Opportunities in the reroofing industry improved during the first quarter of 2023 when compared with the same quarter in 2022, according to the latest Quarterly Market Index Survey for Reroofing.
A coalition of industry trade associations representing contractors, consultants and manufacturers in the U.S. and Canada sends out the survey to check the pulse of the reroofing sector of the industry. For the latest iteration, 84% of survey responses came from roofing contractors, and 16% of responses came from roof consultants. Many respondents indicated they primarily work on low-slope roof systems (43%) or provide low-slope and steep-slope roofing services (39%).
According to the results, 41% of respondents indicated their customer inquiries increased. Thirty-nine percent of respondents reported no change in activity, and 20% indicated a decrease in customer inquiries. Project contracts increased for 48% of respondents, 31% of respondents indicated no change in activity and 23% reported a decrease in project contracts.
Additionally, two indices offer insight regarding customer inquiries and project contracts across market segments. The indices are based on a 0 to 100 scale. A score of 50 or higher suggests expansion or optimism; a score below 50 indicates contraction or pessimism.
- The customer inquiries index score for the steep-slope reroofing market is 53.8, the score for the low-slope reroofing market is 62.5, and the score for the blended low- and steep-slope reroofing market is 61.2.
- The project contracts index score for the steep-slope reroofing market is 60, the score for the low-slope reroofing market is 61.7, and the score for the blended low- and steep-slope reroofing market is 64.5.
As of April 2023, 18% of respondents reported no project backlogs, 38% reported project backlogs of one to two months and 23% reported project backlogs of three to four months. Twenty-one percent of respondents reported project backlogs of five or more months.
The survey is an industrywide effort spearheaded by a coalition of trade associations, including the Asphalt Roofing Manufacturers Association, Canadian Roofing Contractors Association, Chemical Fabrics & Film Association Inc., EPDM Roofing Association, International Institute of Building Enclosure Consultants, Metal Construction Association, Metal Roofing Alliance, National Roofing Contractors Association, National Women in Roofing, Polyisocyanurate Insulation Manufacturers Association, Roof Coatings Manufacturers Association and Single Ply Roofing Industry.
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 survey can sign up for a notification at http://bit.ly/37ank7D.
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