Today, home service provider Thumbtack released its latest economic sentiment survey report, revealing that many home service professionals are raising their prices due to the current economic climate.
Home service companies forced to raise prices due to inflation
The report was a survey of professionals who offer their home-based services via Thumbtack, with the aim of providing insight into how this industry is coping with the state of the economy and its effects on their businesses. The report says 20% of home service professionals are being forced to raise prices due to rising operating costs.
General optimism is a sign of “strong consumer demand”
Although many professionals need to raise their prices, many others are optimistic about the future. This is a good sign for small businesses around the world, as the reason for the optimism is a strong consumer demand trend that started last year and continues into 2022.
The economy may be making supplies and energy more expensive for small businesses, but strong consumer demand gives hope businesses can survive.
Home The pros feel “solid” financially
The Thumbtack report states that: “42% of home professionals say they plan to invest in their business in the first quarter of 2022, signaling continued strong consumer demand. And home professionals feel secure in their current financial situation – with almost 80% rating their current financial situation as satisfactory, good or very good.
On the reasons for the increase in prices, the report adds: “20% of housing professionals say they are increasing prices due to the increase in the cost of supplies and energy, while 19% attribute the increase to shortages caused by problems in building material supply chains, and 9% point to rising labor costs.
The labor shortage is further highlighted by 36% of respondents who said they had tried to fill part-time and/or full-time positions towards the end of last year. More than half of them have so far been unable to fill these positions.
Best States for “Ease of Hiring”
Thumbtack often interviews the professionals who work with them, and last year they discovered the best states to make hiring easier. They were Kansas and Washington, with Nevada, Missouri and Alabama not far behind.
They didn’t have data for every state, but of those they did, the worst states for ease of hiring were Pennsylvania, Indiana, Michigan, and Idaho, along with Colorado and New -Mexico.