The most recent roofing market report by the Better Business Bureau (BBB), "An Outlook on the Roofing Industry," shows that 65% of roofing contractors are expecting sales to climb this year even in the face of ongoing challenges such as labor and material shortages. Although these shortages are expected to continue to remain high into next year, according to the report, commercial and residential roofers are optimistic and are keeping busy.
Home Improvements Contribute to Roofing Industry
Homeowners continue to focus on their homes even with rising rates and higher prices to replace and repair roofs. According to the BBB report, steep-sloped shingled roofs and metal roofing are among the top roofing products contractors are installing.
Metal roofing accounted for 18% of the roofing industry revenue in 2020, the BBB report cites. In fact, nearly 70% of roofing contractors who work with metal roofs expect sales to increase over the next several years. Metal roofing provides superior resistance to severe weather (extremely important in regions frequently hit by hurricanes, hail, and high winds), and is becoming increasingly popular due to its long product lifespans, favorable aesthetics, and ability to serve as "cool" roofing.
Going Green in Roofing
Government regulations are also having an impact on the roofing sector to go green. For example, demand for solar roofing is expected to expand at a robust rate moving forward, according to the "U.S. Residential Roofing Market 2022-2030" report. This is in part due to California's adoption of building codes that require nearly all newly built and substantially renovated structures to generate as much energy as they use. In addition, higher electricity prices and tax credit extensions in the Inflation Reduction Act are fueling residential solar adoption.
New material advances from roofing manufacturers, such as synthetic materials, also help recycle and keep rubber and plastic out of landfill deposits - which is good for the environment.
Consumers are also increasingly looking for a 100% natural and enviro-friendly option that requires virtually no maintenance. Government incentives and material costs that continue to spiral upward are driving many to get much more creative in how they go about their roofing project for the long term.
Technology Is Helping Roofing Contractors Grow
Drone technology for inspection and roof and pitch measuring purposes and the use of satellite images are assisting roofers to better serve their customers. Additionally, roofing contractors who offer customers the ability to find, compare, buy, and schedule a roofing project from a smartphone or computer have a leg up on the competition. This was a big deal during the pandemic. Those roofers who were tech-savvy were better able to meet their customers' needs.
Roofing companies that invest in technology are more likely to be successful, says the BBB report. It's important to note, however, that only 57% of roofing contractors currently use some form of estimation software to prepare their bids. Additionally, only one third of surveyed roofing contractors utilize wearables or mobile devices on the job site; however, that number is projected to double over the next two years, according to the BBB report.
The roofing industry remains optimistic despite pandemic-related challenges, supply chain disruptions, inflation, and labor shortages. The industry has proved resilient and is expected to achieve global sales of $101.9 billion by 2027, according to the "U.S. Residential Roofing Market 2022-2030" report.