Cleveland OH, May 1, 2023 – According to a new study by The Freedonia Group, US Low-Slope Roofing, shifts in demand for low-slope roofing can vary from year to year, determined by a number of factors – primarily related to building construction activity. These factors include:
- interest rates – low interest rates may encourage business owners to take out lines of credit often used to fund roof repair and replacement projects
- the number and types of commercial buildings erected or repaired in any given year
- the types of roofing materials most often specified by contractors and other consumers in a particular region of the US
- the roofing materials originally installed on the structure
The US has a significant number of homes and businesses with roofs that are at or near the end of their expected lifespans. Thus, age-related reroofing is the most significant driver of roofing demand in the US.
In addition, a number of other variables can affect demand for roofing in a particular year or over a short period of time, such as:
- weather conditions, especially outbreaks of severe weather that can cause widespread damage to roofs (e.g., hurricanes and tropical storms, tornadoes, hailstorms, and winter storms)
- changes and modifications to state and local building codes
- the adoption of legislation (such as the Tax Cuts and Jobs Act of 2017) that can cause a temporary increase in reroofing activity
- insurers requiring homeowners to replace older or worn roofs with newer materials that better resist severe weather on condition of maintaining coverage
- changes in the price of raw materials (e.g., asphalt, metal, lumber) that can cause the per-square cost of roofing materials to increase or decrease sharply
Low-slope roofing demand advanced sharply in 2021, marking the strongest gains for this market since 2016. This growth was spurred by multiple outbreaks of severe weather across the US.