What Effect Will the Economy Have on Roofing?

By Cayden Wemple. 

Listen to industry expert Trent Cotney discuss how the economic climate will affect roofing. 

It’s no secret that the economy in this post-pandemic world has been... interesting, but how will it affect the roofing industry? Coming off this year’s successful International Roofing Expo (IRE), Adams and Reese partner Trent Cotney,  sat down with host Heidi J. Ellsworth, to discuss the effect that the economy could have on roofing on an episode of Roofing Road Trips. 

COVID has had a massive effect on the economy, and it’s likely that the country is headed towards a recession, but Trent is advising that this will not be like the economic recession back in 2009. “I think the past helps predict the future,” Trent explained. “We lived through the '09-10 collapse, [and] this is nothing like that. This is a slow burn. And the reason is because the Fed is slowly cranking those interest rates. There was some suggestion that even with these recent bank failures they might stop that, but they're continuing to do that because inflation still continues to outpace where it's supposed to be. So that slow burn, it takes a while to catch up.” 

Although the slow burn will inevitably catch up to us, Trent says it likely won’t affect us in 2023. However, this is something that should be on roofer’s radars. With that being said, roofs will always be a necessity, so Trent does not foresee a collapse in the roofing industry happening. “I think we'll continue to remain resilient even if the economy collapses just because of the demand [for the product]. You are always going to need a roof. Whether it's service work or repairs or whatever it might be. 

Listen to the entire podcast to learn more about the current state of the economy and the roofing industry.