If you’ve been following the news you might already know about the huge increase in materials costs. Due to COVID and a variety of factors, the cost of some materials has risen nearly 70%. This is a dramatic increase and affects the service industry including plumbing and plumbers in the lower mainland like Mr. Swirl. At a time when home renovations and commercial upgrades are in high demand, the perfect storm has brewed to increase the costs of these projects for small businesses. However, effects will be minimal for Mr. Swirl’s customers, keep reading to find out just what’s going on and what Mr. Swirl, the Friendly Plumber is doing to help you!
What exactly is going on?
Due to various reasons discussed below, material used to make plumbing products and all sorts of materials have skyrocketed. These costs mainly affect businesses as they embrace the cost but soon if not already, businesses will factor in these increases when charging customers. In plumbing, products like hot water tanks, fixtures, faucets, piping, furnaces, sheet metal and boilers have all seen this increase. Here’s the breakdown according to the U.S producer price index:
-Iron is likely to reach 150% of its original price
-Copper (Piping) and Cable has reached 135.6% of its original price
-Plumbing Fixtures have reached roughly 110% of their original price
-Steel prices have reached their double from just 6 months ago
-The Price of metal structure products increased by 15.4%