Industry Insight Report: HVAC & Plumbing Contractors Q4-2024
Industry Insight Report: HVAC & Plumbing Contractors Q4-2024
Housing Market May Not Rebound in 2025
The 2024 housing market is on track to be the slowest in nearly 30 years as high mortgage rates and home prices combined with extremely low housing inventories have kept homeowners locked in place and would-be homebuyers priced out of the market, according to The New York Times. The National Association of Realtors estimates that four million homes will be sold in 2024, marking the second straight year of historically weak activity and the slowest home sales since 1995. Market observers note that the housing crisis is a product of weak supply. Builders have struggled amid lingering pandemic-era problems, including high borrowing, labor, and materials costs. Freddie Mac estimates the housing shortage equals about 3.7 million homes. The outlook for 2025 remains uncertain as home prices and mortgage rates are expected to remain stubbornly high.
News Spotlight:
The Unexpected Comeback Of Skilled Trades: The “New Collar” Jobs Parsippany Focus: Full Article »
Industry Forecast
Sales for the US HVAC and plumbing contractors industry are forecast to grow at a 5.6% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by HVAC and plumbing contractors increases Overall employment by HVAC and plumbing contractors changed 3.5% in October compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at HVAC and plumbing contractors rise Average wages for nonsupervisory employees at HVAC and plumbing contractors were $38.64 per hour in October, a 4.7% change compared to a year ago.
Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform
Industry Insight Report: HVAC & Plumbing Contractors Q4-2024
Housing Market May Not Rebound in 2025
The 2024 housing market is on track to be the slowest in nearly 30 years as high mortgage rates and home prices combined with extremely low housing inventories have kept homeowners locked in place and would-be homebuyers priced out of the market, according to The New York Times. The National Association of Realtors estimates that four million homes will be sold in 2024, marking the second straight year of historically weak activity and the slowest home sales since 1995. Market observers note that the housing crisis is a product of weak supply. Builders have struggled amid lingering pandemic-era problems, including high borrowing, labor, and materials costs. Freddie Mac estimates the housing shortage equals about 3.7 million homes. The outlook for 2025 remains uncertain as home prices and mortgage rates are expected to remain stubbornly high.
News Spotlight:
The Unexpected Comeback Of Skilled Trades: The “New Collar” Jobs
Parsippany Focus: Full Article »
Industry Forecast
Sales for the US HVAC and plumbing contractors industry are forecast to grow at a 5.6% compounded annual rate from 2024 to 2028, faster than the growth of the overall economy.
By the Numbers
Employment by HVAC and plumbing contractors increases
Overall employment by HVAC and plumbing contractors changed 3.5% in October compared to a year ago, according to the latest data from the Bureau of Labor Statistics.
Wages at HVAC and plumbing contractors rise
Average wages for nonsupervisory employees at HVAC and plumbing contractors were $38.64 per hour in October, a 4.7% change compared to a year ago.
Categories
Advisors
Archives