Remember seeing the effects that oil pricing spikes, material shortages, and inflation had on the economy during COVID? Of course, you do! We're still grasping onto our lifeboat in thrashing waves and torrential downpours as far as that goes. Supply chain issues are happening everywhere, all over the world, and in every industry. The roofing industry is no exception! During the lockdown of 2020, construction increased, making it difficult to acquire materials from companies that were shut down (which were abundant)- make sense?
Even though we're still seeing this trend today, not to fear! It's gotta let up at some point, right? Right? RoofCrafters has been in the industry for nearly thirty years, so we know exactly what supply-chain issues can do to businesses, big and small. Eventually, the difficulties trickle down to homeowners, and we know that's tough!
The construction industry is one of the hardest-hit industries when economic collapses and hard times hit. Material shortages cause massive project delays, that are stressful to all parties involved. To make matters worse, the need for new homes and buildings hasn't slowed down. More projects are being planned, scheduled, and coming out of the ground right now. If you’re concerned about how supply chain issues, oil price increases, and inflation are affecting the roofing industry (and possibly your next roofing project), keep reading! By the time you finish, you'll have a better idea of what all of this fluff means for you and the industry itself.
Have We Seen the Worst of It?
Let's uncover some truths about what may come later on. With over 80% of roofing materials being asphalt shingles or asphalt-based products, there are many factors that are having a massive impact on the roofing industry. These factors may affect your upcoming roofing project:
- Shortage of Truck Drivers
- Less $ For Flatbed Truckers (Roofing Materials Are Hauled on Flatbed Trucks)
- Decreased Hours Truckers Can Drive
- Diesel Prises on the Rise
- Increased Oil Prices
- Shortage of Asphalt
- More? Absolutely.
These issues have created limited color options and material shortages causing delays to roof replacements and repairs. Now we're just beginning to see an impact on the overall cost of roofing projects. Please note- this article isn't meant to scare you, it's to help you understand how this may affect your next roofing project. With limited color selections available, longer timeframes to get your project scheduled and higher costs should be expected.
All roofing manufacturers, the suppliers who distribute those materials, and roofing contractors alike are dealing with the same supply chain issues, which will all be explained below.
Will This Affect My Upcoming Roof Replacement?
Unfortunately, that's entirely possible. The three main things that are causing the most disruption for roofing projects in 2023 are:
- Increased Costs
- Timeline Delays
- Limited Colors
Increased Material Costs
If you think you're getting close to needing your roof replaced, contact your local roofing contractor now. Prices have only increased slightly so far. There's still a window of opportunity to save thousands of dollars on your roof investment!
The last major price increase for asphalt shingles happened just after hurricane Katrina hit New Orleans. Not to sound cliche, but it may have been the perfect storm. The price for a barrel of oil was around $50, then it spiked to $103.71 by the summer of 2006. The cost of asphalt shingles spiked, too, nearly doubling from 2005 to 2006.
Looking back and seeing where we are now, we just witnessed barrels of oil go from $20 to over $100! Again, there's still a great window of opportunity to get ahead of the next round of shingle price increases. We anticipate shingle prices nearly doubling over the coming year.
Here’s why we believe this will happen:
- Diesel prices are rising and are not expected to fall anytime soon. It costs more to have the materials delivered.
- Combine diesel increases with the shortage of truck drivers and then add in that our federal government reduced hours these drivers are allowed to drive- we've got a situation.
Timeline Delays and Color Limitations
The material shortages will surely cause delays in your local roofing contractor getting the materials (depending on the type you select and possibly down to the color you choose.) You may be waiting for several weeks or even months until the materials you want are available for your new roof. The shingle manufacturers have been spending the majority of their production time on colors that are most commonly used.
Most of the production has been neutral shingle colors because of the amount of roofing being done in the new construction sector. New home builders typically use neutral colors because they're easier for them to match with exterior color schemes.
Like most roofing contractors, we're working as hard as we can to get the materials and schedule the installation of the roofs as quickly as possible! We know it’s a frustrating situation when you have a roof leak and the color you want isn't available. Trust us, we don't like breaking the news, either. Customer satisfaction is essential to most roofers.
We get it, too! A roof is a huge investment. It’s also a long-term one, and no one wants to just take what's available. No one wants to just throw a random neutral color in they didn’t really want and have that plastered to their home for the next 30 years. Sadly, these obstacles and many more are likely going to continue to affect the roofing industry for the foreseeable future.
What Can I Do While I Anticipate My Roofing Project?
Whether you’re planning to get your new roof from RoofCrafters or another local roofing contractor, we can offer a few different recommendations.
If you know your roof will need to be replaced within the next 2 or 3 years, you may want to consider moving forward sooner to save a lot of money. Based on history, we're talking about potentially saving thousands of dollars on a rather large investment. A roof that costs 10k today with the rising oil prices, labor shortages, and inflation is expected to cost 15k to 16k in the near future.
With a simple interest loan, financing a roofing project may be a good option. With no early payoff or penalty fees, by paying the loan off early, you're able to reduce the already low-interest rate down more, saving money.
Should I Get Ahead on My Investment?
As we discussed, it's the perfect time to hop onto a roof replacement now before prices skyrocket even more, and they will. We want you to get the most for your money, because you deserve it. Buying a home is enough, but adding a new roof on top of that is a lot of money on a good day.
To learn more about your options, check out our financing page, as well as the extensive resources in our learning center. Feel free to drop us a line when you’re ready to schedule your inspection. With all of the uncertainty in the world, one thing remains constant; when you choose RoofCrafters Roofing, you choose family!
