Six Industry Trends That'll Impact Residential Plumbing Companies in 2023!

Every residential plumbing company needs to be prepared for what’s ahead in 2023, including these industry trends!

This press release was orginally distributed by ReleaseWire

Salt Lake City, UT -- (ReleaseWire) -- 01/06/2023 -- The residential plumbing industry has boomed in recent years all throughout the United States, but recent economic downturns have poised the plumbing industry for a potential slow down in 2023.

Whether it's cutbacks in home construction, increasing mortgage rates or labor shortages, there's a lot that plumbing companies need to be prepared for as we go into the new year.

Below are six of the most important industry trends that'll surely impact residential plumbing companies in 2023:

Housing Market Instability Will Likely Get Worse In 2023

There's no denying that the American plumbing industry has grown over the past five years, but now that we're coming to the end of 2022, we're seeing that there will likely be a 0.1% revenue decrease as compared to 2021. There may be several reasons for this slight decrease in revenue, but most industry experts are pointing towards the flattening of the housing market and building material cost increases.

The COVID-19 pandemic created a unique opportunity for homebuyers and construction teams with very low mortgage rates, but these rates have since normalized and less people are now building new homes. This means that new construction plumbing jobs will likely continue to decrease in 2023 as well.

So as less people build new homes, the new construction sector will continue to see fewer opportunities.

Materials & Labor Shortages Will Also Continue Next Year

Although the lack of new construction plumbing may be startling for many businesses, there may be silver linings associated with these downturns. It's likely that an increased amount of skilled plumbers will retire in 2023, and this will lead to more opportunities for younger professionals to take the next step up with their careers.

Labor shortages are a serious issue in the residential plumbing industry, and the industry itself will have to find new ways to attract younger men and women into learning the trade.

As raw materials and labor shortages continue to pose serious issues for contractors, plumbing services will likely increase in price significantly throughout 2023.

The Plumbing Fittings & Fixtures Market Will Boom Next Year!

Plumbing fixtures and fittings have grown in demand throughout recent years, and 2023 is looking like it'll be a year that continues this ongoing industry trend. In the United States, this sector of the market is estimated to grow by 7.5% over the next few years, which is a great sign for what's ahead!

One big component of this trend is that people are now purchasing these plumbing products online for DIY home improvement projects, and this added shopping convenience is helping countless businesses to sell more products and increase revenue streams.

More homeowners are admitting how they have plumbing issues, which is a major indication that people will be investing in new materials and installations to resolve their ongoing plumbing needs next year.

Eco-Friendly Residential Plumbing Options Will Be Major Sellers

More homeowners are developing long-standing environmental concerns about their homes and overall water usage, which is creating a consumer extension towards water conservation and treatment systems.

Americans everywhere are trying to reduce their carbon footprints in as many ways as possible, and they're seeing their plumbing systems as a major culprit of their water consumption. This is why tankless water heaters will be huge sellers in 2023, as well as greywater recycling systems.

Solar water heaters will also continue to rise in popularity next year, and nearly ONE THIRD of all American homeowners have indicated that they will take steps to make their homes more energy efficient in the years ahead.

Increased Need For Professional Plumbing Knowledge Expansion

As more homeowners want eco-conscious plumbing systems that are connected to smart technology, plumbing businesses and experienced specialists will undoubtedly require more diversification with their industry knowledge. Smart home system integration and emerging products are poised to make a big splash in 2023, and the plumbing companies that are ready to provide these products/services will also make the biggest splashes in their local markets.

Several new licensing and training requirements will likely be needed by plumbing professionals all over the country, which will ultimately provide new opportunities and revenue sources for those who adapt to new technologies and consumer priorities.

Increased Demand For Cutting-Edge Plumbing Tools

There are many incredible innovations in today's residential plumbing industry, and even more technologies and specialty tools are currently in development. Smart plumbing technology is making everything a lot easier for both homeowners and plumbers to recognize and address potential problems.

Cutting-edge plumbing tools like infrared technology is helping businesses find leaks, trenchless sewer line repair is making life easier for everyone, and HD pipe inspection cameras are giving professionals in-depth looks at a customer's pipes.

As these digital tools continue to help plumbing businesses all over America, it's natural for the demand in these products to increase from a consumer's standpoint. So in a response to many other industry trends listed above, the demand for these digital tools will substantially increase in 2023.

About Beehive Plumbing

Beehive Plumbing is a leading plumbing company based in Salt Lake City, Utah. Their residential plumbing specialists have remained on the cutting edge of the industry for over 20 years, and they're available for comment regarding the ongoing trends permeating throughout the plumbing and real estate industries.

The Beehive Team can be reached by contacting them online or by calling them at 801-661-8155.

For more information on this press release visit: http://www.releasewire.com/press-releases/six-industry-trends-thatll-impact-residential-plumbing-companies-in-2023-1368832.htm