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Industry Insight Report: HVAC & Plumbing Contractors Q1-2024

HVAC Industry Insight Report

Wage Growth Outpaces Price Growth

Producer prices charged by nonresidential HVAC and plumbing contractors have risen steadily in 2023 and, by Q4, were up slightly over the same period in 2022, according to the Bureau of Labor Statistics (BLS). However, BLS data shows wages in the industry are rising faster than pricing, which could signal a pinch on contractor margins. Industry employment increased slightly in Q4 compared to the same time a year earlier, according to the BLS.

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Sales for the US HVAC and plumbing contractors industry are forecast

Industry Forecast

Sales for the US HVAC and plumbing contractors industry are forecast to grow at a 5.68% 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 4.6% in December 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 $35.37 per hour in December, a 4.9% change compared to a year ago.

  • Lion Business Advisors quarterly industry insights data provided by VerticalIQ industry intelligence platform