The plumbing industry remains a stable opportunity for aspiring entrepreneurs, presenting many prospects for growth. We’re delving into the latest trends in the plumbing sector for 2023, highlighting factors such as expanding home repairs, the changing workforce landscape, and the aging housing market in the U.S.
Keep reading as we explore how you can leverage the industry’s growth and establish your own business by partnering with Benjamin Franklin Plumbing.
The Expanding Home Repair Sector
As the real estate market experiences fluctuations with higher mortgage rates and increased home values, the home construction sector may slow down. However, the home repair and remodeling industry continues to thrive. According to the Harvard Joint Center for Housing Studies, spending on home improvement and repair is estimated to reach a staggering $449 billion in 2023.
While new construction opportunities may decrease for plumbers, the demand for repair and remodeling services remains steady. As a Benjamin Franklin Plumbing franchisee, you have the opportunity to address the crucial plumbing repair needs within your local community.
A Shifting Workforce
The plumbing industry faces a challenge as more than half of trade professionals in the U.S. are nearing retirement. In 2021, the National Homebuilder’s Association reported a 55% shortage of plumbers available for work. Nevertheless, the employment growth for plumbers, pipefitters, and steamfitters is expected to increase by 16% from 2016 to 2026, indicating a promising outlook for the industry. With new professionals entering the trades, there will be a greater focus on training and skills development.
At Benjamin Franklin Plumbing, we prioritize equipping our franchise owners and their staff with top-notch training. As the industry focuses on skills development, our franchisees can provide ongoing training to their technicians, regardless of their experience level, ensuring a competent and reliable workforce.
Aging Houses in the U.S.
In 2022, the median age of a home was 39 years in the U.S. As homes grow older, the demand for repairs and updates escalates, especially in states where the median home age surpasses 55 years. Furthermore, the aging U.S. population indicates a need for homes that can accommodate the elderly. According to the U.S. Census Bureau, only 10% of homes are currently considered adequate for this purpose.
As the pace of new construction slows and houses age, opportunities for plumbers continue to expand. Benjamin Franklin Plumbing franchisees are poised to capitalize on this growing demand by offering essential plumbing services for these aging homes, setting the stage for sustained growth.
Join the Growing Plumbing Industry
The plumbing industry offers a compelling business ownership opportunity, particularly for those seeking growth in a stable market. As the industry experiences workforce shifts and new construction slows, the repair and remodel sector remains strong.
Contact us today to learn more about the Benjamin Franklin Plumbing franchise opportunity today!