Navigating the Heights: Increasing Roofing Demand Is Driving This Growing Industry
The booming construction industry is home to several important markets that continue to drive revenue, including roofing. Roofing is crucial to both the construction and real estate industries, as contractors are responsible for installing, repairing, and maintaining residential and commercial roofs. It’s no surprise that roofing demand has increased, especially considering the current real estate market and ever-expanding new building and infrastructure construction projects.
The growing roofing industry in the US is projected to generate revenue totaling $56.7B in 2023. Currently, there are 37,340 roofing businesses representing the US roofing market. Having experienced an annual growth rate of 1.2% during the five years leading up to 2023, this booming market is projected to increase at an annualized rate of 0.5% to $58.1B over the next five years.
So, what’s driving the demand for roofing contractors? The industry’s growth can be attributed to increased investments in residential housing and commercial building development. Over the next five years, the value of residential construction is expected to grow at an annualized rate of 0.6%. With more projects on the horizon, there’s an expanding opportunity for entrepreneurs to take the plunge into business ownership.
With the rising demand for roofing services, there’s never been a better time to consider investing in a franchise with Bumble Roofing. Let us help you build a thriving roofing business, complete with comprehensive training, continuous support, industry expertise, a proven business model, and more. No matter your level of experience, you can become a roofing business owner with our affordable investment opportunity.
Current Landscape of the Roofing Industry
When looking at the current state of the roofing industry, you’ll notice its dynamic landscape, shaped by various factors influencing its growth and development. Driven primarily by the residential market, the roofing industry is expanding due to burgeoning construction activity, a rise in renovation and remodeling projects, and increasing demand for energy-efficient roofing materials.
Check out some interesting roofing industry stats:
- The majority (94%) of roofing projects in North America are replacement services.
- New roofing projects associated with residential construction will account for twice as many reroofing projects as housing prices retreat and level by 2025, as recent elevated housing activity will sustain new roofing demand.
- Profitability in the roofing industry is expected to be at 5.3% of revenue in 2023. Wages account for 25.2% of industry revenue, and purchase costs, including materials and subcontractor payments, account for 43.9% of the industry’s revenue.
- The roofing contractors industry in the US was the 17th-ranked sector in the construction industry in terms of size in 2022.
- Larger contractors focus on long-term commercial contracts rather than one-off residential jobs, driving consumer demand.
- Residential roofing product shipments are projected to increase 8.2% annually to reach $15B in 2025.
- Foreign trade plays a minor role in the US roofing market, as imports accounted for only 2% of roofing sales in 2020.
- Roofing contractors are projected to increase the number of workers at an annualized rate of 0.8% to 220,989 workers over the next five years.
- Homeowners and builders are choosing products with superior performance and aesthetic properties to offset the pricing increase for asphalt shingles and bituminous low-slope membranes due to the rising prices of petroleum and related products.
Technological Advancements in Roofing
The strong demand for roofing products nationwide is also increasing as consumers seek more technologically advanced roofing systems. The evolving capabilities of roof technologies are driving the market to a more sustainable future and providing a way for roofing companies to differentiate their offerings and capitalize on these emerging market trends.
Eco-friendly roofing products have grown more popular over the past five years. Environmentally friendly roofing products designed for long-term performance, especially in harsh weather conditions, are in high demand. Consumers are seeking high-quality roofing to lower renovation costs and increase the roof’s lifespan, as well as sustainable and energy-efficient roof solutions to reduce their utility bills and carbon footprint.
Other innovations like smart roofing materials, employing drones for precise measurements, and advanced manufacturing processes are enhancing both functionality and efficiency when it comes to roofing. Roofing contractors must adapt and expand their service offerings to stay competitive as new roofing technologies become more available and widely adopted.
Franchise Opportunities in Roofing
With so much industry growth, new investors have so much potential to strike while the iron is hot. And, when you invest in a roofing franchise opportunity with Bumble Roofing, you’ll find our low barrier to entry and affordable initial investment will help you see a return in no time.
With our turnkey investment, you’ll gain access to our proven business model to help you avoid many of the pitfalls and challenges that can affect new business owners as they start operations. Thanks to our thorough training program and ongoing dedicated support, you’ll learn everything there is to know about running a roofing business with confidence. We’ll show you our best sales techniques and simple approach to the purchasing process to gain more customers and expand your customer base.
As a roofing franchisee, you’ll benefit from our exclusive tools, equipment, operations manuals, proprietary software, and other resources to help you create quotes for clients in no time. Our strong purchasing power means you’ll get the best prices for materials and supplies, translating into cost savings for both you and your clients. Plus, we’ve always got your back, so you can count on our team’s research and development to keep you ahead of industry updates, so you’ll be able to adapt to changes in regulations and standards and continue growing a roofing business.
Contact us today to learn more about owning a roofing company with Bumble Roofing and how we can help you break into the booming construction industry.
Bumble Roofing is a Member of the Empower Brands Family