By Emma Peterson.
Every quarter a coalition of national roofing industry trade associations sends out a survey to professionals across the roofing industry. This is their Quarterly Market Index Survey for Reroofing and is an incredibly helpful tool to understanding where the industry is. The results are collated by a third party and illustrate the successes and gaps in the industry from year to year. Justin Koscher, president of the Polyisocyanurate Insulation Manufacturers Association (PIMA), provided the highlights for us. Here are some key takeaways from the Q2 2024 Market Index Survey for Reroofing results. HYPERLINK "https://www.rooferscoffeeshop.com/post/trade-association-coalition-announces-q2-findings-from-market-index-survey-for-reroofing-2"You can read the full release here.
Overall, this survey demographics were:
After collecting all of these responses, there are some interesting shifts between this year and the previous year emerged.
32% of roofing contractor participants reported that the volume of materials installed increased in Q2 2024 compared to Q2 2023. 30% reported no change and 38% reported a decrease in materials installed YOY.
35% of all respondents reported that customer inquiries increased for Q2 2024 as compared to the same quarter previous year; 33% reported no change; 31% reported a decrease. An important note is the Customer Inquiries Index for the total industry. This index is based on a 0 to 100 scale. A score of 50 or higher suggests expansion or optimism, while a value below 50 indicates contraction or pessimism. This survey found that this index continued to decline to 52.3 for Q2 2024 compared to 59.2 for Q1 2024. Businesses engaged in primarily steep-slope roofing moved deeply into negative territory with a reading of 36.0 with other market segments remaining positive for Q2 2024 albeit at lower levels compared to the prior quarter.
32% of all respondents reported that project contracts increased for Q2 2024 as compared to the same quarter the previous year. Further, the Project Contracts Index for the total industry (which operates on the same scale as the Customer Inquiries Index) slipped to 50.3 for Q2 2024 compared to 61.0 for Q1 2024. Again, businesses engaged in primarily steep-slope roofing led the drop with a negative sentiment reading of 38.0 for Q2 2024. Sentiment among businesses engaged in primarily low-slope roofing remained positive but declined to 53.0 for Q2 2024. And, as of July 2024, 34% of all respondents reported a project backlog of three months or longer. This is down two points compared to the percentage of respondents that reported similar project backlogs in April 2024.
The Q3 2024 survey will open in early October. By responding to this survey between Tuesday, October 1, 2024, and Monday, October 14, 2024, you can help participate in tracking the growth in the industry. There will be more details released in September and you can sign up for notifications to make sure you see them!
Learn more about Polyisocyanurate Insulation Manufacturers Association (PIMA) in their Coffee Shop Directory or visit www.polyiso.org.
About Emma
Emma is a content intern for the Coffee Shops and AskARoofer™. When she's not writing, she enjoys a good movie night with friends and trying to cook new recipes.
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