III. Industry Analysis
The Roofing industry is currently valued at $56.1 billion dollars with approximately 108,000 roofing contractors operating in the United States. Since 2018, there has been a 15% increase in the number of roofing contractors throughout the country.
Demand for roofing has remained steady over the past five years and is expected to increase as more older homes in the U.S. are needing replacement roofing. Additionally, new homes are being built at a fast rate in many areas throughout the country, all of which will need new roof installations.
Healthy disposable income growth combined with an increase in environmentally conscious purchasing decisions has enticed residential consumers to spend money on home improvement projects such as replacing their old roofs with green roofing materials.
Commercial clients are looking for ways to be more energy efficient and eco-friendly as well. Many are investing in green roof replacements for their commercial buildings. The shift toward green products has helped support a higher level of average industry profit.
Moving forward, industry revenue is projected to increase an annualized 3.5% over the next five years as technological advancements and rapid urbanization are expected to positively impact industry demand. For capturing eco-conscious customers, operators should offer green and energy efficient roofing products.