The global COVID-19 pandemic brought many industries to their knees, including the HVAC equipment industry. The unfortunate events have led to equipment and parts shortages. Some significant challenges contributing to the situation include:
How It Will Get Worse
The HVAC is undergoing a worker shortage, with the demand for skilled workers outpacing the number of qualified applicants. This is because skilled trades workers are exiting the labor market, especially as the Baby Boomers retire. In the transport sector, the worker shortage limits the number of trucks hauling HVAC replacement parts.
The problem will also get worse as semiconductors continue to experience a shortage. These are tiny electronic chips responsible for keeping appliances running. The slow production of semiconductors will slow down production elsewhere.
What That Means for Your Plumbing Business
The demand for HVAC equipment and installation has risen with the pandemic, which is attractive for businesses. However, it is a disadvantage because equipment and personnel shortages can make it challenging to fulfill the demand.
Since your business isn't immune to the effects of the pandemic, it's essential to maintain excellent relationships with your suppliers. This will help you keep equipment in inventory and minimize price increases for the customer. While it would be inevitable to increase prices in some cases, ensure you do all you can to keep the price spikes manageable.
For help on how to handle the growing demand for HVAC services amid the pandemic, Insta Answer is your go-to resource. Contact us now to see how we'll manage your calls!