant dip in revenue.
Visit IES Holdings’ website to learn more.
6. Hunt Electric Corp.
Headquarters: Bloomington, MN
Company Size: 1,600 employees
Revenue: $587 million
YOY Growth: 34%
Hunt Electric is a national electrical design, build, and maintenance firm. It offers comprehensive electrical solutions including preconstruction evaluation, electrical construction, infrastructure service and maintenance, low voltage system integration, quality assurance and testing, renewable energy options, and residential and commercial generator services. Projects range from major healthcare facilities and complex data centers to luxury apartments and university campuses.
Hunt is committed to cost savings, accurate estimates, stringent safety practices, and new technologies. This strategy pays off with more than 85% of Hunt’s projects coming from repeat customers.
Visit Hunt Electric’s website to learn more.
7. Motor City Electric Co.
Headquarters: Detroit, MI
Company Size: 450 employees
Revenue: $455 million
YOY Growth: 33%
Motor City Electric Co. is an employee-owned electrical construction company established in 1952. Services encompass everything from basic electrical wiring to comprehensive design/build, design/assist, and pre-construction management.
The firm focuses on serving over a dozen industries: transportation, automotive, government and municipalities, hospitals, hospitality, industrial and manufacturing, public works, renewables, research facilities, safety and security, schools and universities, stadiums and arenas, technology and automation, and utilities.
Hunt has a reputation for delivering extensive, high-profile jobs on time and within budget, a feat not many large-scale construction companies can accomplish.
Visit Motor City Electric Co.’s website to learn more.
8. Hatzel & Buehler, Inc.
Headquarters: Wilmington, DE
Company Size: 400 employees
Revenue: $494 million
YOY Growth: 32%
Founded in 1884, Hatzel & Buehler was one of the first electrical construction companies in the US. The founders, John D. Hatzel and Joseph Buehler, were actually master electricians employed at Thomas Edison’s first commercial electrical generating plant.
The firm provides electrical design, construction, engineering, integration, and maintenance services. Projects range from simple service calls to complex, multi-phased design-build projects nationwide.
Hatzel & Buehler leverages strategic partnerships with two other firms—Bluestone Communications and Blue Sky Controls—to provide seamless and end-to-end electrical services. This approach allows them to offer both process and cost advantages.
Visit Hatzel & Buehler’s website to learn more.
9. Cleveland Electric Co.
Headquarters: Atlanta, GA
Company Size: 700 employees
Revenue: $314 million
YOY Growth: 31%
Cleveland Electric Co. is the leading electrical contractor in Atlanta serving the Southeast market.
It started as an electric motor repair company in 1925 and didn’t introduce electrical construction services until the late 1940s.
Cleveland has since evolved to provide a full range of specialty electrical services including pre-construction, prefabrication, electrical construction, technology systems, field service and testing, and mechanical construction.
While it’s commonplace for construction companies to tout their commitments to safety, Cleveland takes it a step further. The firm publishes the last 15 years of detailed safety statistics on its website, making its safety track record available for the world to see.
Visit Cleveland’s website to learn more.
10. Tri-City Electric Company of Iowa
Headquarters: Davenport, IA
Company Size: 1,500 employees
Revenue: $260 million
YOY Growth: 30%
Founded in 1895, Tri-City Electric Company of Iowa is one of the oldest and largest family-owned electrical contractors in the country. It offers both electrical construction and electrical service solutions across the United States, including Puerto Rico and the Virgin Islands.
The firm handles jobs of all sizes, from residential services to large-scale electrical construction projects. Solutions include electrical engineering and integration, cabling, security solutions, telecommunications, audio/visual, IT solutions, drone services, disaster recovery, power testing, and generators.
Tri-City is dedicated to instilling in customers the confidence that they’ll get the job done right. It boasts a long list of awards, accolades, and noteworthy projects that back this up.
What Can Smaller Electrical Contractors Learn from These Top Firms?
Even though these top firms collectively rake in over $31 billion, more than 75% of the industry revenue is generated by companies with fewer than ten employees. What can these smaller contractors learn from the industry giants?
It all comes down to resources. Bigger firms have more working capital to bid on more projects, more talent to get the job done, and more technology to create efficiency and transparency. But even small contractors can optimize their resources with the right tools.
Construction billing software, like Siteline, can help you have more working capital to bid on more projects by ensuring you get paid on time. It creates a ton of efficiency across your accounting team and gives you greater visibility into your company’s overall financial health. Schedule a demo to see how Siteline can make a difference in your electrical construction company.