The recent economic downturn is hard hitting HVAC jobs worldwide. In Japan, manufacturing giants Panasonic, Mitsubishi Electric and Hitachi have all revealed grim financial figures for the third quarter and the nine-month period up to the year’s end. Having witnessed a substantial decline in sales of air conditioners in recent months, all three companies are predicting net losses in the home appliances division.

Here at home, latest government figures show that one in every 150 active companies went into liquidation in 2008. Between September and December, there were 4,607 compulsory liquidations and creditors’ voluntary liquidations in England and Wales, an astonishing increase of 51.6 percent from the same period in 2007. On top of this, a total of 2,428 corporate insolvencies took place in the fourth quarter of 2008, which represented a shocking increase of 220 percent from the previous year.

One major impact of the downturn on HVAC jobs is that demand for construction work is drying up, which forces contractors to keep their tenders low in order to remain competitive. According to the latest Tender Price Index compiled by RICS’ Building Cost Information Service, new orders for construction fell 18 percent in the third quarter of 2008 when compared to the same period in the previous year. The price of new construction work also fell by 1.2 percent. Those with jobs in HVAC will be sad to know that this trend is expected to continue, with tender prices falling by a further 10 percent throughout 2009 and 2010.

Still, big players in the industry have no problem surviving. One example is Managed Support Services, whose businesses are sustaining a considerable number of jobs in HVAC and general building services across the UK. The company is currently looking to raise approximately £6 million from investors to fund its acquisition of various businesses that are distressed by the economic downturn. A company statement said: “The group is now well placed to examine acquisition opportunities that the Board believes will emerge as a result of the rapidly worsening economic climate. ????

Meanwhile, LG Electronics plans to focus on commercial air conditioning for its future development. Those with HVAC jobs are likely to have plenty of Korean air conditioners to install and maintain, as LG takes advantage of the weakness of the country’s currency to pursue a reduction in expenses of 3 trillion South Korean Won (£1.5 billion). The company is further looking to improve its procurement system globally, which includes everything from raw materials to investment in facilities, financial services and recruitment.

Finally, those with jobs in HVAC will be glad to know that Waterloo Air Products is expanding its European activities and has opened a new sales office in Germany. The company currently designs, manufactures and installs chilled beams and air terminal devices. There is no doubt that the expertise of those with HVAC jobs in the UK will be in great demand in order to support the company’s performance in the German market.