Last year, the North American roofing industry faced unprecedented challenges that were largely beyond its control. Marked by shortages in raw materials and volatile pricing, accelerated by record inflation, roofers, distributors and manufacturers had a lot to juggle to maintain a sense of stability.
While some of those obstacles remain, and there are still concerns about an overall economic slowdown at some point during 2023, roofers remain optimistic about the near- and long-term outlook for the industry.
That’s just one of the key takeaways from Roofing Contractor’s 2023 State of the Industry Report. Sponsored by Adams and Reese, RC and its research partners at Clear Seas Research again surveyed roofers and industry stakeholders nationwide for insights into the issues, products and innovations driving the marketplace.
Trent Cotney, partner with Adams and Reese, will join RC Publisher Jill Bloom, Editor-in-Chief Art Aisner and Clear Seas Research Co-CEO Mitch Henderson to help break down the meaningful data from this year’s survey. The panel will also try to glimpse what contractors are thinking about — and what initiatives they should be working on in 2023.
“What I’m hearing is that everyone has plenty of work to do … but what I’m seeing is that maybe the backlog of work isn’t what it was,” Cotney said while analyzing the data during RC’s State of the Industry Webinar. He added that it's hitting commercial contractors a little harder.
IRE 2023 Seminar Session
Title: State of the Industry Research - The Deep Dive
Speakers: Jill Bloom, Group Publisher, Roofing Contractor; Art Aisner, Editor-in-Chief, Roofing Contractor; Mitch Henderson, Co-CEO, Clear Seas Research; and Trent Cotney, Partner, Adams and Reese
Date: Tuesday, March 7, 7:45 a.m. to 9:15 a.m. Room: C156
On the residential roofing side, price hikes and strained access to essential roofing supplies seemingly impacted almost every market. Yet companies never let up on sales and continue to push ahead while demand remains strong.
Nearly three-quarters of commercial roofers, 72%, indicated sales increased this year over the year prior. Roughly as many forecasted sales to grow again in 2023, and even more roofers, 79%, said they expect sales to increase through 2025.
According to the data, there appear to be more robust opportunities in the residential sector. Residential contractors are optimistic about the next three years, as 74% anticipate sales will increase through 2026. While a slight dip from last year's number, when 80% expected more robust year-over-year sales, the numbers indicate optimism in the industry remains strong.
“Residential roofers [expect] meaningful future growth to occur,” Henderson said in the webinar.
Cotney explained that some anticipated growth is due to new products, including solar-related and more resilient roofing materials.
See what the roofing experts told us over time, and get a first-hand look at the most recent survey results to better gauge the marketplace as we settle into the new year with this exclusive look at RC’s 2022 State of the Industry Report.
WHY YOU SHOULD GO
Roofing Contractor shares the data and analysis from industry leaders and experts as part of its annual State of the Industry Report every year. For the second consecutive year, organizers of the International Roofing Expo asked RC to share the report’s findings on the industry’s biggest stage. Staying true to the educational sessions' mission and the spirit of RC’s Best of Success conference, the presenters hope to leave attendees with helpful information and solid ideas to help roofers improve their businesses.
“There are some really interesting findings this year, and this data is something I look forward to seeing every year,” Cotney said. “Now we want to try and use this information to help us start to develop solutions.”
WHAT YOU WILL GET
- A better understanding of industry expectations for residential and commercial sales in 2023 and beyond
- Market insight related to current and future installation trends
- A feel for new technologies that work and how to incorporate them into operations
- How contractors can successfully overcome current and future industry challenges
- Ideas to improve productivity and operational efficiency to grow profits.