Part and labor prices have increased 4-8%, while part and labor availability have decreased. Due to difficulties sourcing replacement vehicles, fleets are keeping units in service longer. This caused repair spend to increase in 2021.
Labor Shortage Increases But Economic Uncertainty Emerges
The robust economy is creating record numbers of new jobs and a subsequent labor shortage that is being exacerbated by the large wave of Baby Boomer retirements, but some see uncertainty of future market conditions.
media brand