2014-02-03 13:14:03 - Roofing Contractors in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
The United States Roofing Contractors market performs the installation, maintenance and repair of the external cladding of buildings, with roofing activities accounting for about two-thirds of industry revenue. Siding and sheet metal work constitute the industry´s other main activities. The industry depends heavily on demand from building construction activity in residential and nonresidential markets, both of which contracted sharply during the recession as the housing market collapsed and the recession cut demand for commercial construction. Recovery began in earnest in 2012, though, after two years of steady growth, and revenue is anticipated to jump 7.2% in 2013 as economic recovery lifts construction markets out of the doldrums. As a result of the two contrasting periods, IBISWorld estimates that revenue growth
was relatively flat during the five years to 2013, declining at an annualized rate of 0.1% to $35.8 billion.
Industry profit margins remain below peak levels prior to the recession because firms have been forced to lower prices to obtain new clients and retain maintenance contracts in the face of drastically reduced demand. In 2013, IBISWorld estimates that profit represents 2.6% of revenue. Industry firms have reduced the scope of their operations to buoy profit, shrinking the numbers of employees and branch offices, while some operators have left the industry altogether. As a result, in the five years to 2013, the number of firms is expected to decline at an average rate of 0.2% per year to 131,880.
IBISWorld projects steady growth in industry revenue during the next five years, underpinned by increased investment in housing and commercial building. During this period, revenue is expected to rise at an average annual rate of 5.4% to reach $46.6 billion in 2018. Housing starts will be a major driver of growing industry demand and are projected to increase at an annualized rate of 14.8%. Recovering home valuations and per capita disposable income are also expected to boost consumer spending on home improvements. The industry will further benefit from the improved cost-effectiveness and popularity of green roofing systems, such as solar panels, as property owners look to reap the long-term energy savings these products provide.
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