Electrical infrastructure is in a triple-digit order growth regime -- ETN data center orders up 240%, CARR up 500%, GEV Q1 data center orders exceed all of 2025 -- with EPC contractors earning mid-20% margins from project selectivity

The data center electrical equipment supply chain is experiencing order growth rates that have no modern precedent. Eaton's data center orders surged 240%. Carrier's data center orders grew 500%. GE Vernova's Electrification segment Q1 revenue alone exceeded the entire full-year 2025. POWL is booking multi-year electrical system orders. MOD's data center cooling orders are growing at triple-digit rates. These are not one-quarter spikes -- customers are providing 8-quarter rolling forecasts for capacity ramps (AMAT), and MKSI is already ordering equipment for 2027. The EPC contractor layer has become the binding constraint on deployment timelines. EME, PWR, MTZ, FIX, STRL, DY, MYRG, and AGX all report record backlogs. The labor shortage has flipped the business model: specialty contractors are earning mid-20% margins, exercising project selectivity for the first time, and investing in modular prefab at scale. Sterling won a $500M+ first-phase semiconductor campus award. Mega project starts doubled year-over-year to $54B in Q1 per Eaton data. The data center distribution chain (WCC, ATKR, CNM, AIT, DXPE) is seeing 70-100%+ data center sales growth, with gray-space electrical distribution emerging as a high-growth adjacency. Lead times for switchgear, transformers, and cooling systems are extending materially, and developers who pre-secured equipment slots have a multi-quarter competitive advantage.