COVID-19 has slowed down many businesses. People are out of jobs, and everyone is looking for a way to make it work. But the economy is slowly getting in the track. Businesses are opening up.
It may take some time to get back to normal and to put the economy back on track. Despite the COVID-19 slowdown, the roofing demands are going to increase by 2024. According to a Freedonia Group analysis, the US roofing demand is expected to edge up to 253.0 million squares by 2024.
The reasons for the increasing demand may be many. Firstly, it may be because people want to replace the older and less durable roofs with durable material that isn’t easily destroyed by the sun rays. Secondly, increasing housing starts after the recession. Thirdly, commercial suppliers and contractors will want to install cool roofing materials to reduce energy consumption and lower utility bills.
As per the experts from allseasonsroof.com, in 2021 the industry may see an increase in the sales and the roofing needs, but in 2024, the requirements may change. Experts fear that there may be a drop in commercial construction activity due to the COVID-19 pandemic despite its subsequent modest rebound.
More roofing work was done around 2016 to 2018, that’s why there will be less re-roofing needs. Moreover, the little rebound growth after COVID-19 may also come to an end. There won’t be a need for any new structures, as most businesses are closing, and people will try to recover from the loss rather than open new businesses.
The data and predictions by the Freedonia group may not all be true. But we can expect a sharp rebound growth after the COVID-19 pandemic.