The 2024 ServiceTrade Benchmark Reports have been released, offering data-driven insights specifically tailored for commercial fire and mechanical contractors in the United States and Canada.
These annual reports provide contractors with comprehensive data on business performance, aiding them in evaluating year-over-year metrics and identifying potential optimization areas.
The reports highlight performance areas such as revenue growth and efficiency opportunities.
Through analysis, ServiceTrade aims to equip contractors with tools to strengthen their business practices and respond proactively to operational trends.
These insights provide a benchmark for contractors to compare their results with industry averages, giving them direction for sustainable growth and enhanced revenue performance.
The report’s analysis shows notable trends in the HVAC and fire protection industries.
ServiceTrade customers operating in the commercial mechanical HVAC sector experienced a median year-over-year growth rate of 12.3%, with top-performing companies in the 75th percentile achieving growth of 30.1%.
This growth stands out against a backdrop of slower industry-wide revenue growth, with a U.S. market compound annual growth rate (CAGR) of less than 1% over the past five years.
In the fire protection industry, ServiceTrade reports indicate that their customers saw a median year-over-year growth of 14.9%, while top performers grew at a rate of 33.2%.
Industry-wide, fire protection contractors have faced challenges, with revenue declining by 1.6% over the last five years, despite a 1.2% increase in 2023 following the post-Covid recovery.
According to ServiceTrade, their customers have consistently achieved growth rates surpassing industry averages.
This trend applies to both fire protection and commercial HVAC sectors.
The reports emphasize the success of strategies such as “proactive pull-through revenue” and “high-value work prioritization,” which appear to drive the growth among contractors using the ServiceTrade platform.
For commercial HVAC contractors, ServiceTrade customers showed substantial growth compared to a market that has otherwise exhibited minimal expansion.
For fire protection, the comparative increase is especially notable in light of the broader industry’s recent revenue contractions.
ServiceTrade highlights that the platform’s focus on operational efficiency has been key to these improved metrics.
ServiceTrade’s VP of Marketing, Shawn Mims, emphasized the value of these benchmarks for industry professionals, stating: “As the leading provider of field service management software for commercial contractors, we’re proud to provide the industry with these comprehensive benchmarks.”
He continued: “The ServiceTrade annual benchmark reports are known for critical data and market insights that help companies focus on the right strategies, tactics, and opportunities to improve their business performance.”
The full reports are available for download: Fire and Life Safety Contractors Report and Mechanical Contractors Report, offering detailed insights and practical data for fire and life safety contractors and mechanical contractors.
ServiceTrade’s benchmarks aim to provide essential tools for companies to align with industry standards and track competitive growth.
The 2024 ServiceTrade Benchmark Reports reveal performance insights for commercial fire and mechanical contractors across the U.S. and Canada.
The reports detail industry benchmarks for revenue growth, operational efficiency, and sustainability practices.
ServiceTrade customers in the HVAC sector achieved a median growth rate of 12.3%, with top performers reaching 30.1%, outpacing the national HVAC services market’s modest growth rate.
Fire protection contractors saw a median growth rate of 14.9%, with top performers at 33.2%, despite recent challenges in the broader fire protection market.
ServiceTrade’s VP of Marketing, Shawn Mims, highlighted the reports’ role in helping companies enhance performance through targeted data insights.
The benchmark reports are available online for free, providing contractors with the data necessary to evaluate and potentially improve their business performance relative to industry averages.
