23 Roofing Industry Statistics To Know
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Welcome to the fascinating world of roofing in 2023! Whether you’re a homeowner, a roofing professional, or just a curious soul, we’ve got 23 eye-catching statistics to shed some light on what’s happening above our heads.
From rooftop trends to sustainability superheroes, get ready to explore the roofing industry in a fun and casual way. Let’s dive into the nitty-gritty and discover what’s making waves in the world of roofs.
General Statistics
Uncover the big picture of the roofing world with these general statistics. Learn about the market’s value, growth projections, and regional dominance.
Big Picture Insights
So, in the grand scheme of things, the worldwide roofing market in 2023 is worth a whopping $82.2 billion.
And guess what? The experts say it’s not stopping there. They’re projecting a cool 5.5% annual growth rate from 2023 to 2033. So, it looks like the roofing business is set to reach new heights!
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North America’s Dominance
If we’re talking about continents, North America isn’t holding back. It’s showing off with a market value of $25.7 billion, which makes up about 31.2% of the global roofing market.
So, you could say North America’s got quite the roof over its head. It’s even outshining Europe and Asia Pacific in this roofing game.
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Asphalt Shingles Take the Crown
Now, when it comes to the favorite kid on the block, that title goes to asphalt shingles. They’re the most popular choice for roofing worldwide. In 2023, a sweet $7.3 billion was spent on these bad boys.
They’re like the denim jeans of the roofing world, and everybody’s got to have them.
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Roofing Services Statistics
Delve into the world of roofing services, from residential to commercial. Discover the numbers behind roof replacements and the promising future of green roofing.
Residential Roofing Reigns Supreme
When it comes to the money game in roofing services, a significant chunk of it, to be exact $10.36 billion, was earned from residential roofing in 2022. Home sweet home indeed!
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Commercial Roofing Holds Its Ground
But let’s not forget the big players in the business world. In 2022, a cool $10.56 billion was claimed by commercial roofing services, which includes construction and renovations. They mean business!
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Roof Replacements: The 94% Club
If you’ve ever wondered why roofers are always so busy, it’s because a whopping 94% of roofing projects in North America are all about roof replacements.
The key driver here? Well, it’s all about maintaining those old-timers—buildings that have been standing tall for 25 to 50 years.
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Green Roofing’s Bright Future
Now, if you’re thinking about going eco-friendly with your roofing, you’re not alone. Experts are placing their bets on green roofing, predicting a market size of $15.66 billion by 2028.
That’s a hefty 9.42% compound annual growth rate from 2023 to 2028. So, it seems like green is not just a color; it’s the future of roofing!
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Roofing Materials Statistics
Explore the materials that make your roof stand strong. From the popularity of asphalt to the growth of reflective roofing, find out what’s trending.
Asphalt Takes the Crown
In 2020, asphalt was the undisputed champion, accounting for a whopping 64% of the residential roofing market. These trusty asphalt shingles are still the go-to choice for roofs all across North America.
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Metal Roofs: Steady Growth
You’re in good company if you’re thinking about a metal roof. The metal roofing market is steadily cruising towards a projected compound annual growth rate (CAGR) of 3.5% between 2020 and 2030.
It seems like people are loving the durability and style of metal roofs.
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Solar Roofing on the Rise
With the world’s growing interest in renewable energy sources, it’s no surprise that the demand for solar roofing materials is expected to skyrocket. Experts anticipate a remarkable 15.1% CAGR from 2022 to 2031. As the world goes green, so does our roofing!
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Clay and Tile Charm
If you’ve ever been to the Mediterranean or the American Southwest, you’ve probably seen plenty of clay and tile roofs.
These charming materials had a CAGR of 4.8% through 2022. They’re not just pretty; they’re practical, especially in hotter climates. It’s all about style and substance!
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Roofing Finances Statistics
Follow the money in the roofing industry. From the cost of roof replacements to contractors’ profit margins and roofers’ wages, get the financial scoop.
Costly Roof Replacements
When it’s time to give your roof a makeover in the United States, be prepared for a wide range of costs. It can start at a modest $6,700 but go all the way up to a hefty $80,000.
The final bill depends on factors like the materials you choose, labor expenses, and where you’re located. So, whether it’s a budget-friendly refresh or a full-on roof renovation, it’s a customized experience.
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Billions in Revenue
The roofing industry is no small player in the U.S. economy. In 2022, it generated approximately $26.2 billion in revenue. That’s a lot of roofs to repair and replace!
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Profit Margins Vary
Roofing contractors know the ropes when it comes to profits. Their margins can swing from 20% to 40%.
The size of the company, how long it’s been around, and the type of customers it targets all play a role in how much it brings in. It’s a balancing act between quality and the bottom line.
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Roofers’ Earnings
If you’re in the roofing business, your income can be as varied as the roofs you work on. In 2022, the median annual wage for roofers in the United States was $51,910. If you’re really skilled at your craft, the top 10% of roofers earned an impressive average of $75,930.
