Study reports U.S. roofing demand will grow 3.9 percent annually through 2019
A new study from The Freedonia Group, Cleveland, reports U.S. demand for roofing is projected to increase 3.9 percent annually to 252 million squares in 2019—valued at $21.4 billion, according to www.building-products.com.
This increase will follow the drop in roofing demand during 2009-14 as nonresidential building construction spending and residential reroofing activity declined.
The largest share of roofing demand in 2014 was for asphalt shingles; demand is expected to increase at an above-average pace through 2019 as a result of rebounding housing starts and consumer interest in laminated asphalt shingles.
The report predicts roof tiles will experience the most rapid growth because of strong gains in housing starts in the South and West, where tiles are most often installed.
Plastic roofing is expected to experience above-average demand as its use in low-slope applications increases, and metal roofing also is projected to experience above-average demand—in part because of its ability to support solar panels.
Reroofing accounted for 81 percent of U.S. roofing demand in 2014. This reflects a decline from 2009, when new construction activity was low and the damage caused by Hurricane Ike and other storms increased demand for roof replacements. Although reroofing demand was low in 2014 because of tighter lending requirements and fewer home improvement projects, the study reports reroofing should rebound through 2019.
The study projects new building construction activity will lead demand gains for roofing through 2019 as housing starts, nonresidential demand and the demand for institutional and industrial construction increase.