Industry Insight Report: HVAC & Plumbing Contractors Q3-2024
Industry Insight Report: HVAC & Plumbing Contractors Q3-2024
Construction Spending Rises
On a not-seasonally adjusted basis, total US construction spending increased 8.6% in March 2024 compared to the same period in 2023, according to the US Census Bureau. Residential spending rose by 4.3%, while nonresidential spending grew by 12.4%. Within the nonresidential building construction subsector, year-over-year growth in March was led by a 43.6% rise in spending for public safety projects, followed by manufacturing (25%), amusement and recreation (17.4%), and education (16.2%). March spending for lodging projects declined 1.1% compared to a year earlier, and commercial spending fell 0.3%.
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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
Industry Insight Report: HVAC & Plumbing Contractors Q3-2024
Construction Spending Rises
On a not-seasonally adjusted basis, total US construction spending increased 8.6% in March 2024 compared to the same period in 2023, according to the US Census Bureau. Residential spending rose by 4.3%, while nonresidential spending grew by 12.4%. Within the nonresidential building construction subsector, year-over-year growth in March was led by a 43.6% rise in spending for public safety projects, followed by manufacturing (25%), amusement and recreation (17.4%), and education (16.2%). March spending for lodging projects declined 1.1% compared to a year earlier, and commercial spending fell 0.3%.
News Spotlight:
Code compliance not enough to protect builders from lawsuits amid climate change
Smart Cities Dive Full Article »
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.
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