The Q4 2022 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 the vast majority of respondents doing business on both steep-slope and low-slope roofs; about 9% 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 Q4 2022 as compared to the same quarter previous year; 31% reported no change; 27% reported a decrease.
- The Customer Inquiries Index* for the total industry dropped to 56.9 for Q4 2022 compared to 60.1 for Q3 2022. This drop was led by a decline in confidence within the steep slope respondents.
- Project Contracts: 38% of all respondents reported that project contracts increased for Q4 2022 as compared to the same quarter previous year; 34% reported no change; 28% reported a decrease.
- The Project Contracts Index* for the total industry dropped to 55.2 for Q4 2022 compared to 61.9 for Q3 2022. The drop reflects a slight decline in sentiment in the steep slope market.
- Project Backlog: 40% of all respondents reported a project backlog of 3 months or longer as of January 2023 compared to 52% of respondents that reported a similar backlog in October 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 April.
Special thanks to my buddy Justin Koscher of PIMA for compiling the highlights.