Switchgear prices hit a record in September 2026, up 12.4% on the year

Wed, 28 Oct 2026 09:02:48 -0400

The Bureau of Labor Statistics producer price index for switchgear, switchboard apparatus and industrial controls rose 1.0% in September 2026 to 433.602, the highest since the series began in January 1947. A producer price index tracks the prices U.S. producers receive for what they sell. This one covers the circuit breakers, switchboards, panelboards and motor controls that take power from a utility feed and distribute it through a building, a plant or a data center. September’s reading is 12.4% above September 2025 and 11.0% above December 2025. BLS released it on October 15, and it is preliminary.

The index has risen in eight of the nine months of 2026. The largest monthly gain of the past year came in April, at 3.2%, and August added 2.2%. September’s 12.4% gain on the year is the largest since February 2026, when it reached 13.4%. Gains on the year were larger in 2022, when the index rose 22.1% in the twelve months to August 2022.

Switchgear prices reached a record in September 2026

Producer price indexes, switchgear, switchboard and industrial controls equipment (WPU1175) and transformers and power regulators (WPU1174), both 1982=100, not seasonally adjusted, monthly since January 2019

Switchgear and industrial controls
Transformers and power regulators

June through September 2026 are preliminary. Source: fred.stlouisfed.org

The transformer index, which covers power and distribution transformers and the regulators that hold voltage steady, was unchanged in September at 434.493. That matches its record, set in August. It stood 7.6% above September 2025. Most of that gain came in two months: the index rose 3.8% in October 2025 and 4.2% in July 2026, and it moved by less than 0.6% in each of the other ten months. Its gains on the year were far larger in 2022, reaching 41.1% in the twelve months to April 2022.

Producer Price Index, switchgear, switchboard and industrial controls equipment (WPU1175), the last 13 months. June through September 2026 are preliminary.
Month	Index (1982=100)	Change on month (%)	Change on year (%)
2025-09	385.916	0.70	11.1%
2025-10	385.760	0.04	11.2%
2025-11	385.731	0.01	11.2%
2025-12	390.650	1.28	11.3%
2026-01	395.687	1.29	12.6%
2026-02	398.248	0.65	13.4%
2026-03	400.032	0.45	12.0%
2026-04	412.878	3.21	12.0%
2026-05	413.241	0.09	10.4%
2026-06	413.240	0.00	9.0%
2026-07	420.181	1.68	9.5%
2026-08	429.326	2.18	12.0%
2026-09	433.602	1.00	12.4%

Source: fred.stlouisfed.org

Inside the switchgear index

BLS publishes indexes for the products inside the group. All four below reached records in September.

Switchgear excluding relays and ducts rose 0.7% to 277.684. It was 16.4% above a year earlier, the largest gain on the year of the indexes here, and 133.2% above January 2019.
Switchgear and switchboard apparatus, the wider class that includes panelboards, rose 0.5% to 259.181, 12.8% above September 2025.
Low voltage panelboards and distribution boards, rated 1,000 volts or less, rose 0.5% to 181.130. Their 6.2% gain on the year is about half that of the group.
Industrial controls and related parts, which BLS divides into general-purpose controls, specific-purpose controls, and parts and motor-control accessories, rose 1.8% to 397.636, the largest monthly gain of the group, and 11.7% above a year earlier.

On the transformer side, the index for other transformers and transformer parts was unchanged at 245.610. It stood 2.5% above September 2025 and below its December 2025 high of 247.039.

Producer price indexes for switchgear, industrial controls and transformers, September 2025, August 2026 and September 2026. Each index has its own base period. 2026 values from June on are preliminary.
Index	Series	Base	September 2025	August 2026	September 2026	Change on month (%)	Change on year (%)	Change since January 2019 (%)
Switchgear and industrial controls (group)	WPU1175	1982=100	385.916	429.326	433.602	1.0%	12.4%	89.7%
Switchgear and switchboard apparatus	WPU117522	Jun 2005=100	229.852	257.867	259.181	0.5%	12.8%	104.4%
Switchgear except relays and ducts	WPU11752201A	Dec 2007=100	238.569	275.707	277.684	0.7%	16.4%	133.2%
Low voltage panelboards and distribution boards	WPU117522013	Dec 2007=100	170.627	180.312	181.130	0.5%	6.2%	70.1%
Industrial controls and parts	WPU117507	1982=100	356.027	390.521	397.636	1.8%	11.7%	70.6%
Transformers and power regulators (group)	WPU1174	1982=100	403.758	434.493	434.493	0.0%	7.6%	88.9%
Other transformers and transformer parts	WPU117411	Dec 1999=100	239.702	245.610	245.610	0.0%	2.5%	61.0%

