Principia Stat of the Week: Roofing demand
Exploring the impact of weather, age and new construction on residential roofing.
Most U.S. residential roofing demand originates from the repair and remodeling (R&R) side of the market. As of 2019, R&R accounted for just under 84% of overall demand and is comprised of both age-related and weather-related demand (75% and 8%, respectively). This breakdown varies by region primarily due to varying levels of weather activity with weather accounting for 19% of roofing in the Southwest (which is the West South Central census division including Texas, Oklahoma, Louisiana, and Arkansas) and 9% in the Southeast.
With a new construction housing rebound in 2019, new single family permits have been on the rise since midyear. New roofing demand is now expected to grow at a faster rate than reroofing demand. New demand is expected to grow at an annual rate of 2.4% versus 1.4% for R&R through 2022. The Southeast and Midwest are expected to have above average growth rates in new construction, and the Southeast is the largest new construction market for roofing.
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