2014-04-24 07:58:01 - Plumbing in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
From unclogging household drains to installing high-pressure industrial steam pipes, the United States Plumbing market´s activities span a wide range of liquid and gasconveying pipe work. Contractors in the industry hold specific licenses and qualifications to install, service and repair all types of pipes and drainage systems (e.g. faucets, ovens and toilets) for the catchment and distribution of water, liquids, gases and waste products.
The industry is one of many subcontracting industries essential to the residential and nonresidential building markets, and plumbers are needed both to install systems for new construction and to repair and maintain the systems of existing structures.
Because the industry´s performance is so closely linked to building markets and consumer spending (which determines the extent to which households
renovate kitchens and bathrooms), the housing market´s collapse and ensuing recession crippled industry demand from 2008 to 2010. Although the industry benefits from steadier demand for long-term facilities maintenance and repairs (e.g.
burst pipes or clogged drains), which consumers generally cannot put off, growth in the industry´s pool of customers stagnated as new building construction faltered. At the same time, declining per capita disposable income reduced household spending on home improvements, cutting into demand for plumbing renovations and upgrades.
Although the construction markets´ slow recovery since 2011 has helped the industry return to growth, including an increase of 4.0% in 2012 and an 8.3% bump expected in 2013, years of contraction have led industry revenue to fall at an annualized rate of 1.3% to $95.1 billion during the past five years.
In the next five years, strong rebounds across the downstream construction markets and gradual overall economic recovery are forecast to bolster the industry, helping it surpass its prerecession size by 2018. Single-family home construction is anticipated to skyrocket as pent-up housing demand is released and lending conditions soften; commercial construction is anticipated to grow strongly as rising consumer spending encourages businesses to expand their facilities. As a result of these trends, industry revenue is forecast to rise at an annualized rate of 6.8% during the next five years to reach $132.3 billion in 2018.
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