Source: api.bls.gov

Rebased to January 2019, switchgear except relays and ducts stands at 233.2, so its price index has more than doubled in under eight years. Transformers stand at 188.9, industrial controls at 170.6 and panelboards at 170.1. Transformers rose fastest in 2021 and 2022, and switchgear has risen faster since.

Switchgear prices have more than doubled since January 2019

Producer price indexes rebased so that January 2019 = 100, not seasonally adjusted, monthly. Same scale on every panel.

Switchgear except relays and ducts (Jan 2019=100)

Industrial controls and parts (Jan 2019=100)

Low voltage panelboards (Jan 2019=100)

The panelboard series has no value for May 2020. June through September 2026 are preliminary. Source: api.bls.gov

For comparison, the BLS index for copper and brass mill shapes, the rod, bar, sheet and tube that U.S. mills sell, rose 30.0% in the year to September 2026, to a record 835.342. The seven equipment indexes in the table rose between 2.5% and 16.4% over the same twelve months. The price indexes do not show how much of a finished product’s price comes from its metal.

Revisions to July and August

The October 15 release lowered the August switchgear group index from 430.247 to 429.326, a revision of 0.21%, and the switchboard apparatus index from 258.746 to 257.867, a revision of 0.34%. The transformer index for July and August did not change. September’s 1.0% gain is measured from the revised August value.

July and August 2026 index values as published before and after the October 15, 2026 release. All values are preliminary.
Index	Month	Before October 15	October 15 release	Revision (%)
Switchgear and industrial controls	2026-07	420.184	420.181	0.00
Switchgear and industrial controls	2026-08	430.247	429.326	-0.21
Switchgear and switchboard apparatus	2026-07	249.541	249.538	0.00
Switchgear and switchboard apparatus	2026-08	258.746	257.867	-0.34
Transformers and power regulators	2026-07	434.315	434.315	0.00
Transformers and power regulators	2026-08	434.493	434.493	0.00

Source: alfred.stlouisfed.org

What this means for an electrical package

If a contract adjusts the price of gear by an index, name the narrowest one that fits, by title and series code, such as “Producer Price Index for switchgear, except relays and ducts, WPU11752201A” or the panelboard index, WPU117522013. State the base month, how often the price adjusts and whether the calculation uses the first-published value or the value after revisions. BLS treats each month as final with the release four months later.
Compute the adjustment as a percent change, not a change in index points. The BLS guide to price adjustment says of index points, “The BLS strongly discourages this practice.” On the index for switchgear excluding relays and ducts, September 2025 to September 2026 is a change of 39.1 points and 16.4%. As an example in round numbers, a clause tied to that index on a $100,000 switchgear order with a September 2025 base month would add $16,400.
Ask the distributor or manufacturer how long a quote holds, whether the price is fixed at order or at shipment, and whether a copper or steel surcharge applies on top.

Caveats

Every value from June 2026 onward is preliminary, and BLS can revise each of those months. October figures are due on November 13, 2026.

The indexes are national averages of what U.S. producers receive. They leave out the distributor’s markup, freight, and any surcharge on a particular order. They cover domestic production, so they do not price imported gear after duty.

The indexes are not seasonally adjusted, so the change on the year compares each month with the same month a year earlier.

Each index has its own base period, so a higher number on one index does not mean a higher price than on another. Comparing them shows how fast each moved.

Switchgear | Shark Metals

Switchgear prices hit a record in September 2026, up 12.4% on the year

Inside the switchgear index

Revisions to July and August

What this means for an electrical package

Caveats