By Dani Sheehan.
Surveys are incredibly useful for gauging the market and serving as a barometer of the industry’s business conditions over time. Each quarter, a coalition of industry trade associations put together a market index survey for reroofing. Read the full release here. We asked Justin Koscher, president of the Polyisocyanurate Insulation Manufacturers Association (PIMA) to provide the highlights for us. Here are some key takeaways from the Q3 survey and reasons for participating in the Q4 survey, which will be released in January 2024.
The customer inquiries index is based on a 0 to 100 scale. Any score above 50 indicates expansion or optimism, while a score below 50 suggests contraction or pessimism. The score rose to 63.8 for Q3 compared to 60.3 for Q2 2023 which was driven by an increase in positive sentiment from the steep-slope market. The low-slope market segment reported a decrease in positive sentiment for this quarter.
In terms of number of customer inquiries for the quarter, 50% of respondents reported an increase compared to the same quarter in 2022. 28% reported no change and 22% reported a decrease.
Similar to the customer inquiry index, the project contracts index is also based on a 0 to 100 scale. Again, there was an overall increase in the total industry compared to the previous quarter, up to 63.9 from 61.0, but it was the steep-slope market that drove the increase. The low-slope market still has an overall positive sentiment but decreased from 60.5 in Q2 2023 to 55.3 this quarter.
For the total number of project contracts, 50% of respondents reported an increase from the previous year, while 28% reported no change and 21% reported a decrease. Project backlogs are three months or longer for 47% of respondents, which is similar to the results reported in July 2023.
Want to help contribute to the pulse of the industry for next quarter? The Q4 2023 survey will open for responses in early January 2024. Sign up for notifications and to participate here. All survey respondents receive a full report of the results and access to an online dashboard to analyze the response data.
Learn more about Polyisocyanurate Insulation Manufacturers Association (PIMA) in their Coffee Shop Directory or visit www.polyiso.org.
Dani is a writer for the Coffee Shops and AskARoofer™. When she's not writing or researching, she's training for trail races and working on her yoga teaching certification.
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