The skilled labor shortage continues to impact the construction industry. However, the demand for plumbers continues to grow.
Increasing interest rates and inflation caused other industries to experience business decline last year. However, many plumbing companies experienced profit.
As a result, the plumbing industry is expected to grow this year. With help from a staffing company, your plumbing business can grow as well!
Find out how plumbing might be affected by the skilled labor shortage in 2023:
Anticipated Plumbing Industry Growth
A November 2022 Bankrate report showed that 53% of Americans were delaying major purchases to focus on their current bills. High inflation and increasing interest rates are discouraging people from purchasing homes. As a result, many homeowners are renovating their homes to create their dream homes.
Also, many senior citizens are making their homes more accessible. These kitchen, bathroom, and other remodels that involve plumbing projects are significantly more affordable than purchasing a new home.
Growing Popularity of Smart and Energy-Efficient Plumbing
Smart plumbing technology, such as touchless faucets and bidets, benefits homeowners and plumbing businesses. For instance, water tank monitors can detect leaks before they become bigger issues, which saves homeowners money.
Also, California banned the sale of gas-powered water heaters to reduce ozone pollution. Starting in 2030, homes will be required to install zero-emissions alternatives. Therefore, plumbing businesses can start talking with homeowners about replacing their gas systems now rather than waiting until later.
Opportunities for Plumbing Businesses
Installing a new sink, shower, or toilet as part of a remodel costs a significant amount of money. Adding marble tile or other upgrades further increases the cost.
Since many homeowners might not feel comfortable spending a substantial amount of money at one time, plumbing businesses should offer financing to encourage larger purchases. This may include offering several proposals based on the desired upgrades. Include the monthly cost based on the loan terms and rates. Showing homeowners that upgrades can be as affordable as smaller projects can increase sales, revenue, and the bottom line.
Do You Need Help Recruiting Plumbers?
SitePro Solutions can place you with the high-quality plumbers you need to run your business, even during a labor shortage, to help your plumbing business flourish. Find out more today.