The Q2 2022 Market Index Survey for Reroofing shows increasing project contracts but a decline in general confidence.
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 12% of respondents do business on steep-slope only. Below are a few topline highlights of the recent survey:
- Customer Inquiries: 40% of all respondents reported that customer inquiries increased for Q2 2022 as compared to the same quarter previous year; 31% reported no change; 29% reported a decrease.
- The Customer Inquiries Index* for the total industry dropped to 55.4 for Q2 2022 compared to 62.8 for Q1 2022. This drop was led by a significant decline in confidence within the steep slope respondents.
- Project Contracts: 43% of all respondents reported that project contracts increased for Q2 2022 as compared to the same quarter previous year; 34% reported no change; 24% reported a decrease.
- The Project Contracts Index* for the total industry dropped to 59.2 for Q2 2022 compared to 62.1 for Q1 2022. The drop reflects a slight decline in confidence across all market segments.
- Project Backlog: 52% of all respondents reported a project backlog of 3 months or longer as of July 2022 compared to 46% of respondents that reported a similar backlog in April 2022.
*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 October.
Special thanks to my buddy Justin Koscher of PIMA for compiling the highlights.