As reported by Nationwide in their article “Plumbing: Industry Overview and Trends to Watch,” the plumbing industry is vast, covering professionals who install or repair pipes carrying liquids or gases. Plumbers handle various tasks, from fixing leaks to installing fixtures and maintaining sprinkler systems. Typically, plumbers undergo apprenticeships or technical school programs, with most states and cities requiring them to be licensed.
The plumbing industry falls under NAICS 238220 and SIC 1711, which include plumbing, heating, and air-conditioning contractors. Despite the COVID-19 pandemic causing economic fallout, the plumbing sector has shown resilience and recovery, with demand expected to accelerate over the next five years. As of 2021, the industry boasted 127,343 businesses and 565,537 jobs, generating approximately $124 billion in revenue.
However, the industry is not without its challenges. Economic downturns affecting the construction sector can impact plumbers significantly, with recent material shortages driving up costs and deterring new projects. Additionally, nonweather water damage, which causes over $16 billion in losses annually, poses a significant risk. Plumbers must adopt proper mitigation strategies to prevent such damage, with programs like Nationwide’s Construction Water Mitigation Program offering valuable resources.
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Article with all rights reserved, courtesy of agentblog.nationwide.com.