The ServiceChannel Facilities Spend Index™ monitors commercial trade service costs and spending patterns based on $35 billion dollars in services delivered to 500,000 locations on the ServiceChannel platform.
See the Latest Spend and Cost Trends
The ServiceChannel Facilities Spend Index™ is based on $35 billion dollars in services delivered to 500,000 locations on the ServiceChannel platform since 2018.
With the Facilities Spend Index you can…
› See where your budgets are growing faster than industry spend overall. › Compare your invoice cost trends to the Service Cost Index. › Choose between trades and regions to explore different markets.
1. Spend Is Hitting New Highs
Increase in facilities spend YOY
Nationwide facilities spend across all trades in Q3 2022 was an all-time high for the third quarter after climbing 4% year-over-year. Spend was up 20% since the pandemic disruptions in Q3 2020.
After three quarters of the year, spend in 2022 is outpacing 2021 by 8% and pre-pandemic spend in 2019 by 16%.
2. Inflation Is Driving up Service Costs
Increase in service costs YoY
Service costs nationwide hit an all-time high in Q3 2022, rising 17% in the last year due to expanding scope. For repairs in particular, the typical invoice cost 23% more than 2021, driven primarily by a 23% increase in labor hours.
Since 2019, the typical invoice cost has risen by over 3% annually. Due to supply chain shortages, materials costs are up 6% annually in the last three years. Labor rates have climbed 5% annually, while labor hours are up 7%.
3. Plumbing Spend Is Growing Fastest
Increase in plumbing spend YOY
Spend on the plumbing trade nationwide was 20% higher in Q3 2022 YOY, hitting a new record in the quarter. It was 15% higher than in 2019.
“Data is the foundation for peak facilities performance. We use hundreds of metrics to optimize our clients’ locations and assets in real-time. Being data-driven also accelerates progress. By benchmarking every brand and provider on our platform, we are driving continuous improvement and innovation across the industry.”
The cost for janitorial services fell by 5% YOY across the U.S. in Q3 2022.
Janitorial spend nationwide was 27% higher in Q3 2022 than three years earlier.
Janitorial services have grown in scope, with the typical invoice cost up 19% over three years ago.
Invoice costs for plumbing nationwide grew by 33% YOY in Q3 2022.
Plumbing costs nationwide have risen by 9% annually since 2019, driven by increases in labor rates of 3%, labor hours of 8%, and material costs of 6% annually.
The top performing 25% of plumbing providers cost 38% less than those in the bottom 25%, and they fix issues on the first visit five times more often, based on our marketplace data.
Plumbing spend in the USA increased by 20% YOY in Q3 2022.
Since the lows of 2020, plumbing spend has increased by 53% in two years.
Nationwide plumbing costs were 33% higher in Q3 2022 than in 2021.
Plumbing service costs in Chicago have climbed by 40% in the last three years.
The electrical trade hit a new high for invoice costs in Q3 2022, up 26% in the last year.
Since activity dropped during the shutdowns of 2020, spend has rebounded with 78% growth.
The top performing 25% of electrical providers cost 37% less than those in the bottom 25%, and they arrive onsite over 4 days sooner, based on our marketplace data.
Electrical spend nationwide grew by 13% YOY in Q3 2022.
Electrical service costs nationwide rose by 9% YOY in Q3 2022.
Nationwide electrical spend was 78% higher in Q3 2022 than two years earlier.
Electrical service costs nationwide have grown by 42% in the last two years.
What is the Facilities Spend Index?
The Facilities Spend Index™ measures spend on facility operations across maintenance, repairs, and capital investments, based on $35 billion in services delivered to 500,000 locations on the ServiceChannel platform since 2018.
Brands use ServiceChannel to track every service delivered to every location, so they get peace of mind through peak facilities performance and a consistent customer experience.
The related Service Cost Index™ measures the invoice cost for services delivered. The total facilities spend is a product of invoice cost and invoice volume.
To compare your facilities spend, providers, and assets to your industry peers, check out our benchmark reports for quick-service restaurants (QSRs) and grocery stores. For a customized assessment of how your program compares to industry benchmarks, please contact us.