Manufacturing demand is slowing as we anticipated, though broadband destocking is more significant. Still, we forecast strong U.S. utility investment will offset these pockets of demand weakness, leading to 2023 growth of about 3%, excluding the contribution from Rahi Systems Holdings Inc., acquired in 2022. We believe soft real economic growth below 2% in the U.S. and high interest rates will reduce construction, industrial, and manufacturing demand while utility and communications investment supports low- to mid-single-digit percent growth, excluding acquisitions, in 2024 and 2025. Weaker demand than the past two years will probably weigh on WESCO?s profitability. However, the past three years demonstrate the importance of supply chain management. This benefits the company?s value proposition and should allow it to
