A new report from BCC Research says the use of clay tiles, wood shakes and slate all are contributing to growth in the residential roofing market in North America. The industry was worth $12.8 billion in 2017, and it should grow to about $14.4 billion by 2023 when volume reaches 181.3 million squares.
What's driving growth? BCC said an increase in remodeling and renovation, a better awareness of eco-friendly roofing technologies, and more frequent severe weather all are factors.
More homeowners are deciding to renovate rather than move, BCC said , contributing to a higher number of remodels. The percentage of homeowners moving up to their next home is lowest in North America and projected to stay that way for a generation.
The market research firm also notes that homeowners are more aware of eco-friendly roofing products, in part because of the rising number of unusually destructive weather events associated with climate change. Bigger, more dangerous storms usually means an uptick in the sale of roofing materials.
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