Everyone sarcastically and optimistically alike, has been looking forward to 2021 as the year of relief. But does a spinning rock circling a burning ball of gas REALLY determine our good fortune? Well…. some would say so. But the roofing materials’ continued shortage and price increase into 2021 says otherwise.
According to roof material supplier SRS and their email sent out to their supplied roofing contractors, we can expect to see roof material price increases in the new year due to “Severe inventory shortages, initially caused by the early 2020 COVID-19 shutdowns… compounded by high storm activity and extreme demand for new residential construction.”
The manufacturers are announcing a price increase on January 1st for New Construction/Multifamily projects shortly followed by Residential/Reroof increases on February 1st.
And the projection doesn’t look good for Q2, Q3, or Q4 either, with manufacturers expecting three to four more increases throughout the year.
You can download the PDF showing the manufacturers’ letters to the distributors here.
What can you do to avoid high roofing costs?
Do you wait it out? Sadly, there aren’t many instances in history when people had the chance to increase prices and then lowered them afterward.
Clearly, we can’t speak for every industry globally, but we have only ever seen an increase in price year-after-year as far as roofing is concerned—Cost Vs. Value has tracked remodeling costs throughout the decades, and just looking since 2013 shows that you shouldn’t expect prices of roof replacements to go down after all of this chaos is over.
Now we aren’t saying that it won’t go down some towards the end of the year (maybe early 2022). After all, it’s pretty crazy right now. But I wouldn’t suggest banking your decisions on a wish and some hopeful thinking.
So if you are the homeowner who doesn’t NEED a new roof, but would like to refresh that 25-year-old shingle roof you currently have, then you COULD wait to see if the prices drop after a year, but it may be in your best interest to change things out now.
After all, that “price drop” you are looking for could very well be above the current market price as you’re reading this.
I NEED a new roof now!
If you NEED a new roof, then we highly recommend you pull the trigger sooner rather than later.
Distributors and manufacturers are undoubtedly projecting higher prices as the year goes on.
Again, even if the price drops some towards the end of the year or maybe early 2022, it’s safe to say it won’t drop below current market prices.
Whether you are a new construction contractor that needs a roof or a homeowner who needs a reroof after a storm, expect a few things when starting your roofing project in the coming year 2021:
The average roofing contractor is projecting a 6-8 weeks wait time for materials to be supplied for your project.
Some larger roofing contractors can reduce this time to less than two weeks because of personal shingle stockpiles. Roofs Restored, blessedly, happens to be one such company.
Expect minimal color options
Manufacturers are spending a large portion of their production time on weathered-woods and blacks.
So we’re sorry, but that creative bone in your body screaming for Oyster White or Pristine Green is going to have to wait until your next project.
Expect higher roof material prices
It is a known economic fact that with high demand and short supply comes a higher price tag.
And it looks like the manufacturers are deeming it necessary to raise those prices for their goods, which causes a chain reaction down the line for the local suppliers and the roofing contractors.
So it looks like us spinning around the sun another time won’t be bringing much relief, but that doesn’t stop us from being adaptable and making smart decisions with what we know.
Stay safe, keep learning, and never stop being grateful for the small (and big) things in life.