Skilled trade businesses are benefiting from America’s renovation economy
The renovation economy may be a goldmine for anyone in a skilled trade, from construction to plumbing to HVAC work. Instead of moving due to high prices and reduced stock, more people are staying put and enhancing their existing spaces, which requires trained tradesmen.
According to Bring Back the Trades, 7 essential trades are supporting over 5.6 million jobs in the United States. These jobs support residential, commercial, and industrial enhancements, which enable the transition to clean energy or address old repairs.
How Is Housing Affecting the Skilled Trade Industry?
The aging housing stock is having a big economic impact on trades, since most American homes are over 40 years old. That means many are in dire need of major repair to bring them up to code.
Work may include safety updates from:
- Removing lingering asbestos
- Replacing old pipes
- Modernizing electrical systems
Along with asbestos, lead pipes were outlawed decades ago, but millions still exist, according to Governing, posing a threat to America’s drinking water. To avoid the health risks associated with lead-contaminated water, plumbing professionals must replace them.
Many homes need extensive structural updates, such as new roofing and foundation stability. A new metal roof can last about 70 years.
American homeowners are making basements into liveable spaces and improving outdoor zones like patios and swimming pools. Therefore, a durable, visually appealing floor is a must, which trade professionals who specialize in decorative epoxy coatings can help with.
Who Can Tap Into This Trade Business Growth?
New trade industry opportunities await those with a high school diploma who are ready to start training at a trade school or community college. An apprenticeship lets newbies start working while they’re learning, and there’s no need to pile on student loan debt.
Master tradespeople who run their own businesses can hire newcomers and expand to get available work. Clean energy manufacturers will continue to get business by producing solar panels and wind turbine parts.
Those who specialize in sustainable industry jobs can install and maintain those solar panels, induction appliances, and electric car power stations in homes.
What Trade Makes $100,000 a Year?
After progressing from journeyman to master-level experience, several trades can bring home a six-figure salary. These fields include:
- Electricians
- Pipefitters
- HVAC techs
- Elevator technicians
As you help build out these home renovations, you may be doing one of these six-figure jobs.
An Expensive Housing Market Is Increasing Skilled Labor Demand
It’s never been a better time to learn a skilled trade, as it’s AI-proof and the overpriced housing market means more people are renovating existing spaces. You may install a new roof, finish out a basement that may be rented, or install a new swimming pool.
Some workers are making homes safer by removing asbestos and lead pipes. Others are leading the way to more energy-efficient homes by installing enhanced electrical systems and solar panels.
There are many paths within the trades, and as veterans retire, there’s a huge, lucrative gap to fill.
Keep learning about the trades and other industries from other articles on our website.
