The Rising Costs of Roofing Material in 2018
If you’re in the market for a new roof, you’ve probably asked yourself questions like these:
- Why does a new roof cost so much?
- What goes into the price of a new roof?
- Will roofing prices continue to rise?
Over the last decade, roofing materials prices have increased and here’s why:
A major material used in the manufacturing of roofing supplies, mostly in the production of asphalt shingles, is oil. Over 70% of residential roofs in the United States use asphalt shingles because they provide homeowners with affordability and durability making it one of the most selected shingle materials. Oil prices directly reflect on the price of manufacturing asphalt shingles, and because the price of crude oil has nearly doubled since last year, prices are only expected to keep rising.
The price of construction materials is greatly impacted by political factors. The recent announcements of increased taxes on industries like steel and aluminum have caused the construction industry as a whole to panic about speculative pricing. The cost of raw materials used in roofing supplies and construction, in general, will only continue to rise as a result of these newly imposed taxes.
Rising labor costs and shortages:
The construction industry has a shortage of laborers because many workers migrated to other trades as the housing industry struggled. As a result of stricter immigration laws, the skilled labor market has become super competitive, therefore the costs associated with hiring and retaining quality craftsmen have increased.
Choosing a contractor that you can trust is the most important decision that you can make when it comes to roofing. The roof is one of the largest investments in a home and it’s important that it is done right whether you are starting on a new project or replacing an old one.
There is no way of knowing where material prices will be next year or next month for that matter, but given the current situation in the industry, prices will most likely continue to rise. Investing in a new roof now could save you money later.