PHCC releases 1st Quarter 2023 Contractor Confidence Index Report; survey cites cautious optimism, but challenges still ahead
Plumbing-heating-cooling contractors are feeling cautiously optimistic, according to a new report from the Plumbing-Heating-Cooling Contractors — National Association. The PHCC Business Intelligence Department just released its newly developed Contractor Confidence Index (CCI). Sponsored by PHCC Strategic Partner Bradford White, the PHCC CCI is based on a quarterly survey of PHCC members designed to take the pulse of the plumbing, heating, and cooling market.
The PHCC First Quarter 2023 CCI summary report revealed a CCI of 52.2, meaning contractors believe industry conditions are better than the previous six months, but are trending lower because of ongoing challenges. The first quarter CCI dropped from 56.0 in the Fourth Quarter of 2022, with an increasing number of respondents citing economic uncertainty and fear of a coming recession.