It’s time to review the major factors that impacted the roofing industry in 2018 and what major events the industry has to look forward to in 2019. In the United States, the fourth quarter of 2018 was expected to close with 2.7 percent GDP growth, compared with 3.2 percent GDP growth during the first half. This trend is expected to move forward into 2019 and 2020, with 2019 expected to end with 2.3 percent GDP growth. The expected downward trend in growth is powered by higher interest and cost pressures, according to industry experts.
In the construction industry, total spending for the U.S. is forecasted to end up at 6 percent in 2018, an increase from 5 percent in 2017. This trend is predicted to carry forward in 2019 with an increase of 1.5 percent in spending compared to 2018. Nonresidential building construction spending is expected to see a 0.2 percent dip in 2019, while residential building construction is expected to see a 0.5 percent bump. The spending trend increases are not exhibiting the same growth they have in years past, and the same growth should not be expected.