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…Ok, let’s talk about it. With economic uncertainty currently rife across every industry, professionals rightfully want to know what the future holds for their sector. For plumbers, learning the ins and outs of industry demand and performance is vital when considering future plans and overall business strategy.
Knowing how the plumbing sector has performed throughout the turbulence of the past few years can provide us with an accurate idea of how the industry is set to grow over the next decade, so let’s start by taking a closer look at the plumbing industry’s performance over the past few years.
UK Plumbing Industry Performance
It’s no secret that turbulence and economic fallout were experienced by everyone during the COVID-19 pandemic. Unemployment rates were up, and demand was down, and the plumbing industry was one of the hardest hit. The first half of 2020 was a disaster for plumbers – both new construction and replacement sectors saw unprecedented losses due to imposed restrictions and ongoing instability. It was a tough, anxiety-inducing period for every tradesperson.
Fortunately, a large portion of the demand that plumbers had lost returned towards the end of 2020. With a stamp duty holiday, low pandemic interest rates and hugely favourable market conditions, the plumbing industry as a whole was firmly set on the path to recovery.
From mid-2020 onwards, the plumbing sector experienced largely accelerated growth. Plumbing work was deemed ‘essential’ after the initial wave of the pandemic, and the combination of increased freedom for plumbers to work and greater incentives for customers to hire them led to a surge in revenue.