October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Transmission Gas/Liquid & Gas Distribution Spending 78 Capital Construction 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Millions of Current Dollars 3rd Quarter 2024 Total US Construction Spending 906,350 1,007,626 1,140,162 1,223,669 1,279,843 1,333,185 1,391,040 1,499,571 1,653,376 1,861,765 1,995,249 2,092,301 2,160,683 2,199,850 2,260,151 2,366,234 Power 93,317 110,089 111,495 112,067 95,951 99,569 117,960 118,168 119,108 121,605 134,010 144,748 153,288 160,799 167,392 177,938 % Change -4.2% 18.0% 1.3% 0.5% -14.4% 3.8% 18.5% 0.2% 0.8% 2.1% 10.2% 8.0% 5.9% 4.9% 4.1% 6.3% % of Total 10.3% 10.9% 9.8% 9.2% 7.5% 7.5% 8.5% 7.9% 7.2% 6.5% 6.7% 6.9% 7.1% 7.3% 7.4% 7.5% Type of Construction: Power 93,317 110,089 111,495 112,067 95,951 99,569 117,960 118,168 119,108 121,605 134,010 144,748 153,288 160,799 167,392 177,938 Generation 29,345 36,662 39,326 37,129 21,138 24,006 30,651 36,441 34,512 36,609 44,156 49,503 53,280 55,891 57,239 62,277 % Change -21.7% 24.9% 7.3% -5.6% -43.1% 13.6% 27.7% 18.9% -5.3% 6.1% 20.6% 12.1% 7.6% 4.9% 2.4% 8.8% % of Total 31.4% 33.3% 35.3% 33.1% 22.0% 24.1% 26.0% 30.8% 29.0% 30.1% 32.9% 34.2% 34.8% 34.8% 34.2% 35.0% Transmission & Distribution 63,972 73,427 72,169 74,938 74,813 75,563 87,309 81,727 84,596 84,996 89,854 95,246 100,008 104,908 110,154 115,661 % Change 6.7% 14.8% -1.7% 3.8% -0.2% 1.0% 15.5% -6.4% 3.5% 0.5% 5.7% 6.0% 5.0% 4.9% 5.0% 5.0% % of Total 68.6% 66.7% 64.7% 66.9% 78.0% 75.9% 74.0% 69.2% 71.0% 69.9% 67.1% 65.8% 65.2% 65.2% 65.8% 65.0% Subtype of Construction: Power 93,317 110,089 111,495 112,067 95,951 99,569 117,960 118,168 119,108 121,605 134,010 144,748 153,288 160,799 167,392 177,938 Transmission & Distribution 63,972 73,427 72,169 74,938 74,813 75,563 87,309 81,727 84,596 84,996 89,854 95,246 100,008 104,908 110,154 115,661 T&D Electric 28,497 32,890 35,952 37,545 35,632 36,297 40,960 41,547 44,100 42,500 44,000 48,200 51,850 55,125 57,225 59,774 % Change 5.2% 15.4% 9.3% 4.4% -5.1% 1.9% 12.8% 1.4% 6.1% -3.6% 3.5% 9.5% 7.6% 6.3% 3.8% 4.5% % of Total 44.5% 44.8% 49.8% 50.1% 47.6% 48.0% 46.9% 50.8% 52.1% 50.0% 49.0% 50.6% 51.8% 52.5% 52.0% 51.7% U.S. T&D Gas/Liquid 35,475 40,537 36,217 37,393 39,181 39,266 46,349 40,180 40,496 42,496 45,854 47,046 48,158 49,783 52,929 55,887 % Change 7.9% 14.3% -10.7% 3.2% 4.8% 0.2% 18.0% -13.3% 0.8% 4.9% 7.9% 2.6% 2.4% 3.4% 6.3% 5.6% % of Total 55.5% 55.2% 50.2% 49.9% 52.4% 52.0% 53.1% 49.2% 47.9% 50.0% 51.0% 49.4% 48.2% 47.5% 48.0% 48.3%
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