SNIPEF State of Trade: Q4 2024
January 1, 2025
The Q4 2024 State of Trade results for the plumbing and heating profession remain Stable to Strong. Businesses reported steady or busier-than-expected trading conditions, and many achieved stable or improved profit margins through effective cost management despite ongoing increases in material prices.
Persistent challenges continue to affect the profession, including widespread workforce shortages and payment delays, particularly for larger firms working with Tier One and Two contractors. Confidence in the profession remains robust, though overall economic outlook has worsened, with many expressing pessimism about the UK economy.
Employment growth remains cautious. Most businesses do not plan to expand their workforce or take on apprentices, which could exacerbate the ongoing skills shortage. Smaller, domestic-focused companies continue to outperform, benefiting from more reliable payments and a stable client base, while larger firms and subcontractors face ongoing pressures related to delayed payments, non-payment, and supply chain instability.
