Glass and Glazing Contractors
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 6,110 glass and glazing contractors in the US install glass panes in prepared openings and perform other types of glass work for buildings. Projects include new installations, additions, alterations, maintenance, and repairs. Smaller operators generally specialize in residential projects and emergency glass repair. Commercial projects include interior projects, such as the installation of decorative room dividers, and exterior projects, such as the replacement of storefront windows.
Dependence On The Construction Industry
Demand for glass and glazing services is highly dependent on the health of the construction industry, which is cyclical and influenced by economic conditions.
Specialized Labor Shortage
Glass and glazing contractors struggle to find qualified glaziers, who are workers that cut glass and perform the physical installation process.
Industry size & Structure
The average glass and glazing contractor operates out of a single location, employs 12 workers, and generates $2-3 million in annual revenue.
- The glass and glazing contracting industry consists of about 6,110 firms that employ about 72,700 workers and generate $14 billion annually.
- Small, independent companies operate within a limited geographical market.
- Large firms that manufacture, design and install building exteriors, such as aluminum curtain walls, stone, and composite panels, often also work with glass products.
- Large firms include Harmon, Karas and Karas Glass, and Giroux Glass.
Industry Forecast
Glass and Glazing Contractors Industry Growth
Recent Developments
Mar 8, 2024 - Lower Glass Prices May Offset Wage Growth
- Amid competition for skilled workers, glass and glazing wages were up sharply in Q4 2023 over levels seen at the same time in 2022. Producer prices for flat glass in Q4 were down compared to a year earlier. Lower prices for flat glass may be offsetting higher industry wages, providing a cushion for some glass and glazing contractors’ margins. Industry employment increased slightly in Q4 compared to the same period in 2022.
- Apartment buildings are getting taller amid sustained demand for rentals, scarcity of land, and some cities’ willingness to change zoning rules to attract development, according to The Wall Street Journal. Between 2021 and 2023, US cities added more than 2,900 buildings with more than 200 units, a 17% increase of the number built between 2018 and 2020, according to property data firm Yardi. High interest rates and single-family home prices continue to prop up demand for rentals, even among those with relatively high incomes. Some cities are easing some zoning rules, such as minimums for parking. The economics of multifamily development have also changed. Higher construction costs mean buildings need to have more units to be profitable.
- Total nonresidential building construction spending is projected to rise 8% in 2024 over 2023, according to FMI’s first-quarter 2024 North American Engineering and Construction Outlook. With growth of 18%, manufacturing will lead 2024 nonresidential building construction, followed by lodging (+12%), educational (+10%), and healthcare (+8%). Some other segments of the nonresidential building sector face headwinds, including high interest rates, inflation, and tighter lending standards. These pressures and high vacancy rates will reduce office project spending by 2% in 2024. Commercial project spending is forecast to decline by 4% in 2024. High interest rates will also challenge the housing market. Single-family construction spending is forecast to drop 5% in 2024 after falling 14% in 2023. Spending for multifamily is expected to decline 15% in 2024 after projects in development peaked at 1 million units in mid-2023. Home improvement project spending will drop 4% in 2024 from 3% growth in 2023.
- The Dodge Momentum Index (DMI) decreased 1.4% in February 2024 to 180.5 (2000=100), down from the revised January reading of 180.5. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which has been shown to lead construction spending for nonresidential buildings by a full year. On a monthly basis, the commercial planning component dropped by 2.3%, and institutional rose by 0.1%. Dodge’s associate director of forecasting, Sarah Martin, said, “Weaker office and healthcare planning constrained nonresidential planning in February. However, the Index remains 25% higher than where it was just two years ago. Most other categories showed growth over the month and Dodge remains optimistic that nonresidential planning will stay elevated throughout 2024 alongside rising confidence in 2025 market conditions.”
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