Matthew Guarracino, Principal & CEO, JM Electrical Company, Inc
In an interview with Invest:, Matthew Guarracino, Principal and CEO of JM Electrical, highlighted the company’s completion of the Terminal E Modernization project at Boston Logan International Airport and the opening of the JME Innovation Center in Woburn, enhancing efficiency through prefabrication. He also emphasized JM Electrical’s venture into the electric vehicle market through the installation of EV Charging Stations at commercial properties across Massachusetts.
What have been your biggest milestones and highlights over the last 12 months?
Over the last 12 months, we’ve certainly achieved a lot. The Terminal E Modernization project at Boston Logan International Airport has been in development for many years marks a significant achievement in the enhancement of international travel infrastructure in the Greater Boston Area. JM Electrical was also proud to have played a major role in the successful completion of Bristol Myers Squibb new space in the new Cambridge Crossing development that marks a significant milestone for the life science industry.
We’ve also branched out into the electric vehicle (EV) space. We completed our first electric vehicle charging station installation in 2023 and continue to grow in this emerging market. It’s an important growth area for us at a macro level.
What are some of the emerging trends in the electrical contracting industry?
At a national level, there’s a trend known as the “electrification of everything.” Many elements are now part of the electrical packages within projects. Buildings are becoming smarter with increased control systems for shades, lighting, and building automation, including heating and cooling.
Users and building owners want more control over their buildings, primarily to manage energy consumption, which is the largest cost for any building. The systems we install help control these costs, which is why our customers continue to rely on us to install critical systems for their buildings.
How are you attracting highly skilled talent, and what programs are in place for workforce development and training?
We attract talent in several ways. Our success is largely due to our partnership with Local 103, our local union. They’re excellent at finding and training top-notch electricians, which is crucial for us. In the office, our HR director handles outreach, and we have partnerships with colleges and universities, particularly Wentworth. We bring in a steady stream of co-ops for three or four-month stints, which serve as extended interviews. Many of these co-ops start their careers here and often stay with us long term.
Additionally, at our JME Innovation Center, we’ve utilized a CW program in collaboration with IBEW Local 103. This program allows us to bring in young people from trade schools or those interested in the industry, giving them hands-on experience in our prefabrication facility. If it works out, they can enter the apprenticeship program and advance through the union ranks. This three-pronged approach helps us maintain a strong talent pipeline.
What innovative technologies is JM electrical adopting?
Technology is constantly changing, so we try to leverage new technologies while focusing on the human aspect. Training our people to understand the basics of what we do is crucial. Once they grasp that, technology becomes a tool to make their jobs easier. We particularly value technologies that enhance communication. For instance, we regularly use Procore, which helps push information to our field teams quickly. Ultimately, effective communication is key in construction, and technologies that support that are invaluable.
Additionally, we’ve opened the JME Innovation Center our warehouse prefabrication facility in Woburn. This facility represents a significant milestone for us, with the goal of improving efficiency. It allows us to deliver better service to our clients by prefabricating items, sorting, and kitting, which makes our field teams’ jobs easier and increases overall efficiency.
What initiatives are in place to give back to the community?
Philanthropically, we donate to various charities, but the one closest to my heart is St. Jude Children’s Research Hospital. This is a tradition started by my grandparents and continued by my father, and now my brothers and I are carrying it on. Their cause resonates deeply with me, especially as a parent of two young boys.
In addition to St. Jude, we’re involved in several local initiatives. We’re based in Lynnfield and participate in Lynnfield Rotary and Healthy Lynnfield, and we support the Peabody Lynnfield YMCA. We strive to be good partners to our community and are always looking for new ways to give back. We believe in a societal obligation to pay it forward and are committed to growing our community involvement efforts.
Given the economic climate, how are you maintaining growth and sustainability?
The economic climate is indeed tricky, and it’s hard to predict. At a macro level, things are certainly challenging, with many indicators pointing to tough times. However, in the Boston area, we’re still finding opportunities amid the challenges.
Our strategy involves focusing on the micro level. We track several indicators within our business on a monthly, quarterly, and even weekly basis to monitor our performance. By relying on our historical data and these proven indicators, we carve a path forward, almost blocking out the broader economic noise. We’ve been in business for 39 years, so we have a solid foundation of data to guide us.
What makes Boston a great location for JM Electrical?
I love Boston — it’s where I was born and where I live. What makes Boston great is the sense of community. People are from here, live here, and spend their lives here. Boston is a small city, and if you do right by people, they take notice and reciprocate. If you wrong people, it works against you.
In our construction market, you can get to know a lot of folks and form meaningful connections. I enjoy the people I get to interact with above all. Having a large enough community but still small enough to form those personal connections is something I really value. Boston’s unique blend of a close-knit community within a vibrant city makes it an ideal place for JM Electrical.
Are there any plans for expansion on new services, or markets?
We’re always looking for new opportunities, though I can’t predict what tomorrow holds. Currently, we’re focusing on our core controls business and have expanded into other services. We’ve also ventured into the EV business and have a service business that we started a few years ago, which we’re looking to grow as well. For now, we’ll stay local and adapt as opportunities arise.
What are your outlook and top priorities for JM Electrical over the next two to three years?
Our top priority is to continue servicing our clients at a high level. Secondly, we aim to grow our team by attracting and retaining talented people. The success of our business relies heavily on our team, and we want to ensure their continued development and satisfaction.
Looking ahead, I hope for steady growth over the next few years. While I know there will be challenges, steady growth is what we’re aiming for.