Electricians: Demand for electrical experts is surging

6/11/23 8:00PM

Surging

‍The job market for electricians is booming. Driven by a seismic shift to electrify-everything, the Bureau of Labor Statistics predicts that 80,000 new electrician jobs will be created annually until 2031, taking the total number pursuing the profession over the 1 million mark for the first time in over 30 years.

Soaring demand for specialist knowledge to install solar panels, electric vehicle chargers, electric stoves, and more, means an increasingly attractive pay packet for those in the industry. Indeed, the average electrician's hourly wage in April was up an inflation-busting 7.4% year-over-year. That takes the average hourly pay in the industry to $37.50 — or an annual salary of roughly $78,000.

‍Power up

‍However, the industry faces a significant challenge in attracting younger generations to join the trade. Outdated perceptions and underestimations of the potential earnings associated with skilled trades, including electricians, persist among many high school graduates.

Flipping the switch on these misconceptions, and encouraging more women to become electricians — currently just 2% of employed electricians in the US are women — will be crucial in keeping the profession fully charged.

Max Knoblauch20h

Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

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The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.