Finding good help isn’t easy. Finding skilled labor is even harder. During the past decade, there has been a shortage of skilled carpenters, drywallers, brick masons and plumbers. Companies that make their products easier to install, or offer trade assistance, have a competitive advantage in a very cluttered market.
The ability to secure building materials has become a major challenge. Lumber prices are rising rapidly. Despite government attempts to combat higher costs through tariff relief, increasing demand from home builders and remodelers and pandemic-related materials shortages have kept costs higher. Companies that maintain a strong inventory are reaping the rewards of immediate sales opportunities.
Homeowners don’t want to constantly work on their homes, which has created many opportunities in the building products market. For instance, the gutter-guard industry has turned into a billion-dollar category and has prevented hundreds, if not thousands, of ladder accidents. Composite siding, decking and fencing has reduced the need for seasonal exterior painting or staining. Even today’s metal roofs look great and are virtually maintenance free for nearly a lifetime.
Younger generations prefer brands that stand for something, 61% according to research by Kantar Consulting. This preference increases drastically when a company has a tangible positive impact. More than half of Generation Z say companies that are socially conscious influence their purchasing decision. Companies that stand for something make it easy for customers to support them.