A vibrant housing market will particularly benefit small-scale plumbers that rely on subcontractor work for projects of relatively small size, such as home construction and residential repair work. In particular, a market that looks promising for industry maintenance and repair services is the multifamily residential market, consisting of condominiums and rental units, where contracts with property managers can also guarantee regular work.
Demand from the nonresidential sector is forecast to grow at a slightly slower rate, but will still demonstrate healthy growth. Growing consumer spending, anchored by rising incomes and falling unemployment, will encourage many businesses to expand. As corporate profit continues to rise, growth in nonresidential construction is forecast to accelerate; as a result, the value of private nonresidential construction is projected to increase at an annualized rate of 4.1% over the five years to 2022.
This is primarily the result of companies having a surplus of cash that can be used to reinvest in their business by expanding their operations. As businesses increase their capacity, they will increase their demand for plumbing installation services. In tandem, plumbers will also be called on to fill long-term maintenance contracts and renovate existing structures’ plumbing systems to reflect the increasingly eco-friendly priorities of the business world.
(sourced: Plumbers in the US October 2017 )
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