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In the landscape of the plumbing industry, staying abreast of the major trends is essential for professional plumbers seeking success. This article delves into the prominent plumbing industry trends and plumbing industry statistics shaping 2023, offering valuable insights for industry stakeholders. From general plumbing insights to annual growth rate and plumbing business profit, we explore key takeaways from various categories, shedding light on the future of plumbing.
Plumbing industry trends 2023: Key takeaways
Presented herein are our foremost plumbing statistics, offering a precise depiction of pivotal plumbing trends and crucial insights within the plumbing industry
Between 2015 and 2020, the plumbing industry demonstrated resilience and grew steadily at a rate of 0.4%.
The plumbing job market is anticipated to experience substantial growth, projected to increase by an impressive 4% from 2019 to 2029.
In 2021, the plumbing and HVAC industry in the United States solidified its economic significance with a remarkable market value of $144.3 billion.
In 2021, the United States witnessed the emergence of 530,672 plumbing businesses.
In 2020, the plumbing industry had a workforce of 481,472 individuals.
Plumbers in the United States earned a median annual wage of $56,330 in 2020.
Female plumbers accounted for 2.3% of the overall plumbing workforce in the United States during 2021.
Ferguson Enterprises achieved a remarkable $16 billion in annual revenue.
Emcor Group Inc.'s plumbing division secured an impressive $8.8 billion in revenue during 2020.
Masco Corporation showcased its financial strength with an impressive $1.86 billion in revenue as of December 2020.
10 plumbing industry statistics you need to know in 2023
In the subsequent sections, we will delve more extensively into the mentioned plumbing stats, aiming to provide a more comprehensive comprehension of the nuances within the plumbing industry.
General Plumbing Industry
It holds significance to carefully analyze overarching statistical data encompassing the plumbing sector. Examining general statistics provides valuable insights into the broader landscape of the plumbing industry, facilitating a comprehensive understanding of its trends, dynamics, and contributions.
Plumbing Industry Growth
Between 2015 and 2020, the plumbing industry demonstrated its resilience and growth potential by expanding at a steady rate of 0.4 percent (IBIS World). The plumbing industry statistics growth rate reflects the industry's ability to adapt to changing plumbing market dynamics and consumer demands. Despite various economic challenges during this timeframe, the plumbing sector managed to carve out a positive trajectory, showcasing its essential role in both residential and commercial sectors.
Projected Industry Growth
Anticipated to remain a robust and promising field, the plumber job market is poised for substantial growth, projected to increase by an impressive 4 percent from 2019 to 2029 (U.S. Bureau of Labor Statistics).
This growth projection underscores the persistent demand for skilled plumbing professionals, driven by various factors including urbanization, infrastructure development, and the need for modernized plumbing systems. The anticipated expansion also aligns with the industry's adoption of advanced technologies and eco-friendly practices, requiring a workforce well-versed in both traditional plumbing techniques and cutting-edge innovations.
Plumbing Industry Market Size
In the year 2021, the plumbing and HVAC industry in the United States solidified its position as a significant economic force, boasting a remarkable market value estimated at a staggering 144.3 billion dollars (Gitnux). This substantial valuation illustrates the industry's undeniable impact on the national economy and underscores its essential role in both residential and commercial sectors. The high plumbing market size value is a reflection of the increasing demand for plumbing services driven by rising consumer expectations for comfort, sustainability, and modern amenities.
United States Plumbing Businesses
How many plumbing companies in the US? In the dynamic business landscape of 2021, a remarkable ecosystem of 530,672 plumbing businesses emerged in the United States (Gitnux). This statistic not only highlights the entrepreneurial spirit within the plumbing industry but also underscores the crucial role these businesses play in meeting the plumbing needs of both residential and commercial sectors across the nation.
Key Takeaways for General Plumbing Industry
Between 2015 and 2020, the plumbing industry demonstrated resilience and grew steadily at a rate of 0.4%.
The plumber job market is anticipated to experience substantial growth, projected to increase by an impressive 4% from 2019 to 2029.
In 2021, the plumbing and HVAC industry in the United States solidified its economic significance with a remarkable market value of $144.3 billion.
In 2021, the United States witnessed the emergence of 530,672 plumbing businesses.
