
Overall, the plumbing industry is growing and doesn't show signs of slowing down any time soon. There will always be a need for this trade, which is evident when you consider that there were 121,876 plumbing businesses and 518,031 industry jobs by the end of 2019, and revenue was approximately $113 billion.2
However, it should be noted that plumbing contractors are a part of larger construction trends. This means that an economic downturn affecting the construction industry would have a significant impact on plumbers.
Here are some other industry trends and considerations of note.
Exposures, precautions and lines of coverage that may apply in the plumbing industry.
Recommended lines of coverage: General liability, inland marine, property, workers' compensation and commercial auto
1 "NCCER Craft Licensing Map," nccer.org/workforce-development-programs/reciprocity-map (accessed Feb 25, 2020).
2 "Plumbers Industry in the US - Market Research Report," ibisworld.com/united-states/market-research-reports/plumbers-industry/ (accessed Feb 25, 2020).
3 "Plumbers, Pipefitters, and Steamfitters," bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm (Sept. 4, 2019).
4 "Top Plumbing Technology Trends for 2019," blueandgreentomorrow.com/lifestyle/top-plumbing-technology-trends-for-2019 (Oct. 22, 2019).
If you're an agent interested in growing your commercial book of business, please go to nationwide.com/agents.
CMO-1153AO
Share: