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A Growing Industry Backed by Big Investments
If you’ve been considering a career in skilled trades such as HVAC or electrical work, now might be a transformative time to enter the field. Private equity firms have been investing heavily in these industries, potentially forming larger businesses with more resources, better equipment, and expanded opportunities for workers. For instance, private equity deals in home services surpassed $10 billion globally in 2021, reflecting confidence in the growth potential of trades like HVAC, electrical, and plumbing (PwC, 2022).
Bigger Companies, More Stability
Private equity tends to consolidate smaller operations into larger, more systematic companies. As a result, expect to see:
• More Professional Environments: Clearer policies, streamlined procedures, and management structures that can foster efficiency.
• Enhanced Training and Certification Opportunities: Larger employers may invest in training programs and certifications to uphold high-quality service standards.
Changing Nature of Work Through Technology
With stronger investment, skilled trade workers may gain access to advanced tools and technologies:
• Cutting-edge equipment: Automated and digital diagnostic tools for HVAC systems, smart-home electrical installations, and online scheduling platforms.
• Efficiency Targets: Companies might introduce service goals and cross-training programs to improve worker versatility.
Improved Pay and Benefits
Working for a larger, well-funded company could lead to more competitive compensation and benefits. According to the Bureau of Labor Statistics (BLS, April 2023):
• Electricians: Median pay in the U.S. was approximately $59,190 per year in 2022, with a projected 7% job growth from 2022 to 2032.
• HVAC Mechanics and Installers: Median pay was around $48,630 per year in 2022, with a projected 5% growth during the same period.
These companies may also offer benefits like health insurance, retirement plans, and performance bonuses. This could result in greater career stability and financial rewards.
Why This Might Be Good News for You
1. Career Growth: As these companies expand, so do the opportunities for advancement. You might start as an HVAC trainee and move into management or become a specialized technician in areas like environmentally friendly cooling systems.
2. Job Stability: Essential services (heating, cooling, electrical, and plumbing) are consistently in demand. Companies with strong financial backing might provide more stable, long-term employment.
3. Community and Teamwork: Many large firms emphasize teamwork, mentorship, and ongoing employee growth.
Voices from the Industry
“You don’t need to go to Silicon Valley for a successful career and entrepreneurial opportunities.”
— Brian Rassel, Partner at Huron Capital
“It feels like we’re finally being recognized. Trades offer real opportunities for those with the grit to pursue the American dream.”
— Dana Spears, Former HVAC Business Owner
These industry insights highlight the growing respect for skilled trades as a viable and profitable career path.
Conclusion
The skilled trades are entering a new era, buoyed by private equity investments that offer the potential for better pay, improved benefits, and advancement opportunities. With a focus on technology, professional work environments, and employee development, it’s an exciting time to explore a career in HVAC, electrical work, and other essential trades.
Take the Next Step
If you’re thinking about a career in skilled trades, InterCoast Colleges offers certificate programs designed to provide the practical skills and knowledge to prepare you for the workforce. Whether you’re interested in becoming an electrician or HVAC technician or pursuing another skilled trade, InterCoast can help you take the next step.
References
• Bureau of Labor Statistics, “Electricians,” Updated April 2023
• Bureau of Labor Statistics, “Heating, Air Conditioning, and Refrigeration Mechanics and Installers,” Updated March 2023
• PwC, “Private Equity Mid-Year Outlook,” 2022
URLs:
• https://www.bls.gov/ooh/construction-and-extraction/electricians.htm