The Market Index Survey for Reroofing is an industry-led initiative that takes the pulse of business activity in the United States and Canada on a quarterly basis. For the quarter ending June 30, 2023, the survey results show a mixed outlook as positive trends either reversed or slowed compared to the Q1 2023 survey.
The survey asks respondents to report year-over-year activity for customer inquiries and project contracts as indicators of future reroofing activity. The survey produces indexes for each question. A score of 50 or higher suggests expansion or optimism, while a value below 50 indicates contraction or pessimism.
For the steep-slope market, the Q2 2023 Customer Inquiries Index turned negative dropping to 42.3 from a reading of 53.8 in the prior quarter. The negative reading is similar to the pessimistic outlook held in late 2022 for the market segment.
For the low-slope market, the Q2 2023 Customer Inquiries Index continued to rise reaching a reading of 65.3 up from 62.5 in the prior quarter. The positive sentiment in the low-slope market is at its highest reading since the first quarter of 2022.
Scores for the Project Contracts Index followed similar trends with the steep-slope market score dipping to 50.0 for Q2 2023 from 60.0 in the prior quarter. The low-slope market score remained positive dropping slightly to 60.5 from a reading of 61.7 in Q1 2023. The sentiment in the low-slope market remains off its highs reported in early 2022.
The survey also asks respondents to report the length of project backlogs as an indicator of economic activity. For the steep-slope market as of July 2023, 46 percent of respondents reported a project backlog of one month or longer. Respondents in the low-slope market reported longer project backlogs with 56 percent reporting a backlog of 3 months or more, and only 11 percent reporting no backlog.
New for the Q2 2023 survey, roofing contractor respondents were asked to compare the volume of materials installed to the same quarter prior year (Q2 2022). Forty-three percent said materials installed increased with 31 percent reporting no change and 25 percent reporting a decrease.
Roofing contractors and consultants doing business in the United States and Canada are eligible to participate in the quarterly survey. For the Q2 2023 survey, 81 percent of respondents were roofing contractors and 19 percent of respondents were roof consultants. Interested parties can sign-up for alerts to patriciate in future surveys at http://eepurl.com/hZH-29. The Q3 2023 survey will open in early October. Survey participants receive access to the full survey results.
The Market Index Survey for Reroofing is an industry-wide effort spearheaded by a coalition of trade associations, 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 Roofing Alliance, National Roofing Contractors Association, National Women in Roofing, Polyisocyanurate Insulation Manufacturers Association, Roof Coatings Manufacturers Association and Single Ply Roofing Industry.
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