Construction & Plumbing Industry Current Year

Category: CONSTRUCTION INDUSTRY

Plumbing and Construction Industries

Plumbing and Construction Industry in 2022: A Forecast

The plumbing business, much like others, has been in turmoil since the pandemic hit. The new year has brought different predictions about the industry. Statista claims that the plumbing fixtures market value will rise to $108 billion in the year 2022 and subsequently to $120 billion in the year 2024.

With the inflation incoming with the new insurgence in Ukraine, prices of crude materials will likely rise. However, with more focus on the safety of drinking water by the Biden presidency, lead pipes are to be replaced.

Although there are quite a few developments unfolding currently, only time can tell us what’s going to happen. Let’s look in detail into what 2022 promises to bring in the plumbing and construction industry.

1.  Smart Plumbing

It’s all about the future. Homeowners are looking for smart appliances that understand their daily behaviors and adapt to them. Technology has enabled machinery to detect early water leaks in the piping system.

Your kitchen and bathroom faucets in 2022 will come with touchless features that detect water usage and leaks. For as little as $400, you can install self-flushing, self-cleaning, and motion-sensing toilets as well!

2.  Job Outlook in the Industry

As the pandemic has revealed, plumbing emergencies are dire, and plumbing professionals are front liners. When the plumbing is bad in a house, living becomes hell. A report by Statista shows that some of the leading industries for employment of plumbers are:

  • Building equipment
  • Utility system construction
  • Building construction (residential and non-residential)

According to the U.S. Bureau of Labor Statistics, the projected job opening for the role of plumbers is 51,000 in the new year.

3.  Demand-Supply Still Not Great

In 2020, many plumbing professionals had to be laid off due to the pandemic. While most of them have come back to the workforce, there still is a great void to be filled. The demand for emergency plumbers continues to rise well into 2022. However, with COVID vaccinations now available for the general public, it’s easier for people to go about their day without fear of catching the virus.

According to the recent HBI Construction Labor Market Report, residential and non-residential builders reported that there is a dire shortage of plumbers by 15%.

The pandemic has also stifled the demand-supply chain in crude materials. In 2020 and 2021, travel and transport were not easy due to health restrictions due to the pandemic. In 2022, the ever-increasing troubles in Eastern Europe will be a big factor in global inflation.

4.  Recycling and Resuing Water

From what the Biden presidency has claimed, we’re going to have national standards on recycled water. In the plumbing industry, the type of water defines how well plumbing products and features perform.

Greywater is all the waste water collected from bathrooms which can be treated to reuse in residents’ gardens. Blackwater is all the water collected from the kitchens.

However, the government doesn’t have any clear instructions as to what black, grey, or recycled water is. In 2022, it’s high time for the governing bodies to find a common ground in types of water, how to treat them, and reuse them.

In Conclusion

In an era where climate change isn’t a concept, but a reality, it’s quite a challenge to forecast any improvements in the plumbing and construction industry. However, smart plumbing technologies are being strategized to make zero water waste a high priority.

Recycled water is a growing fad in most residential areas, what with the concept of using greywater for your backyard garden. The future is quite promising!

stronger after coronavirus

CONSTRUCTION INDUSTRY SURVIVAL PLAN AFTER COVID

COVID19 has hit the Construction and Engineering industries with both speed and strength, leaving only one thing for certain, and that is change.

Having not only put people’s health at risk, but the industry has also suffered delays with supplies, deadlines, demand, and cash flow, amongst others.

 

While many employees were forced to work from home during the pandemic, some companies realized this method worked in their favor and has opened up many opportunities. Designers and Engineers have discovered the power of digital tools and are working with contractors from 3D to 5D tools planning projects from concept to construction.

 

Contractors are even able to manage their staff online, control their supplies and have a better understanding of their expenditure, enabling them to consolidate, scale, and control their cash flow.

What’s changed since Covid:

 

Have you ever heard of “Vertical Integration” (or VI)? It’s a strategy that enables one company to take control over one (or more) stages in the production, distribution and execution of their services. I’m sure you’re already thinking fewer middlemen by now and you will be correct. To resurrect an old phrase, “less is more”.

VI uses the IT industry to gain more investment as processes get compressed and digitized, allowing innovation to take over.

See it as the construction industry undergoing a renovation, bringing the increase in off-site production.

Interior decorating, design and engineering have seen demands for multifunctionality as the trend. Asia has been at the forefront of this minimalist lifestyle for years and now, thanks to the pandemic it seems the rest of the world is catching up. The upside is decreased carbon emissions, saving energy and solving the water shortage issues.

What’s the future?

As we propel forward, a few things can be made certain, we are moving into a normal state, but rather than the normal state we used to know, this is one industry that needs to grasp the concept of the “new normal” and come to the realization that this is the future, there is no going back to how things used to be.

Here’s a guide to helping your business not only survive the impact of Covid19 but thrive into a healthy future:

1.) Identify the immediate challenges within your business- focusing on financial stability, specifically your cash management. The key is to get a grasp on data analytics and master this tool as it will be very resourceful in the future of your decision-making.

2.) Create a plan to scale your business as the virus (and other challenges) keeps evolving and thus impacts your business (speed and timing are key here). Other factors that should be incorporated into your planning is keeping your workforce compliant with the new regulations, safety, and upskilling your staff. Having employees work from home has it’s pros and cons, so make sure to have cybersecurity and regular communication.

3.) Try to reimagine the next phase of what “normal” may look like for your company both positively and negatively and plan for those situations as best you can. Lots of investors may not have survived the pandemic and that affects your contracts and supply chain.

4.) Keep up to date with the latest industry regulations and know your competitive environment as it shifts. The public and private portfolios are sure to change in the future as more people continue to work from home. This will open many spaces in the market, especially in IT, Telecommunications and Innovation.

May your company emerge from this global pandemic with a strong winning formula with tools to help you make adaptable decisions, maximizing new opportunities.