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Q4 2023 Market Index Survey for Reroofing Shows Stability or Growth

The results for the Q4 2023 Market Index Survey for Reroofing are now available.

Below are a few topline highlights of the recent survey.

  • Respondent Demographics:
    • Business Type: Roofing contractors comprised 72% of respondents; roofing consultants comprised 28% of respondents.
    • Market Type: 83% of respondents indicate that their business is primarily low slope or a blend between low and steep slope; 17% of respondents are engaged in steep slope only.
  • Materials Installed: 50% of roofing contractor participants reported that the volume of materials installed increased in Q4 2023 compared to Q4 2022. 30% reported no change and 20% reported a decrease in materials installed YOY.
  • Customer Inquiry Questions:
    • Customer Inquiries: 37% of all respondents reported that customer inquiries increased for Q4 2023 as compared to the same quarter previous year; 47% reported no change; 16% reported a decrease.
    • The Customer Inquiries Index* for the total industry dipped slightly to 60.6 for Q4 2023 compared to 63.8 for Q3 2023. Businesses engaged in primary low slope roofing reported an increase in positive sentiment with other market segments reporting lower levels of optimism as compared to the prior quarter.
  • Project Contract Questions:
    • Project Contracts: 42% of all respondents reported that project contracts increased for Q4 2023 as compared to the same quarter previous year; 41% reported no change; 17% reported a decrease.
    • The Project Contracts Index* for the total industry ticked lower to 62.0 for Q4 2023 compared to 63.9 for Q3 2023. Optimism among businesses engaged in primarily low slope roofing increased. Positive sentiment among businesses engaged in primarily steep slope roofing fell from Q3’s all-time high reading of 77.3 to 52.9 for Q4 2023.
  • Project Backlog: As of January 2024, 47% of all respondents reported a project backlog of 3 months or longer. This matches the percent of respondents that reported similar project backlogs in October 2023.

Summary courtesy of Justin Koscher, PIMA