In addition to the grim death rate and hospitalization statistics, business, and school closures, and so much more, the 2020 coronavirus pandemic caused a myriad of economic issues for many essential industries. As we continue to adjust our expectations for the future, here’s some insight into how the pandemic affected the sealcoating industry.
Trickle-Down Effects of Supply Chain Issues
As we kick off 2022 in the sealcoating industry, we’re just now seeing some of the longer-term effects of supply chain issues and shortages, such as difficulty getting appointments and consultations, or even finding materials in the first place. Inflation on sealcoating equipment prices has produced even more logistical issues, especially for smaller businesses.
Sealcoating Materials and Scarcity
The last couple years has not only brought challenging weather with its turbulent hurricane season, but there were also shortages of paint, rubber, plastic and various resins, steel, and coal tar, all of which brought many contractors and businesses to an unexpected halt. Scarcity drove up the prices and demand outweighed supply. Many businesses had to adjust their schedules, which affected availability and staffing.
Sealcoating Price Increases
Not only have the prices of many services increased just to keep businesses afloat and pay their essential workers. It has ultimately happened because of inflation and how much more costly it is to get supplies.
Staff Shortages and Limited Availability
In addition to delays and supply chain issues overseas, there have also been delays in materials delivered by truck throughout the US, in part due to drivers being less available. Between workers getting sick or needing to stay home for health, family, personal, or financial reasons, many businesses had a much harder time filling necessary roles.
Business Closures and Increased Maintenance
When businesses had to shut down in 2020, many of them put off parking lot maintenance as a result. Whether they were trying to save money or were simply unable to get enough workers to do the job, the neglect made a lot of small, simple jobs into bigger, more complicated ones. Consequently, when sealcoating businesses started to open again, many were slammed with demand. While this was good for business from a financial sense, on a logistics level, it was hard to keep up.
Your Sealcoating Supplier Can Help You-Here’s How
Despite these issues, the sealcoating industry is still on track to continue its growth and is predicted to have at least a 4 percent increase in its Compound Annual Growth Rate. From leasing tools to obtaining loans, many businesses are finding a way to stay afloat. If your driveway needs repairs or protection, Collett Services can work with you to find a sealcoating solution that works for your home or business.