2014 Roofing Forecast

After a significant slowdown in the roofing industry following the 2008 housing bubble and subsequent commercial real estate decline, the industry is once again growing.

In general, the commercial roofing sector is responsible for driving the growth for both new and replacement roofing. Replacement roofing accounts for more than 70% of all commercial roofing demand. Specifically, the high demand for replacement roofs is due to a backlog of deferred replacements that began during the economic downturn of 2008.

In the residential roofing sector, new housing starts are predicted to hit 1 million in 2013, and 1.5 million by 2015. That will provide a boost to the roofing industry all over the country. Additional growth is also expected from pent-up consumer spending on long-overdue home improvements and roof replacements.

Overall, US demand for roofing is to rise 3.5% annually through 2017. This growth level is moderate and sustainable. That is good news for consumers as reputable companies like Global Roofing Group don’t have to scramble to meet out-of-control growth. Instead, they are staffing to meet steady demand and will continue to provide fantastic customer service and the highest quality roofing installations. It also allows roofers to explore many of the innovative new products coming onto the market and work with clients to meet the new trends.

Single-ply membrane and liquid-applied roofing are the fastest growing roofing materials for low slope commercial roofs. Asphalt shingles continues to dominate for installations on steep slope roofs; however, the demand for metal roofing is growing and new products are coming out that offer great options in durability, reflectivity, cost, roof life and more.

In the residential roofing industry, homeowners are looking for greater aesthetics and curb appeal, hence the high demand for dimensional asphalt shingles. Of course, asphalt shingles are still the most popular and cheapest roofing option (about 57% of the market). However, there are plenty of new products that provide the look of alternate roofing materials like slate, wood shakes and more, while still remaining a cost-effective alternative.

Finally, trends in eco-friendly, green options have grown significantly. Specifically, both commercial and residential owners are looking for improvements in roofing materials both for energy efficiency and sustainability. This has brought all kinds of new reflective coatings, protective membranes, more durable products and even solar panel roof tiles into the market.

Information for this article comes from Principia, and you can read the complete reports at:
http://www.principiareports.com/reports/2014-commercial-roofing.php
http://www.principiareports.com/reports/2014-residential-roofing.php