Did you know that the average cost for a single roof made of asphalt shingles is between $8,000 and $10,000? Additionally, per square foot, the cost of asphalt shingles ranges from $3.50 to $5.00. The amount of time it takes to install this type of asphalt roofing is on average between one and three days.
Fortunately, in this article, we’ll review the reasons for the increased price of asphalt roofing and how this is affecting the construction industry. Read on to learn more.
Why Asphalt Roofing Prices Are Increasing
There are various reasons why asphalt roofing prices are increasing. One of the reasons is that there is a rising cost of raw materials (for example, oil). When these prices go up, what ends up happening is that the manufacturer prices go up.
This is especially the case for materials like asphalt, which are primarily made from oil. Anytime there is a rise in the cost of oil, asphalt roofing prices will go up significantly.
Due to current world events, oil prices have risen significantly. The cost of many raw materials has gone up. This is especially the case for asphalt roofing.
Another reason that the cost of asphalt roofing has gone up is inflation. Inflation has been impacting many price trends, not only the price of asphalt roofing but also all types of roofing and other items.
The COVID-19 pandemic has also affected the asphalt roofing industry and the roofing industry generally. When this pandemic occurred, many problems occurred relating to shipping and production.
As a result, prices have gone up in the asphalt roofing industry and the roofing industry generally.
The Impact on the Construction Industry
The impact on the construction industry is that those who are constructing roofs made of asphalt will have to ask their customers to pay higher prices. This is to make up for the higher prices of asphalt roofing that they must pay when they buy these materials.
This is something that will occur across the US. However, this isn’t going to occur all at once. Instead, this trend will slowly take over.
Eventually, it will impact the costs of the services that all construction companies offer when it comes to asphalt roofing.
Want More Construction Industry News?
Now that you’ve learned about the increased price of asphalt roofing materials and its impact on the construction industry, you might want to get more construction industry news. In this case, you can get this information from Custom Truck.
At Custom Truck, we also offer commercial trucks and equipment you can use at your construction site. These include boom trucks, bucket trucks, diggers, service trucks, plus more.
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