Findings from the Second 2021 Quarterly Market Index Survey for Reroofing Announced
In July 2021, more than 300 respondents from across the United States and Canada shared their perspectives on the current state of the reroofing industry in the second Quarterly Market Index Survey for Reroofing of the year.
The survey is an industry-wide effort to collect information about the reroofing market spearheaded by a coalition of trade associations, including IIBEC, the Asphalt Roofing Manufacturers Association, Canadian Roofing Contractors Association, Chemical Fabrics & Film Association Inc., EPDM Roofing Association, National Roofing Contractors Association, National Women in Roofing, Polyisocyanurate Insulation Manufacturers Association, Roof Coatings Manufacturers Association and Single Ply Roofing Industry.
Participants in the survey included contractors (67%) and consultants (33%) whose firms’ annual gross revenues ranges from less than US$1 million (21%) to more than US$100 million (4%). Most respondents either provide a blend of low-slope and steep-slope roofing services (46%) or work on low-slope roofs exclusively (42%).
All regions of the United States and most Canadian provinces were represented (there were no respondents from Saskatchewan, Manitoba, or Newfoundland & Labrador).
Overall, the survey results suggest that opportunities in the reroofing industry have improved or held steady when compared with business in the same quarter of 2020:
- More than half (54%) of respondents said that the number of customer inquiries to their firm had increased; 29% indicated that they were fielding the same number of inquiries, and 17% said inquiries had declined.
- Project contracts increased by more than 25% for 16% of respondents and rose between 5% and 25% for another 38% of participants. About one-fourth (28%) of the 294 individuals who answered this question reported no change from last year, and 17% said they had fewer project contracts this year.
Data comparing business in the first and second quarters of 2021 revealed similar patterns:
- Customer inquiries increased for 53% of respondents, did not change for 31%, and declined for 16%.
- Project contracts were up for 53% of participants, did not change for 33%, and were down for 15%.
The final survey question addressed project backlogs as of July 2021. Roughly one in five respondents (19%) reported no project backlogs. The rest reported backlogs of one to two months (37%), three to four months (20%), five to six months (14%), and more than six months (9%).
A reminder that anyone who completes the survey will get full access to all of the past and current survey results. Any roofing contractor or consultant who wants to participate in next quarter’s brief survey can sign up for a notification at: http://bit.ly/37ank7D.