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Trade Association Coalition Announces Q4 Findings from Market Index Survey for Reroofing

NRCA trade coalition announces Q4 results
February 16, 2024 at 10:00 a.m.

A coalition of industry trade associations representing contractors, consultants and manufacturers in the U.S. and Canada has completed its Quarterly Market Index Survey for Reroofing for the fourth quarter of 2023.

The survey is an industrywide effort spearheaded by a coalition of trade assocations, 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, Metal Roofing Alliance, National Roofing Contractors Association, National Women in Roofing, Polyisocyanurate Insulation Manufacturers Association, Roof Coatings Manufacturers Association and Single Ply Roofing Industry.

Seventy-two percent of survey responses came from roofing contractors, and 28% of responses came from roof consultants. Most respondents (83%) indicated they primarily work on low-slope roof systems or a blend of low-slope and steep-slope roof systems while 17% indicated they primarily work on steep-slope roof systems.

Participants who identify as roofing contractors were asked to report the number of squares of reroofing material installed by their companies during the fourth quarter of 2023 compared with the same quarter in 2022. Fifty percent of respondents reported the volume of reroofing materials installed increased, 30% reported no change and 20% reported a decrease in materials installed year-over-year.

Thirty-seven percent of all survey respondents indicated their customer inquiries increased. Forty-seven percent of respondents reported no change in activity, and 16% indicated a decrease. Project contracts increased for 42% of respondents, 41% reported no change in activity and 17% indicated a decrease in project contracts.

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 for the total industry decreased to 60.6 compared with 63.8 for the third quarter of 2023. The score for the steep-slope reroofing market is 55.6, the score for the low-slope reroofing market is 62.2, and the score for the blended low- and steep-slope reroofing market is 61.1.
  • The project contracts index score for the total industry decreased to 62 compared with 63.9 for the third quarter of 2023. The score for the steep-slope reroofing market is 52.9, the score for the low-slope reroofing market is 61.4, and the score for the blended low- and steep-slope reroofing market is 66.3.

As of January 2024, 17% of respondents reported no project backlogs, 37% indicated project backlogs of one to two months, and 27% indicated backlogs of three to four months. Twenty percent of respondents reported project backlogs of five or more months.

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. Any contractor or consultant who wants to participate in the next quarter’s survey can sign up for a notification at http://bit.ly/37ank7D.

About NRCA

Since 1886, the National Roofing Contractors Association has been the home for generations of entrepreneurial craftsmen and enterprises who shelter and protect America’s families and businesses and each other. Our vision is the recognition of our members as professionals and to unite the industry to that purpose. NRCA is one of the construction industry’s most respected trade associations and the voice of roofing professionals and leading authority in the roofing industry for information, education, technology and advocacy. It represents all segments of the roofing industry, including contractors; manufacturers; distributors; architects; consultants; engineers; building owners; and city, state and government agencies. For information about NRCA and its services and offerings, visit nrca.net.



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