SNIPEF State of Trade: Q3 2024
October 1, 2024
To gain a comprehensive understanding of the current plumbing and heating industry landscape, SNIPEF launched its longitudinal State of Trade research project. This project aims to assess trading performance, payment practices, profit margins, supply chain issues and the profession’s future outlook from an employer’s perspective.
The Q3 2024 State of Trade results for the plumbing and heating profession are Stable to Strong. Strong demand has resulted in many businesses being busier than expected. Profit margins are stable for most firms despite universal increases in material costs. However, significant challenges persist, including payment delays, especially with larger contractors and a shortage of skilled professionals.
Employment growth is cautious, with few businesses planning to increase staff or recruit apprentices, potentially worsening the skills gap. Smaller, domestic-focused companies are performing better overall, while larger firms face more pronounced payment and supply chain issues.
