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- Title
HOLDING STEADY: EW survey of the North American VT industry reveals challenges and opportunities.
- Authors
Wilkinson, Kaija
- Abstract
A recent survey conducted by Elevator World has revealed the challenges and opportunities in the North American vertical-transportation (VT) industry. The industry is growing in various areas and offers opportunities for entrepreneurs, salespeople, and laborers. However, there are concerns about attracting younger people to the industry and maintaining a balance between technology and trained technicians. Private equity and industry consolidation have also raised concerns about customer service and component quality. The survey also highlights the impact of work-from-home arrangements and the conversion of office spaces to residential use. The industry is facing challenges related to the availability of skilled workers, economic uncertainty, and rising material costs. Despite the increasing cost of materials, a majority of respondents in the elevator installation and repair industry have managed to remain competitive. Some have experienced multiple price jumps in materials but have only raised their company's prices once or a few times in response. Over 57% of respondents believe that the industry is safer now compared to a year ago, and around 40% are somewhat optimistic about the industry's future. A small percentage of respondents expect a significant net profit increase in 2024, while others anticipate moderate or steady profits.
- Subjects
BUSINESSPEOPLE; HOUSING
- Publication
Elevator World, 2024, Vol 72, Issue 7, p110
- ISSN
0013-6158
- Publication type
Article