Despite COVID-19 and Supply Chain Issues, Positive Outlook Prevails
WASHINGTON, June 2, 2022 /PRNewswire/ — A new report on the state of the water well industry in the U.S. finds that despite the global COVID-19 pandemic, supply chain disruptions, and other economic issues, the industry experienced significant growth during 2021 and industry professionals remain optimistic about that growth trend continuing in 2022, driven by new home starts, the economy, and urban flight.
Commissioned by the Water Systems Council (WSC) and conducted by Thrive Market Intelligence during the fourth quarter of 2021, the 2022 State of the U.S. Water Well Industry Report surveyed 831 industry professionals. Respondents included water well contractors (71.4%), manufacturers (10.6%), distributors (14.1%), and manufacturer representatives (4%).
Survey respondents were asked to weigh in on their industry outlook and what is driving it — regulation, environmental factors, technology, investment, and COVID-19 impact. In addition, survey respondents shared information on their individual businesses that present a clearer view of the industry makeup. Key highlights from the report include the following:
- Industry participants are optimistic about the industry, rating their outlook over the next 12 months a 7 out of 10.
- Chief concerns among industry participants include product availability, inflation, and workforce availability.
- Despite the challenges, COVID-19 had an overall positive impact on the industry and continues to drive demand.
- 68% of respondents rated the impact of regulation on their business as moderate to significant, which varied by geographic region.
- 74% of respondents said weather had an impact on their business, although the effect was often balanced (equally positive and negative).
- More than 85% of respondents are part of a family-owned operation.
- The future of an experienced workforce in the water well industry is threatened by a lack of younger workers joining the industry. The median age for water well contractors is 55, which is 11 years older than the average U.S. worker.
The full 2022 State of the U.S. Water Well Industry Report, which features an executive summary, detailed charts and graphs, and individual comments from survey participants, is available for free download from the WSC website.
"This first-ever water well industry report gives business leaders access to information, benchmark data, and insights that will help them make decisions and capitalize on opportunities," said WSC Executive Director Margaret Martens. "This report also gives a voice to those in this essential industry and educates those outside the industry on who we are and why what we do is so important."
The Water Systems Council is the only national nonprofit organization solely focused on household wells and small water well systems. WSC is committed to ensuring that Americans who get their water from household private wells have safe, reliable drinking water and to protecting our nation’s groundwater resources. For more information, visit watersystemscouncil.org.
Margaret Martens, Executive Director
Water Systems Council
SOURCE Water Systems Council