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Interestingly, the highest-earning sector for roofers was among federal and local government employees. Roofing for a government paycheck seems like a profitable path!
Roofing Employment and Workforce Statistics
Meet the hardworking individuals behind the roofs. Learn about the roofing workforce’s size, the job market outlook, and upcoming job opportunities.
Roofing Industry Workforce
In 2022, around 131,980 hardworking individuals were part of the roofing industry in the United States. That’s a lot of skilled professionals keeping us all covered!
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Steady Outlook with Openings
Looking ahead, the roofing job market seems to be holding steady. Experts predict little to no significant change between 2021 and 2031. However, there’s a silver lining for those looking to enter the industry or make a switch.
Around 15,000 job openings are expected. These opportunities arise as experienced roofers retire or transition to different career paths, ensuring a steady flow of new talent into the field.
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Roofing Energy Efficiency Statistics
Discover how roofing can save you money and energy. Find out how cool roofs, reflective materials, and the green roofing market are making roofs eco-friendly.
Cool Roofs: Saving the Day
Cool roofs, designed to reflect solar radiation and keep roof temperatures down, can save you a neat $0.50 per square foot.
These roofs help keep your indoor spaces cooler in the scorching heat and offer net energy savings, which means more money in your pocket.
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Global Growth of Cool Roofs
The global cool roofing market is on a hot streak, expected to experience a robust compound annual growth rate (CAGR) of 5.7% through 2025.
With rising energy costs and a growing demand for environmentally friendly roofing solutions, we can anticipate a continuous expansion in this market. It’s a win-win for both your wallet and the planet!
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Reflective Roofing’s Cool Benefit
When it comes to reflective roofing materials like white membranes or coatings, they’re not just about looks. They can reduce roof surface temperatures by a whopping 50 degrees Fahrenheit. That’s pretty cool, right?
These materials help keep homes cooler, which translates to lower energy costs. So, they’re not just saving energy; they’re also making your living space more comfortable.
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Roofing Sustainability Statistics
Get green with sustainable roofing. Understand the impact of asphalt shingles on landfills, how green roofs capture rainwater, and the global growth of eco-friendly roofing practices.
Asphalt Shingle Landfill Impact
Did you know that a significant 20% of materials in United States landfills are asphalt shingles?
The challenge is that these shingles are not easy to recycle, making roofing tear-downs a major contributor to asphalt shingle waste. It’s time for a sustainable solution to address this roofing waste issue.
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Green Roofs Saving Rain
Green roofs are becoming environmental superheroes, capturing a whopping 55% of annual rainfall.
By absorbing rainwater and releasing it through evaporation, they play a crucial role in reducing runoff into sewage systems. This, in turn, enhances the overall water quality in the area. Mother Nature would definitely approve!
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Green Roofing on the Rise
The green roofing movement is gaining momentum, and experts predict a robust compound annual growth rate (CAGR) of 16.2% for the global green roofing market from 2022 to 2030.
As sustainability becomes a top priority, green roofs are set to become a key player in the roofing industry. It’s not just a trend; it’s a sustainable revolution!
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Conclusion
There you have it, our whirlwind tour of the roofing industry’s hottest stats in 2023! From cost-saving cool roofs to the rise of green and sustainable roofing solutions, we’ve learned that this industry is far more exciting and eco-conscious than we might have thought.
So, whether you’re dreaming of a roof makeover, considering a career in roofing, or simply seeking some trivia to impress your friends, these stats prove that roofing is, well, pretty cool.
Remember, the next time you look up at your roof, there’s more to it than meets the eye!
Frequently Asked Question
1. Why are asphalt shingles a concern for sustainability in roofing?
Asphalt shingles pose a sustainability challenge because they account for a significant 20% of landfill materials in the United States. Their difficulty in recycling and the waste generated during roofing tear-downs are key issues.
2. How do green roofs contribute to environmental sustainability?
Green roofs are eco-friendly because they can capture up to 55% of annual rainfall, reducing runoff into sewage systems and improving water quality by releasing water through evaporation.
3. What’s the current growth trend in the global cool roofing market?
The global cool roofing market is on the rise with a projected compound annual growth rate (CAGR) of 5.7% through 2025, driven by increasing energy costs and a rising demand for eco-friendly roofing options.
4. How can reflective roofing materials benefit homeowners?
Reflective roofing materials, such as white membranes or coatings, can reduce roof surface temperatures by up to 50 degrees Fahrenheit. This not only keeps homes cooler but also leads to lower energy costs.
5. Why are green roofs gaining popularity in the roofing industry?
Green roofs are gaining traction due to their significant environmental impact and sustainability. Predictions show a remarkable CAGR of 16.2% for the global green roofing market from 2022 to 2030, signifying a growing commitment to sustainable roofing practices.