Low roofing costs should be at the top of your wish list as a property owner. After all, installing a quality roof requires paying thousands of dollars. Unfortunately, roofing prices have risen since the pandemic, the Russia-Ukraine conflict, supply chain delays & many other issues. But all isn’t lost.
At Rackley, we understand commercial buildings need top-tier roofs. This is why we’ve decided to explore the rising roofing prices, their causes, and the best ways to avoid them. If you have an upcoming project or if you are just curious, read until the end.
Why Are Commercial Roofing Prices Going Up?
Several factors have led to spiking roofing costs, including:
High material costs
Did you know manufacturers now charge higher prices for roofing materials? Various issues have led to this situation, including the increased cost of raw materials.
Manufacturers use numerous materials to make roofing products. For instance, making asphalt shingles requires fiberglass, asphalt, and mineral granules. Most of these materials have higher price tags today. Take asphalt as an example. Due to skyrocketing oil costs, this petroleum product sells at a higher price than in the past.
Another popular commercial roofing product is aluminum. Most property owners love this material because it lasts for decades and is fire-resistant. However, several factors have made aluminum pricier, including rising energy costs and the economic issues following the pandemic.
To summarize, manufacturers are paying more for raw materials needed to make roofing materials. Consequently, these professionals have hiked their prices, forcing roofers to demand more.
Rising Demands For Roofing
The pandemic affected many industries, including roofing. During the outbreak, many companies halted operations temporarily. Some closed up shop and went under, thanks to financial troubles and high operating costs. Additionally, the number of people wanting roofing and other home improvement projects skyrocketed because they had extended periods of time at home! Because many roofing companies were able to react quickly to the new challenges by offering contact-free service options, they were able to continue working.
While the demand rose for materials, the supply was simultaneously dwindling. As a result, rising roofing prices have become a predominant feature in this industry.
Conflicts And Strained Trade Relationships
Many issues have led to strained trade relationships between various nations worldwide, the US included. Consider the Russian invasion of Ukraine as an example. Since the conflict, the States gradually decreased oil importation from Russia, and in March of 2022, this nation prohibited the importation of crude oil and other products of Russian Federation origin.
Since manufacturers use petroleum products like asphalt to waterproof roofing materials, issues like the US banning oil imports from Russia have contributed to the rise in roofing costs. The other culprit is the US-China Trade tensions, which have led to tanking imports, among other complications.
Roofing Material Shortages
The roofing industry faces significant material shortages caused by numerous issues, the first being the pandemic. Coronavirus negatively impacted the supply and demand of most finished products and materials, including the items roofers use.
Remember, COVID-19 policies required people to hunker down in their homes. Consequently, manufacturing facilities had fewer workers, leading to a decline in output. And to make matters worse, extreme weather events like Hurricane Ida and wildfires hit the nation hard during the same period.
How Can You Avoid Exorbitant Roofing Prices?
Rising roofing prices mean a few things. First and foremost, today, you may have to pay more when installing a new roof or to replace old components. If you want to avoid covering ungodly bills and save a few bucks in the long run, do the following:
Take Advantage Of The Current Roofing Prices
If you are considering putting off your roofing project until prices drop, don’t. Why? Roofing costs in the US are highly unlikely to decrease for various reasons. First, inflation and high prices will likely push into the future due to persistent supply chain issues, energy uncertainty, and rising demands.
So, there might never be a better time to get a new roof than now. Postponing this project may not be a smart financial move because material costs might spike more in the future.
Change Your Roofing Material
Roofing materials like slate are pricier than their alternatives. Plus, some are difficult to handle, encouraging roofers to charge higher installation costs. Opt for less expensive materials if you are working with a limited budget or want to avoid costly expenditures.
The most cost-effective roofing materials you can choose today include asphalt shingles and EPDM. These can help you enjoy lower replacement costs and direct savings to other improvement projects.
What Other Factors Determine Roofing Costs?
Besides the issues which have made roofing costs significantly higher today, various other factors influence the price you’ll pay for a new roof. These include:
- Your roof’s size
- Your roof’s slope and pitch
- Required time and labor
- Necessary add-ons
- Your roof’s accessibility
We are Here for You
Roofing costs are rising, and this trend is unlikely to let up anytime soon. So, if your building needs a new roof, hire expert services from Rackley today. Our roofers will help you complete the project as quickly as possible and avoid even higher material prices for property owners in the future.
Contact us today for exceptional roofing services in the Southeastern United States.