AS 2022 COMES TO AN END, it is a good time to think about the future of the fire alarm systems marketplace. We are probably in for a rocky few months in terms of the economy, which will most likely put a damper on new construction. As Forbes magazine reported in October 2022, "The Federal Reserve's interest rate hikes further tanked the housing and stock markets this week, but signs that the job market may not be cooling quickly enough could mean the economy has much more to lose before decades-high inflation subsides-feeding concerns that a recession may only be inevitable, even if not immediate." Additionally, it was reported that "the housing market continues to be one of the sectors hardest hit by the Fed's rate hikes." A deteriorating commercial housing market will impact new fire alarm system installations. However, there is still a need for qualified electricians. New techs in training won't be on the job site until they finish their requirements. These new workers can also be involved in existing systems replacement. Although the economy may be down, don't let that fact affect your approach to getting more work to fill any voids.
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