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Trade association coalition completes quarterly market index survey for reroofing

A coalition of industry trade associations based in Arlington, VA, representing contractors, consultants and manufacturers in the U.S. and Canada, has completed its second quarter 2022 Market Index Survey for Reroofing. The survey takes the pulse of the reroofing industry on a quarterly basis and serves as a regular barometer of the industry’s business conditions.

The Polyisocyanurate Insulation Manufacturers Association (PIMA) reported that 147 respondents completed the eight-question survey during a two-week period in July 2022 with approximately 80 percent of responses coming from roofing contractors and 20 percent coming from roofing consultants. Approximately 89 percent of respondents indicated that their business is primarily low slope or a blend between low slope and steep slope while 12 percent of respondents are engaged in steep slope only. A majority of respondents (47 percent) reported annual gross revenue of between one million and ten million U.S. dollars.

The survey results indicate general optimism for most market segments (as measured by a value greater than 50 in the respective index) though each index trended lower compared to the prior quarter. The customer inquiry index for the steep slope business segment turned negative for the second quarter dropping to 41.2 from 55.0 the prior quarter.

Some topline excerpts of the survey include (note: totals may not equal 100 due to rounding):

Customer Inquiries: Forty percent of all respondents indicated that customer inquiries increased during the second quarter of 2022 compared with the same quarter in 2021, with 11 percent indicating an increase of more than 25 percent. Twenty-nine percent of respondents reported a decrease in customer inquiries during the same period, and 31 percent indicated no change in activity.

Project Contacts: Forty-three percent of all respondents reported an increase in project contracts during the second quarter of 2022 compared with the same quarter in 2021. Twenty-four percent of respondents reported a decrease in project contracts during the same period, and 34 percent indicated no change in activity.

Project Backlog: Fifty-two percent of all respondents reported a project backlog of three months or longer as of July 2022 compared to 46 percent of respondents that reported a similar backlog in April 2022.

Customer Inquiries Index*: The Customer Inquiries Index for the total industry, including both low and steep slope dropped to 55.4 for Q2 2022 compared to 62.8 in the prior quarter.

Project Contracts Index*: The Project Contracts Index for the total industry including both low and steep slope fell slightly to 59.2 for Q2 2022 compared to 62.1 in the prior quarter.

* The index is based on a zero to 100 scale, with a score of 50 or higher suggesting expansion or optimism, while a value below 50 indicates contraction or pessimism.

Mark Buckshon
Mark Buckshonhttps://washingtonconstructionnews.com
Mark Buckshon is the publisher and interim editor of Washington Construction News. He is also president of the Construction News and Report Group of Companies. He combines a journalism and business background, and has published construction trade publications for more than 30 years, after an earlier career in journalism, which culminated when he lived through the transition from Rhodesia to Zimbabwe in 1978-80 as a sub-editor for the Bulawayo Chronicle and a correspondent for a Canadian news service.

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