The basement waterproofing industry is tough. Waterproofing companies are subject to multiple factors, these include economic cycles, housing booms, weather conditions, building codes, and competition. This has shaped the industry for years. According to a report by Waterproof! Magazine, the future of the waterproofing industry will be shaped by many factors including economic development, diversification, regulations, and green construction mandates.
A Growing Economy
Basement waterproofing companies that specialize in new construction will be in good shape this coming year. In North America, single-family housing continues to grow, and building permits indicate even more growth well into the future. Low-interest rates, improved lending standards, and modest economic growth are driving this increase.
“Permits are outpacing starts, which indicates that developers and builders are finally planning for more growth ahead,” Jonathan Smoke said, chief economist at realtor.com in Washington D.C.
The waterproofing industry is set to outperform the construction industry as a whole. During the 2008 recession, waterproofing work was backlogged; this meant plenty of work was either deferred or poorly done due to financial constraints. Now that the economy has bounced back, homeowners are willing to spend more on improving their homes.
Despite a stronger economy, many families’ budgets can still be tight. Waterproofing companies that deliver top-notch service using the latest technology at affordable prices have the advantage.
Diversification
The process of basement waterproofing is evolving. The future will be all about quality customer service and improved technology. Basement waterproofing has seen a leap in technological advancement with the use of carbon fibre in the repair of foundation cracks. Rubber Bituthene membranes are also being applied to the exterior foundation wall to prevent water from seeping in. These new technologies are now widely used.
“The industry is changing, and we need to change along with it. By using new technologies, we can make sure we’re offering our customers only the best service, and keep up with the competition,” says Chris Cavan, Vice-President at City Wide Group, a basement waterproofing company operating in several locations in Ontario, including Toronto.
Over the past few years, there has also been a shift in the popularity of conditioned crawlspaces and enclosed basements. This has especially been the case in humid climates, as it reduces radon, moisture, and foul odours. Mould is no longer as big a problem as it was a decade ago; construction crews now have a better understanding of the importance of air quality and airflow in basements and crawlspaces.
New Regulations
Certain regulations have come into effect that will shape the future of basement waterproofing. Egress windows are windows that are large enough, and adhere to building codes, for entry or exit in case of an emergency. These are typically required when finishing a basement. Specializing in basement waterproofing with egress windows in mind is a largely untapped market for waterproofing companies.
Regulations involving sump pumps are having the opposite effect; an increasing number of North American municipalities are requiring sump pumps (pumps designed to collect groundwater and pump it out of and away from your home) to be installed by a master plumber. Oftentimes, basement waterproofing specialists know more about sump pumps than plumbers but will be at a disadvantage without this license and thus lose business. Thankfully, the Basement Health Association (BSA) is developing a certified sump pump specialist designation that is being accepted by more and more municipalities as proof of competency when working with sump pumps.
Green Building Mandates
As society becomes more environmentally friendly, the basement waterproofing industry must adapt to go green. For example, building codes insist on more insulation, both above and below grade.
As with any industry, technological advancement, new regulations, demand for diversity, and going green are all major drivers of improved service. If your home needs waterproofing, City Wide Group is here to help with professional and timely service. Call us today at 416-283-5500 for a free estimate, or visit us online.
