Growth across building markets will raise demand for industry services.
New York, NY (PRWEB) February 21, 2014
Recent environmental concerns have helped shed light on the importance of using green and sustainable materials in roof construction projects. As a result, many provinces have tightened building codes to promote the use of sustainable materials, thereby driving growth for the Roofing Contractors industry. Tax subsidies and operating cost savings have also supported this trend; for example, many roofing contractors have implemented cost-reduction strategies that include prefabrication, mechanization and task elimination through less labour-intensive systems. Additionally, the promotion of LEED-certified buildings has benefited the industry. LEED buildings are evaluated on the basis of materials used during construction, with an emphasis on sustainable products.
Over the past five years, fluctuations in levels of housing starts curbed demand from the residential construction market. However, residential renovation expenditures, strong government support and a vibrant nonresidential construction market kept industry revenue from contracting heavily. In the five years to 2014, the value of nonresidential construction is expected to expand at an average annual rate. Additionally, violent storms over the past five years helped boost demand for roof contractor services. In 2014, roofing repairs on existing structures are expected to account for the majority of industry revenue. A combination of these factors is expected to cause industry revenue to increase at an average annual rate over the five years to 2014, including a jump in 2014.
Concentration in the Roofing Contractors industry is low. Sustained growth in most downstream building markets will mirror an increase demand for industry services, resulting in an average annual increase in revenue by 2019. According to IBISWorld Industry Analyst Omar Khedr, “demand for roof construction is also set to expand as a result of higher residential renovation expenditure.” Consequently, over the next five years, “industry employment is anticipated to grow as roofing contractors try to satisfy a rapid increase in demand,” says Khedr. IBISWorld expects that employment numbers will increase at an average annual rate.
For more information, visit IBISWorld’s Roofing Contractors in Canada industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
IBISWorld industry Report Key Topics
The Roofing Contractors industry installs roofing, siding, sheet metal and roof drainage systems, such as downspouts and gutters. Activities also include treating roofs (e.g. spraying, painting or coating), coppersmithing, tinsmithing, installing skylights, installing metal ceilings, flashing, ductwork and capping. Duties performed include new work, additions, alterations, maintenance and repairs.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US and Canadian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.