Roofing is something you absolutely cannot ignore. If you own a house, you have to do maintenance, which includes repairing, replacing, and caring for the roof you have installed. Roofing contractors in the USA have experienced increased sales in their business in the last four years, from 2018 to 2021.
This clearly shows that the roofing industry is booming right now. But, how the industry will fare in the near future is a bit of a concern.
To help you out, here are a few vital roofing industry statistics that will give you an overview of the current industry situation and the possibilities for the future.
An Overview of the Roofing Industry Statistics
The global market size of the roofing industry was valued at $102.4 billion in 2020, which is expected to reach $156.0 billion by 2030. Advancements in roofing materials and technologies have created new opportunities in the market, and rapid urbanization worldwide is anticipated to enhance market growth on a larger scale.
Various other factors like eco-friendly roofing materials, energy-efficient roofing solutions, increasing construction activities, and other multiple factors will also drive the roofing market in the period between 2020 to 2027. On the other hand, high implementation, installation cost, and market penetration might hamper a small part of the market growth during the mentioned time.
Roofing Industry Marketing Statistics
The Roofing Industry Market is expected to expand in the next five years. These key roofing statistics and trends will help you understand the industry growth better:
- The industry growth rate of US roofing industry contractors was 3.8% in 2021.
- There are about 108,069 roofing contractors in the USA.
- The market size of the roofing industry was worth $51.9 billion in 2021.
- The roofing market has always maintained steady growth, with over five billion dollars in total earnings over the years to come.
- Demand for roofing projects will increase as the age of housing grows in the US.
- The popularity of green roofing has enabled houses to combat persistent flooding.
- Indicators show that roofing demand will increase at 4% every year, making it over 10 billion dollars in net worth.
Roofing Industry Employment Statistics
There is a vast network of roofers spread across different areas in the US. They make up 54% of the entire market. Some basic roofing industry statistics related to employment include:
- Since 2018, there has been a 15% increase in the number of people employed as roofers.
- There are currently about 220,000 people actively employed in the roofing business, an increase of almost 30,000 workers in the last three years alone.
- Most US roofers work as independent contractors within large organizations.
- The USA provides roofing employees handsome salaries, both at entry and professional levels. On average, they earn roughly $20 per hour.
- Additionally, overtime accounts for $6,000 of a roofer’s pay every year, including benefits like health insurance, life insurance, and paid leaves.
- If rates continue the way they are going, then the industry could see exceptional growth for roofers at entry-level employment.
Roofing Industry Statistics in the Coming Years
The roofing market in the United States reached $15.47 billion in 2021. These roofing industry statistics are further expected to grow by about 3.50% between 2022-2027. That means the roofing industry will be valued at around $18.96 billion by 2027.
The critical factors for this massive growth are rapid urbanization and technological advancements. The annual growth expectancy of the entire industry is expected to increase five percent in the next year.
Roofing is a profitable sector that won’t change anytime soon. With many businesses meeting their profit margins, many economists predict it will surpass 19 billion dollars at the end of 2022, which is over the initial prediction.
Over 50 percent of roofing contractors who participated in surveys anticipated an increase in employment, jobs, and customer spending on roofing projects. Overall, 65% of the value in roofing sales comes from the product segment in the roofing industry. Other elements in roofing are steady but have not seen significant growth like this one.