Roofing Industry Price Increases: What You Need to Know
The COVID-19 pandemic has affected nearly every industry on the planet, and roofers are no exception. Global lockdowns have resulted in disrupted supply chains with a severely scaled-down workforce.
This, combined with an even greater need for reconstruction following a summer of storms affecting the Gulf of Mexico, has led to an increase in pricing and an overall shortage of materials within the American roofing industry.
The lumber industry has seen record increases in pricing following the pandemic. In August 2020, the cost of lumber spiked by 14.1%, the largest four-month increase since 1949.
A heavy 2020 storm season combined with limited availability of raw materials due to the pandemic has led to an increase of between 2-7% in the cost of shingles from many manufacturers.
Unfortunately, we are now at the beginning of the 2021 storm season, which will likely contribute to further shortages and price increases.
Asphalt is a byproduct of the petroleum refining process. COVID lockdowns resulted in a decreased demand for products like gasoline and jet fuel, which cut down on black oil production-the primary source of byproducts like asphalt.
Without the incentive of gas and fuel production to continue black oil processing, the cost of asphalt and other byproducts has gone up considerably. In November 2020, for example, IKO announced a 4-6% increase in pricing for all commercial and residential roofing products, effective February 1, 2021.
J&K Roofing Has You Covered
We Know Our Suppliers
Over our 35+ years in business, J&K Roofing has built a relationship with our suppliers. In the event that we do need to order more materials for your roofing project, we will work with manufacturers to lock in pricing and availability so there will be no surprises going forward.
We continue to streamline the ordering process to keep inventory issues to a minimum.
J&K Roofing services the Denver Metro, Front Range, Colorado Springs, and Fort Collins areas. Call us today to schedule your free inspection to make sure your roof is ready for Colorado’s notorious storm season!