ARLINGTON, Va. — The latest survey addressing the reroofing market shows contractors are experiencing increases in customer inquiries, project backlogs and contracts compared to the same quarter last year.
A coalition of industry trade associations representing contractors, consultants and manufacturers in the U.S. and Canada completed its Q1 2022 Market Index Survey for Reroofing. The survey takes the pulse of the reroofing industry on a quarterly basis and serves as a regular barometer of the industry’s business conditions.
A total of 195 respondents completed the eight-question survey during a two-week period in April 2022 with approximately 90% of responses coming from roofing contractors and 10% coming from roof consultants. Approximately 86% of respondents indicated that their business is primarily low slope or a blend between low slope and steep slope while 15% of respondents are engaged in steep slope only.
The survey results indicate steady or generally improving market conditions for the reroofing industry. Some topline excerpts of the survey are (total may not equal 100 due to rounding):
- Customer Inquiries: Forty-six percent of respondents indicated their customer inquiries increased during the first quarter of 2022 compared with the same quarter in 2021. Twenty percent of respondents reported a decrease in customer inquiries during the same period, and 36% indicated no change in activity.
- Project Contacts: Forty-six percent of respondents reported an increase in project contracts during the first quarter of 2022 compared with the same quarter in 2021. Twenty-two percent of respondents reported a decrease in project contracts during the same period, and 32% indicated no change in activity.
- Project Backlog: Forty-six percent of all respondents reported a project backlog of three months or longer as of April 2022 compared to 51% of respondents that reported a similar backlog in January 2022.
- Customer Inquiries Index: The Customer Inquiries Index for the total industry dropped slightly to 62.8 for Q1 2022 compared to 63.8 for Q4 2021. The index is based on a 0 to 100 scale. A score of 50 or higher suggests expansion or optimism, while a value below 50 indicates contraction or pessimism.
- Project Contracts Index: The Project Contracts Index for the total industry rose to 62.1 for Q1 2022 compared to 61.1 for Q4 2021. The index is based on a 0 to 100 scale. A score of 50 or higher suggests expansion or optimism, while a value below 50 indicates contraction or pessimism.
The complete results of the Quarterly Market Index Survey for Reroofing are available to those who participate in the survey via an online dashboard that enables users to filter results by region and other metrics. Any contractor or consultant who wants to participate in next quarter’s brief survey can sign up for notification at http://bit.ly/37ank7D.