At the end of 2018 a number of economic forecasters checked their tea leaves with wary, troubled eyes. Not that the year hadn’t been a strong year; 2018 saw three consecutive quarters where the U.S. GDP grew 3.5 percent. The unemployment rate was at a low not seen in 50 years. But still, almost everywhere an analyst turned for data there was reason to predict gloom (if not doom)…
Fast forward to May of 2019 and First Quarter GDP is up 3.2 percent. A disastrous jobs report in February (just 20,000 for the month) proved an anomaly with the economy adding an average of 173,000 jobs per month in Q1. In fact, job openings outpaced the number of Americans looking for work for the 13th straight month, with the rate of workers quitting jobs holding steady at 2.3 percent. The most-watched U.S. consumer confidence index, maintained by the Conference Board, rose 5.0 points in April to 129.2.
None of which means that those economic headwinds have all somehow magically vanished, but few people are talking about a recession anytime soon. It looks (for now) that the good times will continue to roll, and our Giants roll with them. Our top 100 mechanical contractors reported more than $23.30B in revenue, with some hitting record revenues, record profits, and almost all reporting strong backlogs.
To learn more about how the largest mechanical contractors are innovating and succeeding—with a list of the nation’s top 100 by revenue—download our 2019 Book of Giants eBook.