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Three Things you need to know:

Most construction contracting businesses, including plumbing and HVAC companies, are required to secure licenses before they are legally allowed to work in many states. However, the laws and requirements for licensing vary from state to state. One common condition of obtaining a license as a plumber or HVAC technician in most states is to secure plumbing or HVAC bonds. These bonds are required by various states to protect consumers and the state from potential losses caused by an HVAC technician or plumber. Here is some general information about the process of becoming licensed and bonded for plumbing and HVAC contractors.

Because plumbing is one of the most essential building systems, demand for plumbers and excellent plumbing work continues to skyrocket. There are currently more than 480,000 licensed plumbers in the U.S. — a number that is expected to increase by nearly 16% over the next three years to meet current shortages.

The plumbing industry is a stable industry. There is never a shortage of people who need plumbing work on their homes, businesses or apartment complexes, and this constant demand makes owning your own plumbing company an appealing opportunity for many prospective buyers. However, starting your own company from the ground up can be difficult.

Recent LinkedIn studies show that more than half of the workforce is open to exploring new employment opportunities. That means there is a good chance that as you read this article, you have people assessing their employment options in your company.

It was August 2019 when I was last published in PM magazine. I wrote about the failure of cast iron soil pipe, which now has customers often waiting two weeks or often longer for a plumber. As the plumbing instructor at Ultimate Technical Academy, the administration is adding classes to accommodate the need for plumbers as quickly as possible.

Many U.S. businesses across a variety of sectors have experienced new challenges over the last year — this is particularly true for those in the mechanical, engineering, and plumbing (MEP) industries. In early 2022, the MEP sector saw labor shortages and supply chain disruptions lead to increased labor and material costs, while later in the year and early into 2023, businesses are experiencing slowing demand for building and renovation. Unsurprisingly, this dynamic has culminated in constantly fluctuating profit margins for many MEP business owners.

The ultimate goal when developing your home service company’s best practices for sales and lead generation is to become the only opportunity or alternative your customers see.

Employee retention is a critical key to contractor’s business success given historically low U.S. unemployment at 3.5%, and continued difficulty in filling plumbing and HVAC positions — with only one of four positions being filled.

 As 2022 comes to a close it is now time to review my predictions from last year as well as predict ten more trends I see as we enter 2023. Just like last year, I will stay away from prognosticating about where the stock market will be at this end of the year; instead, I will stick to identifying trends that supply houses will find important in this upcoming year. With all that being said, let's jump right in and review my 2022 predictions.