A snapshot of the industry: The Q3 2024 Market Index Survey for Reroofing results are out!

By Emma Peterson.

Learn about the reroofing industry’s successes and gaps throughout this last quarter.  

Every quarter, a coalition of leading trade organizations and associations, including but not limited to the National Roofing Contractors Association, National Women in Roofing, the Canadian Roofing Contractors Association and our very own RoofersCoffeeShop®, send out a market index survey for reroofing. This helps all members of the industry get a good perspective on what’s happening in the market and helps track the state of the industry over the years. Justin Koscher, the president of Polyisocyanurate Insulation Manufacturers Association (PIMA), one of the participating organizations, provided a summary of what this quarter’s survey found! Here are some of the highlights:  

Respondent demographics

• Businesses: Roofing contractors comprised 80% of respondents; roofing consultants comprised 20% of respondents.

• Markets: 81% of respondents indicate that their business is primarily low slope or a blend between low and steep slope; 19% of respondents are engaged in steep slope only.

• Materials: 51% of roofing contractor participants reported that the volume of materials installed increased in Q3 2024 compared to Q3 2023. 24% reported no change and 24% reported a decrease.

Customer inquiry questions

Overall, 40% of respondents reported that they saw an increase in customer inquiries over the past quarter, with 30% seeing no change and the final 31% seeing a decrease. To get a better understanding of these numbers, the survey has what is called the customer inquiries index. This is based on a 0 to 100 scale where a score of 50 or higher suggests expansion or optimism, while a value below 50 indicates contraction or pessimism. For the industry on a whole, there was a slight increase to 54.4 for Q3 2024 compared to 52.3 for Q2 2024.  

Project contract questions

As for the project contracts index, which is measured using the same 0 to 100 scale as the customer inquiries index, the industry as a whole jumped to 58.2 for Q3 2024 from 50.3 for Q2 2024. For the steep slope side of the industry, the sentiment was very positive with a reading of 56.7 for Q3 2024. On the low slope side, the sentiment was also positive, with an increase to 54.1 for Q3 2024 from 53.0 for Q2 2024.   

In addition to this, 44% of respondents reported that project contracts increased for Q3 2024 as compared to the same quarter previous year, while 29% reported no change and 28% reported a decrease.  

If you responded to this quarter’s survey, make sure to check out the full report of the results on your online dashboard. Want to keep up to date on the industry next quarter and get access to key response data?  

Keep an eye out for the Q4 2024 survey, which opens in early January. You can sign up for notifications online!