I don’t think you can separate what’s going on in the chip space from reshoring, right? It was a national security issue that started to drive the CHIPS Act, which started to drive people to want to invest here, right? It wasn’t like we woke up one morning and say, “Hey, we’re comfortable with having 85% of our chip production somewhere else other than the United States.” So that was a reshoring trend. But it goes beyond that. We saw some of that even before the CHIPS Act. It helped stabilize it and make it – I think it’s going to extend the cycle. But you also saw it in other industries. And that’s why we made the investments we made in our organic businesses in the Southeast but also built through acquisition a footprint in the Southeast because we wanted to be part of this trend.
And this has been going on for 15 years at EMCOR to better serve our customers. And now you have the high-tech manufacturing and life sciences. And really what’s driving high-tech manufacturing, a lot of it’s chip work for us. And what do you need to do that? Well, the legislation is written that you need a great workforce that came from an apprentice program, that’s highly trained, that pays good way and operates safely. And quite frankly, it’s written to benefit the union contractor or the non-union contractor that wage and benefits-wise looks an awful lot like a union contractor. And then you get to life sciences, a lot of this was coming back anyway. The disruption in the supply chains caused by COVID made more of it come. And then you take it and then you think about all the new drugs, especially the weight loss drugs.
And we’re in all the right places to support that, whether it be in Indiana, whether it be in the Research Triangle Park or New Jersey, mechanically, electrically and some of our prime contracting ability on the industrial side. When you get to the EV value chain, look, I don’t know whether it’s going to be 10% penetration, 15% penetration or 20% penetration, we just know it’s going to be more than it is today. And the infrastructure, which is what we’ve mainly been participating in that’s going to be built, we’re going to participate in. And when you look at this bottom page, where all of our trades are participating, whether it be fire and life safety, whether it be mechanic or electrical. And that’s really true for this whole page.
I would say the energy efficiency for us is mainly a mechanical, mechanical services play. But the other ones, all our company, we’re not in every market doing everything, but we have capability to really play in all of this. And that’s what this is, a resource allocation chart. And we think about that long and hard. And we’ve been thinking about this chart really for six, seven years now. And now I am going to go to the next page on 10, and I’m not going to belabor the point other than to add we had pretty good growth outside of that page, right? I mean, our water and wastewater, which you can see on the right-hand side, is now $636 million. It’s up 30%. And these are bigger awards. They typically become episodic. And most of our work is being performed in Florida for the reasons that you know.
There was a consent decree about six years ago in Miami Dade. But also, it’s just growth in population in Florida, both on the East and West Coast of Florida, and we participate in both. Institutional was actually a little bit of a surprise to us to work now at a new record RPO and up 36% year-over-year. I guess, it shouldn’t have been. We have capability and the kind of things we do in the institutional sector, whether it’s K-12 goals on the energy efficiency side and remodel or really a lot of this is being driven by state and local federal buildings, but mainly campuses and institutions that have broader campus settings in a multi-year program. And a lot of these facilities whether it be better connectivity, where we’re helping them get better Wi-Fi across the whole campus or it’s quite simply energy efficiency programs across the campus or building research facilities and look an awful lot like the life science labs and facilities that we talked about on the previous page.
Transportation grew for us. Again, that’s episodic in nature also. But this right now for us is electrical work and its airports and traffic control systems. And then the short duration project, which mixes into a lot of the energy efficiency work and is more broadly based is up nearly 9%. That’s a good sign. Now that’s pretty interesting because what’s happening there is we’re back into a book-to-bill mode. We figure out the supply chain. Lead times are extended. We had the bubble there, in short. I actually didn’t think it would continue to grow the way it’s been. But that just shows you the strong underlying demand for people to get more efficient and upgrade their facility. Some is as simple as they have to be competitive in a triple net lease environment.
And if they don’t upgrade it, they won’t be. Now, we have had some decrease in commercial. As Jason described, it’s still a big part of what we do, still pretty profitable. Again, commercial for us has not been a new office building sector for a long time. Now, we will go in and do tenant fit out work, multiple floors for high-end clients like some of you listening to this call. We will do that work. But – and also, the decrease mainly was some of the logistical work we were doing for large dry good distribution centers. That would be both electrical and fire and life safety. But we have seen an increase in cold storage warehouses, which are smaller in dollar award that require actually a higher skill for us to do, both from a mechanical – especially some of the refrigerant work on that and fire and life safety.
