Are you concerned about rising roofing costs?
We can help you understand how inflation is affecting roofing companies. Continue reading to find out more.
How does inflation affect roofing companies, and what to do next with rising roofing prices?
How does inflation impact roofing companies?
Inflation increases and almost everything becomes more expensive.
This is particularly true for roofing companies that have experienced significant labour and material costs in recent years.
Inflation is when prices for goods and services rise over time.
The inflation rate in the United States has been low over the past few years. However, this has changed significantly due to the Pandemic, which has significantly impacted the economy.
Inflation can impact roofing costs two-fold: the cost of materials and labour.
Asphalt shingles are a common roofing material made from petroleum products.
Asphalt shingles prices rise with the rising price of crude oil.
Inflationary pressures can also be applied to other roofing materials, such as tile, metal, or wood.
Inflation can ripple effect on the supply chain and material, eventually impacting the cost of doing business.
As crude oil prices rise, so do transportation costs, which raises shipping costs for roofing materials.
It also increases the cost of roofing.
This is only one example of how inflation affects roofing companies’ bottom lines.
It also impacts the purchasing power of those who need new roofs or roof replacement in Connecticut.
Cost of Labour
Inflation also affects the cost of labour.
The cost of labour rises with rising living costs.
Roofing companies will have to charge more for their services to keep up with rising costs.
You may feel the pinch of inflation more if you are a roofing contractor.
Asphalt shingles, one of the most widely used roofing material, has seen their price rise by more than double in the past year.
It’s getting harder to maintain competitive prices with rising labour costs.