Replacing Your Roof Just Got More Expensive Thanks to a Girl Named Sandy

Shingle Roofing Price Increase

2013 Sees Big Price Increases on Roof Shingles

Prices for roofing shingles are on the rise in 2013. The price increase is being seen across the board from all major shingle manufacturers. Steeper prices are largely due to increased demand for roof shingles in the Eastern United States.  Hurricane Sandy and other storms over the past year are fueling the demand.

The fatter roof shingle price tag will increase quoted prices from roofing contractors, and the consumers ultimately pay the price. Whether you plan to purchase shingles at a local home improvement store or your roofing contractor is buying and installing the shingles, you’ll pay 10 - 25% more for materials than you would've paid a year ago.

Even worse, there's a double whammy.  The insurance companies that have to fork over the money to pay for storm-damaged roofs are hitting homeowners with higher premiums to help offset the costs. WSBTV News out of Atlanta is reporting insurance premium increases of 7-14% throughout Georgia.

Fewer Shingles + High Demand = You Pay More

Steve Shanley, regional sales leader at Owens Corning, released a statement soon after Hurricane Sandy ravaged the East Coast. In it he explained how Owens Corning’s Kearny, New Jersey plant had sustained damage and won’t be fully operational until the second quarter of 2013. The shutdown of this major roofing plant has impacted supply.

Hurricane Sandy and other major storms of 2012 caused significant roof damage over a widespread area. In fact, the National Hurricane Center estimates the storm caused $50 billion worth of property damage across the entire Eastern United States.

This widespread damage has sparked an unprecedented need for roofing materials. The skyrocketing demand for roofing shingles and relatively low supply has sparked price increases across the board.

Price Increases for all Major Manufacturers

All major roofing shingle manufacturers have announced price increases. Some manufacturers have already announced two roofing price increases to take effect in 2013. We’re talking about increases totaling more than 20% in some cases.  Here’s a quick breakdown:

Shingle Manufacturer

2013 Price Increases

Effective Date (2013)

CertainTeed

10%

Feb. 4

GAF

10-12%; 10%

Feb. 4; April 15

Owens Corning

10-13%; 9-11%

Feb. 4; April 15

Tamko

10-14%; 12-14%

Feb. 4; April 1

What to Expect for the Future

These double digit price increases will likely remain in effect through 2013 and probably much longer than that. Roofing costs should stabilize as the demand for shingles and other roofing materials subsides.

As progress continues to be made repairing Hurricane Sandy’s handy work, roofing prices should slowly start to fall. This could take quite a long time, so expect to pay more on shingles, insurance premiums and roof repairs for the time being.