If you’re looking for a new roof installation this year, you’ll likely notice the estimates are higher than you predicted. It is disappointing for all roofing companies; we have no option but to reflect manufacturing price hikes. We must raise our roof prices, but we can also help you understand what’s happening.
Unfortunately, it isn’t just shingles and roofing products whose prices are inflated; prices have gone up across the board of manufactured goods and raw materials.
Since 2021 inflation has increased to 6.8% in April 2022.
“Heightened consumer demand and challenges to the supply chain are some of the main factors contributing to higher prices.” – Statistics Canada / Rising Prices.
Statistics Canada’s survey shows that 32.1% of businesses expect problems obtaining products in early 2022. Over half of those businesses see these challenges continuing for the rest of 2022. Read more on the Statistics Canada website article.
The amount that prices go up among roofing companies is somewhat inconsistent.
Each roofing contractor must consider how much their roofing estimates can reflect the manufacturers’ increases that their business is experiencing.
Smaller companies must balance the price hikes with their requirement to obtain new business. An unknown company, if it internalizes too much of the price increases for the sake of new business, may eventually be faced with the need to cut corners.
In turn, the dilemma can lead to their eventual demise, meaning a difficult decision for a homeowner to navigate; if you get a great deal now, will the company be there in the future should any warranty issues or service matters arise?
Typically, larger companies can withstand and better balance price variations without fear of business dissolution. Any increases in roofing estimates reflect the manufacturers’ price hikes.
Don’t hesitate to contact or call Forest City Roofing at (519) 659 6937 for a new roof estimate. Since 1993 we have been London, Ontario and the area’s affordable and trustworthy roofing contractor.
What has caused roofing prices to rise?
- Oil prices have steadily grown since 2021. Raw materials like oil go into the manufacturer of shingles and other roofing materials.
- Higher lumber prices have been the norm since the early months of 2020 and continue to rise due to ongoing transportation inefficiencies, resulting in higher prices for fewer numbers of products.
- Rail workers and trucker shortages increase transportation system costs for fewer goods, adding to the costs of moving all commodities carried in these ways.
- Pandemic shutdowns and worker shortages have been complex for many industries. Prices have not returned to previous norms.
- Border restrictions against the movement of goods and business closures have disrupted typical supply chains, a domino effect that is still evident. Moving a smaller number of goods adds costs to those individual products.
- Global restraints and restrictions on the movement of goods place a higher demand on limited availability, which becomes more expensive.
- The demand for home renovations after the lull of the pandemic has presented challenges for the manufacturers responsible for these products. A domino effect of backlogs and price increases from associated manufacturers are the result.
Many products go into installing a new roof; decking, underlayment, flashing, drip edge, ice and water shield, roof vents, ridge capping, pipe boots, and of course, shingles. The manufacturing prices of roofing products have increased as well.
We should all expect these price increases to become the new normal.
Find a roofing contractor you can trust that will provide the same excellent service and high-quality products for all clients.
Forest City Roofing’s suppliers back their products with excellent warranties to help assure you that you’ve chosen the right products and the right roofing company.
