Strategies for Roofers Navigating Change in 2024

Right now, roofing contractors are faced with a stunted housing market caused by rising interest rates and everyone is stepping on each other’s toes to get ahead. Not to mention, finding good help is tougher than a two-dollar steak.  On the bright side, within these challenges lie opportunities that can grow your roofing business. 

Times are hard, which means it’s time to innovate and grow (or die, but nobody wants that). Contractors who adopt smart, forward-looking strategies can navigate these issues effectively. These contractors will be able to not tackle current problems but also seize new opportunities, setting themselves up for success in a tough industry. We’re here to break down how roofing professionals can turn these industry challenges into advantages. 

2024 Roofing Industry Overview  

In the coming years, the roofing industry is forecasted to inch forward – growing at a slower and more consistent pace. IBIS researchers project a modest annual growth rate of 0.5%, propelling the industry’s revenue to a projected $58.1 billion by 2028. This increase is mainly because of a pick-up in both residential and commercial building projects. Residential roofing is specifically expected to rise by 0.6% annually for the next five years.  

As the weather shifts this season, we will see more construction sites popping up, and roofing contractors are preparing now for a busier schedule. Which means, where will be a growing need for more skilled roofers. Indeed, the workforce is predicted to grow by 0.8% each year, hitting nearly 221,000 roofers by 2028. It’s a hopeful time for the industry, with roofing companies getting ready for the growth that’s on the horizon. 

The Current Housing Market 

As rock-bottom rates and other pandemic impacts fade, roofing contractors are pivoting from retail reroofs focus more on maintenance and replacements. Why? Climate change. There is an increase in roof replacements in areas hit by natural disasters and extreme weather. Additionally, rising interest rates are making it more difficult for customers to get financing – with higher payments when they do – which is why we aren’t seeing as much new construction. 

On the commercial front, the roofers can expect a boost in demand, tied to economic recovery and heightened investment in nonresidential properties.  

There is a continual shift towards sustainability and energy efficiency, with a focus on solar roofing and energy-saving materials. This move towards green solutions offers contractors a chance to stand out by meeting the growing consumer demand for eco-friendly options. Despite the higher costs and challenges, the market for sustainable roofing is expanding. Consumer preferences for environmentally friendly choices and technology advances that have driven the costs of these down is credited. Contractors who adapt to these changes and offer innovative, sustainable services are well-positioned to succeed in this evolving market. 

2024 Strategies for Roofing Contractors 

Using New Tech 

Keeping up with the latest trends? That’s a must for businesses wanting to stay ahead. For roofing contractors, bringing in new tech can really kick things up a notch, making their work more efficient and improving how they perform overall. The big players here? Think project management and estimation software. This stuff can seriously level up how projects are organized and run, making everything more accurate and smoother. 

And then there’s drones. Using these for roof inspections is the new industry standard. It’s safer, quicker, and cuts out the need for those risky climbs up the roof. This way, inspections get done fast and without the hassle. 

Getting into these tech advances means roofing contractors can do their jobs better, faster, and cheaper. It’s not just about making things easier; it’s about getting an edge in a competitive market. Contractors quick to jump on these innovations can really stand out, meet what their customers expect, and set themselves up for growth in an industry that’s always on the move. 

How Tech Addresses Labor Shortages  

With the roofing industry feeling the pinch from not having enough skilled workers around, it’s important to use what you’ve got as efficiently as possible. Tech is stepping up big time to help out. Take Loveland Innovations, for example. They’re providing solutions with drones and AI to change roof inspections. Instead of having to climb up on the roof every time you need to quote a job, these drones do the legwork, making it safer for everyone and cutting down on the risk of accidents. This is a big deal because it not only keeps workers safe but also can save companies money on worker’s comp premiums. 

This new tech shift is making the whole inspection process quicker and more efficient. For companies struggling with the labor shortage, being able to do more with fewer people is a way to relieve pressure on your employees. It means jobs get done faster, and workers aren’t stretched as thin, helping roofing companies get through their workloads without burning out their teams. All in all, leaning into this tech can make a huge difference in how roofing businesses handle the challenges they’re up against. 

It’s Time to Add Solar 

Did you know only 16% of residential roofing contractors are into solar right now? Getting into solar could be a smart play. With more folks looking for renewable energy options, roofers have a solid chance to dive into something that’s not just good for the planet but also good for business.  

Imagine taking what you already know about roofing and adding solar panel installation to your toolkit. It might mean hitting the books again or getting some specific training, but the payoff could be huge. As a roofer, you already have the skillsets to install solar. All you need to add is understanding the tech, knowing how to sell it, and delivering top-notch service. 

Making the move to solar isn’t just about increasing your revenue. Offering solar puts you in tune with what the market wants and boosts your appeal to customers looking to make their homes more eco-friendly. Stepping into solar could set your business apart in a big way. 

Conclusion 

Even though there are challenges like a slowed housing market and worker shortages, there are big opportunities ahead. By adopting new technologies and diving into the solar market, roofing businesses can thrive. These strategies not only solve current problems but also pave the way for future success. For roofers willing to shake things up and try something new, there’s growth potential and a chance to stand out from the crowd. Adjusting your business with what is trending lets you use your resources smartly and keep the cash flowing.