Plumbing Industry Employment
It holds significance to meticulously analyze statistical data pertaining to employment within the plumbing industry. Such observation offers valuable insights into the dynamics of workforce engagement within this sector, aiding in a comprehensive understanding of its operational landscape.
Plumbing Industry Workforce
When observing how many plumbers in the US, as of the year 2020, the plumbing industry provided gainful employment to a significant workforce of 481,472 individuals (IBIS World). This sizable number of plumbers in US underscores its substantial role within the broader economy. These individuals, ranging from skilled plumbers and technicians to administrative staff and support personnel, collectively contribute to the design, installation, maintenance, and overall functioning of plumbing systems in residential, commercial, and industrial settings.
The employment figure highlights the industry's capacity to generate plumbing jobs and opportunities, support livelihoods, and serve as a critical backbone for various sectors dependent on efficient plumbing infrastructure.
Average Plumbing Wage
In the fiscal year 2020, the average plumber in the United States earned an average salary amounting to $56,330 (Gitnux). This annual salary reflects the financial recognition of the essential skills and expertise that plumbers bring to various construction, maintenance, and repair projects. Plumbing professionals play a pivotal role in ensuring the functionality and safety of water and sewage systems, making their contributions vital to both residential and commercial spaces.
Women in the Plumbing Workforce
During 2021, a notable transformation was witnessed within the plumbing industry as female plumbers carved their path, accounting for a modest yet significant 2.3% of the overall plumbing workforce in the United States (Gitnux). This statistic marks a step forward in diversifying a traditionally male-dominated field and reflects the increasing recognition of women's expertise and contributions in plumbing.
Key Takeaways for Plumbing Industry Employment
In 2020, the plumbing industry had a workforce of 481,472 individuals.
Plumbers in the United States earned a median annual wage of $56,330 in 2020.
Female plumbers accounted for 2.3% of the overall plumbing workforce in the United States during 2021.
Key Players Shaping the Plumbing Industry
Vigilantly observing the top players in the plumbing industry is imperative due to several compelling reasons. Firstly, these industry leaders often set the tone for trends, innovations, and best practices. By studying plumbing business profitability, and being aware of how much does a plumbing company make can gain valuable insights into effective approaches that can be implemented within their own operations.
Ferguson Enterprises
Ferguson Enterprises, one of the largest nationwide plumbing companies, achieved a substantial milestone in revenue by amassing a remarkable $16 billion (Moneyinc). This colossal revenue figure, realized within the year, underscores the company's position as a powerhouse within its sector, illustrating its strategic prowess and significant market presence.
Ferguson's achievement of $16 billion in revenue highlights its exceptional ability to serve diverse customer needs, from plumbing and HVAC supplies to waterworks and construction materials. This figure speaks to the company's capacity to not only meet but exceed customer expectations, solidifying its reputation as a trusted and comprehensive source for a wide range of products and solutions.
Emcor Group Inc.
Emcor Group Inc., standing as another one of the major plumbing companies in the United States, solidified its industry dominance with an exceptional achievement within its plumbing division. Remarkably, this division garnered an impressive revenue of $8.8 billion in the year 2020 (Get One Desk). This monumental revenue figure underscores Emcor's unrivaled position within the contracting landscape, reflecting its commitment to excellence, innovation, and superior service delivery.
Masco Corporation
As of December 2020, Masco Corporation, a prominent player in the industry, demonstrated its financial prowess by generating an impressive revenue of $1.86 billion (Nasdaq).
Masco's revenue achievement reflects its success in offering a wide range of products and plumbing services that cater to the ever-evolving needs of customers, both residential and commercial. This substantial revenue is a testament to the quality, innovation, and reliability associated with Masco's offerings, which span various sectors such as home improvement, construction, and interior solutions.
Key Takeaways for Key Players Shaping the Plumbing Industry
Ferguson Enterprises achieved a remarkable $16 billion in revenue.
Emcor Group Inc.'s plumbing division secured an impressive $8.8 billion in revenue during 2020.
Masco Corporation showcased its financial strength with an impressive $1.86 billion in revenue as of December 2020.
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References
https://moneyinc.com/biggest-plumbing-companies-in-the-us-2022/
https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm
https://www.ibisworld.com/united-states/market-research-reports/plumbers-industry/
https://www.nasdaq.com/articles/masco-corp.-q4-adjusted-earnings-beat-estimates-2021-02-09
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