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Our revenue mix continues to trend towards data centers, life science, food, chip fabs and battery plants. Those industrial customers accounted for 55% of total revenue in 2023, and they are made to drivers of pipeline and backlog. Technology, which is included in industrial was 21% of our revenue, a substantial increase from 13% in the prior year.
The technology sector will continue to grow with the recent acquisition of Summit Industrial as they have several ongoing and large semiconductor projects. Institutional markets, which include education, health care and government are also strong and represent 26% of our revenue. The commercial sector remains active, but it is now a smaller part of our business at about 19% of revenue. Majority of our service revenue is for commercial customers.
end market breakout
Transcript
2023 Q4
29 Feb 24
Our revenue mix continues to trend towards data centers, life science, food and other manufacturing such as chip plants and battery.
Those industrial customers accounted for 54% of total revenue in the first 9 months of 2023, and they are major drivers of pipeline and backlog. Technology, which is included in industrial was 21% of our revenue in the first 9 months of 2023, a substantial increase from 13% in the prior year.
Institutional markets, which include education, health care and government are also strong and represent 27% of our revenue. The commercial sector is active, but with our changing mix, it is now a smaller part of our business at about 19% of revenue, and most of that commercial revenue is service.
Year-to-date, construction was 80% of our revenue with projects for new buildings at 55%, while existing building construction was 25%. Service revenue increased by 14% year-to-date compared to last year. Service was 20% of our total revenues with service projects providing 9% of total revenue and pure service, including hourly work, providing 11% of revenue.
good end markets
Transcript
2023 Q3
15 Feb 24
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