So you put all that together and you look at the right hand – left-hand side, we’re up in domestic construction substantially, $1.2 billion over year. We’re up in Building Services and industrial has good bookings in its shop work. So now, what does that lead you to do? You go to Page 11, which is what most of you care about. We had this robust performance. You got to look at it and say, what are you going to do? We are going to increase guidance, right? And we’re going to – we’re executing exceptionally well, really better than we ever have. We have really strong mix in our RPOs. We’re winning the right work in the right markets. There are significant projects that are technically complex with accelerated timelines and scope expansion and more reasonable contract terms, especially in our Electrical and Mechanical Construction segments.
As a result of that, our EPS guidance range is going to go from $14 to $15 per share to $15.50 to $16.50 per share. We’re also going to increase our revenue guidance from a range of $13.5 to $14 to $14 to $14.5. In order to achieve the upper end of this revised guidance range, we got to keep executing with discipline and precision the results and strong operating margin. And what we’re telling you on this call to save you asking the question, in this guidance, we plan on operating the business this year between 7% and 7.5% operating margins. We’re going to continue to face challenges. We talked about one today. We’re going to continue to face challenges, both in our site-based business in the U.S. and UK. We’ll work through those.
We’ve shown we can do that. Macro factors such as high interest rates, supply chain, energy price disruptions, global conflicts, they’re all going to post challenges for us. I’d like to say that we haven’t done all that in the past and been good at it, but we are. We will develop contingency plans. We have them, we develop them every day, and we execute as best as we can to overcome these challenges. We’re also going to remain diligent in those that are more exposed, especially the high interest rates. And for us, that means our commercial real estate and private equity customers. We’re going to continue to be balanced capital allocators and invest in organic growth as well as strategic acquisitions. We’ve already done more acquisitions year-to-date this year than we have in the last two years and individually in those years.
And we’re already really like what we’ve done because it continues to build the business for the long-term and serve our customers better. Finally, by the way, our acquisition pipeline is robust. And you would expect that. I’m going to get into that, I’ll save you the question. Why is it robust because people are doing better after the pandemic, right? People – good companies aren’t for sale when they’re not doing well. They become for sale when they’re doing well. And the markets we’re serving, they’re doing well, also maybe not as well as we are, but they’re doing well. And so that’s when companies become for sale. And like I’ve always said 1,000 times over, never fall in love with a deal, and deals happen when they happen.
I’ve done this long enough that I don’t fall in love with a deal. Maybe I did that 20 years ago. Finally, I want to thank all of the EMCOR leaders and teammates for their hard work and dedication to serving our customers, primarily in a safe and productive way. We put safety first as one of our core values. Personally, I’m grateful to lead such an outstanding team. We do lead our company through our EMCOR values and mission first people always. And we’re going to be continued to be focused on executing our mission for our customers and shareholders while keeping EMCOR a great place to work for all employees. With that, Marlese, I’ll turn it over to you and take any questions you may have.
Operator: Thank you very much. We’ll now begin the question-and-answer session. [Operator Instructions] At this time, we’ll start with a question from Brent Thielman from D.A. Davidson. Brent, please go ahead.
Brent Thielman: Hey, great, thanks. Good morning. Tony, I guess the manufacturing and the high-tech manufacturing verticals, how do you think about the sustainability of those areas without government incentives? And then also, how much of those verticals for you are being driven by call them, mega jobs that might require kind of billions of investment versus sort of more selected – that might be more selected versus kind of broader-based investment?
Tony Guzzi: I don’t know how to parse the second one really as far as mega jobs versus, but we’re seeing demand being pretty strong across it. My general view on some of the high-tech manufacturing areas that have been built, you think about there’s probably six semiconductor or seven semiconductor markets. They’ve been semiconductor markets. There is a rebirth in some of those markets. The only real new one is the one in outside Syracuse and Clay, New York. The other one is where the business happened, right? It was happening in Phoenix before. It was happening in Austin, Texas before. It was happening Columbus, Ohio was new also, I guess. But I think Intel has been thinking of expanding. Boise, Idaho was happening before, Salt Lake City was happening before, Oregon what’s happening before.
So these, for the most part, other than maybe two markets have been well-established markets. Even Raleigh, North Carolina, I mean, Wolfspeed, which is one of the customers that was [indiscernible] semiconductors with our lighting products and decided just to focus on semiconductors. So I think a lot of it would be happening anyway. I think they realized they were too exposed to the supply chain. The supply chain had to move more to the U.S. It’s pretty obvious why you can’t – if you’re a Taiwan semiconductor why you just can’t be in Taiwan. It’s both a diversification. It’s what any responsible business would do. Intel is investing for their next generation. I mean Intel was not cash for, neither is Samsung, neither is Micron.
