The Q1 2022 Market Index Survey for Reroofing shows increasing customer inquiries and increasing project contracts.
Respondents include both roofing contractors and roof consultants with the vast majority of respondents doing business on both steep-slope and low-slope roofs; about 15% of respondents do business on steep-slope only. Below are a few topline highlights of the recent survey:
• Customer Inquiries: 46% of all respondents reported that customer inquiries increased for Q1 2022 as compared to the same quarter previous year; 36% reported no change; 20% reported a decrease.
• The Customer Inquiries Index for the total industry dropped slightly to 62.8 for Q1 2022 compared to 63.8 for Q4 2021. The 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.
• Project Contracts: 46% of all respondents reported that project contracts increased for Q1 2022 as compared to the same quarter previous year; 32% reported no change; 22% reported a decrease.
• The Project Contracts Index for the total industry rose to 62.1 for Q1 2022 compared to 61.1 for Q4 2021. The 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. See attached presentation for index values specific to each market segment.
• Project Backlog: 46% of all respondents reported a project backlog of 3 months or longer as of April 2022 compared to 51% of respondents that reported a similar backlog in January 2022.
To see the details of the survey results … you must complete the survey! Only respondents are able to see the full results. Stay tuned to the NWiR newsletter or communication from IIBEC, NRCA, the Canadian RCA, or your local roofing contractor association for an announcement when the next reporting period for the survey opens in early July.