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 first quarter of 2024. 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.
Eighty-one percent of survey responses came from contractors and 19% came from roof consultants.
Some topline excerpts of the survey are:
- Thirty-seven percent of all respondents indicated their customer inquiries increased during the first quarter of 2024 compared with the same quarter in 2023. Eighteen percent of respondents reported a decrease in customer inquiries during the same period, and 45% indicated no change in activity.
- Project contracts increased for 48% of respondents and decreased for 25% of respondents; 28% reported no change.
- Twenty-six percent of roofing contractors reported no project backlogs, 38% reported project backlogs of one to two months and 15% reported project backlogs of three to four months. Twenty-one percent of roofing contractors reported project backlogs of five months or more.
- Forty-eight percent of respondents reported that the volume of materials installed increased during the first quarter of 2024 compared with the same quarter in 2023. Twenty-two percent of respondents reported a decrease in materials during the same period, and 31% 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 66.7 for the steep-slope reroofing market; 58.9 for the low-slope reroofing market; and 57.9 for the blended low- and steep-slope reroofing market. The project contracts index score is 62.5 for the steep-slope reroofing market; 57.5 for the low-slope reroofing market; and 64.5 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, NRCA, National Women in Roofing, Polyisocyanurate Insulation Manufacturers Association, RoofersCoffeeShop and Single Ply Roofing Industry.
