The Q1 2023 Market Index Survey for Reroofing shows increasing customer inquiries but a slight decline in general confidence.

Respondents include both roofing contractors and roof consultants with >80% of respondents doing business on both steep-slope and low-slope roofs; about 18% of respondents do business on steep-slope only. Below are a few topline highlights of the recent survey:

    • Customer Inquiries: 41% of all respondents reported that customer inquiries increased for Q1 2023 as compared to the same quarter previous year; 39% reported no change; 20% reported a decrease.
    • The Customer Inquiries Index* for the total industry rose to 60.5 for Q1 2023 compared to 56.9 for Q4 2022. The sentiment for all market segments rose in the first quarter reading with the largest increase in positive sentiment coming from businesses that complete primarily steep slope work.
    • Project Contracts: 48% of all respondents reported that project contracts increased for Q1 2023 as compared to the same quarter previous year; 31% reported no change; 23% reported a decrease.
    • The Project Contracts Index* for the total industry jumped to 62.5 for Q1 2023 compared to 55.2 for Q4 2022. Again, the sentiment improved across all market segments led by a significant increase in positive sentiment from businesses primarily engaged in steep slope work.
    • Project Backlog: As of April 2023, 44% all respondents reported a project backlog of 3 months or longer. This is up from 40% of respondents that reported similar project backlogs in January 2023

*Note: 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.

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.

Special thanks to my buddy Justin Koscher of PIMA for compiling the highlights.