2022 Pricing & Supply Predictions for the Roofing Industry
Inflation and supply chain disruptions have been hot topics the last few months. Prices everywhere are rising. What does this mean for you as the homeowner?
2022 Pricing & Supply Predictions for the Roofing Industry
Inflation and supply chain disruptions have been hot topics the last few months. Prices everywhere are rising. The food you eat and the clothes you wear are both probably more costly this year than they were last year. The roofing industry is not immune to these issues. While general contractors and roofers are experiencing record breaking growth, they are also facing many challenges; from supply chain issues, to the increase in prices across the board, to pushing project start dates back.. But what exactly does that look like for YOU, the consumer?
Supply chain shortages and delays are amongst the top issues facing the roofing industry. Despite record growth in the industry, roofing professionals are having to push projects out further to combat any potential delays. Shortages have also been seen among certain materials and colors. Roofers are working closely with distributors to keep the supply chain as open as possible despite the almost daily price increase and shortage notifications. Projects that would normally be scheduled for 2-3 weeks out are now being scheduled for 3-6 weeks out.
Supply shortages aren’t the only hurdle the industry will have to overcome this year. Inflation has touched nearly every industry. A recent report from NRCA states that construction materials have increased in price by 22.3% since last year. Some manufacturers have even notified roofers of a 100% price increase on certain materials. Steel and iron prices are up close to 90% compared to prices in 2021. These rising costs may cause projects to change to accommodate the consumer’s budget and timeline.
Despite the best efforts of roofing industry professionals, these issues will be felt at the consumer level for at least the first quarter of 2022. Projects will be pushed back and likely cost more upon completion. Future job bids have to take all these things into consideration as well. All these challenges are making roofers more resourceful and resilient. Regardless of the post pandemic effects, the roofing industry is expected to grow to $157.3 Billion in the next 6 years, according to a recent publication from The NRCA. Even with a drastic decrease in commercial roofing projects, the increase in residential roofing projects has more than filled the gap.
As you research your future residential or commercial roof installation, keep these things in mind. Choosing the right professional, with the right materials, and a financing plan that fits your financial needs will benefit everyone in the long run. Don’t worry, prices and supply chain issues are predicted to normalize as we inch closer to 2023. However, don’t let prices or supply issues keep you from getting a new roof installed this year.
Here at Bourbon Country: Roofing, Exterior, and Custom Homes, we strive to meet the needs of all of our customers while offering financing options to help ease the financial burden. Based in Bardstown Kentucky, we also serve Louisville and Elizabethtown, KY.
Reach out to the professionals at Bourbon Country: Roofing, Exterior, and Custom Homes today to see how we can help you get that new roof this year.
Bourbon Country: Roofing, Exterior, and Custom Homes services Kentuckiana and can be reached via email: chad.bcroof@gmail.com or via phone: 270-401-1918.
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