Announcements of what Eaton calls 'mega projects' have totaled almost $600 billion in just the U.S. and Canada alone in a little more than two years.
This earnings season there was a lot of chatter about reshoring — and for UBS, Eaton stands out as the winner of the trend. Government incentives and supply chain security are among the reasons corporate America is jumping on board the booming reshoring trend , which means returning operations to companies' original country from overseas. Reshoring mentions were up 104% year over year during the latest round of earning reports, Bank of America wrote in a note Monday.
reshoring projects announced so far should drive 3% to 6% market growth for the nation's electrical market over the next five to seven years, essentially doubling its previous growth, Snyder calculated. "The projects coming through are just so significant and the tailwinds are just very durable," he said. Some of those projects will take longer to construct, hence the five- to seven-year growth timeline.
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