A coalition of industry trade associations representing contractors, consultants and manufacturers in the U.S. and Canada completed its latest Quarterly Market Index Survey for Reroofing for the fourth quarter of 2023. 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.
Seventy-two percent of survey responses came from contractors and 28% came from roof consultants.
Some topline excerpts of the survey are:
- Thirty-seven percent of all respondents indicated their customer inquiries increased during the fourth quarter of 2023 compared with the same quarter in 2022. Sixteen percent of respondents reported a decrease in customer inquiries during the same period, and 47% indicated no change in activity.
- Project contracts increased for 42% of respondents and decreased for 17% of respondents; 41% reported no change.
- Seventeen percent of roofing contractors reported no project backlogs, 37% reported project backlogs of one to two months and 27% reported project backlogs of three to four months. Twenty percent of roofing contractors reported project backlogs of five months or more.
- Fifty percent of respondents reported that the volume of materials installed increased during the fourth quarter of 2023 compared with the same quarter in 2022. Twenty percent of respondents reported a decrease in materials during the same period, and 30% indicated no change.
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 is 55.6 for the steep-slope reroofing market; 62.2 for the low-slope reroofing market; and 61.1 for the blended low- and steep-slope reroofing market. The project contracts index score is 52.9 for the steep-slope reroofing market; 61.4 for the low-slope reroofing market; and 66.3 for the blended low- and steep-slope reroofing market.
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. Contractors and consultants who want to participate in next quarter’s brief survey can sign up for a notification.
The survey is an industry-wide 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, NRCA, National Women in Roofing, Polyisocyanurate Insulation Manufacturers Association, Roof Coatings Manufacturers Association and Single Ply Roofing Industry.
