The March 2022 Producer Price Indexes report from the Bureau of Labor Statistics breaks it all down by product type and service category, and the numbers shared aren’t terribly encouraging. The unadjusted 12-month final demand prices moved up 11.2 percent across the board; the Bureau noted that this is the largest widespread increase since 12-month data was first calculated in November 2010. And once we narrow our focus to home improvement-specific materials in particular, the numbers are even higher than that:
That’s a question that many American homeowners and business owners are asking in 2022, and understandably so. If you’ve gotten a quote for any type of home improvement project lately, the price you were given may be a good bit higher than you were expecting. We know this is frustrating for you, and we can assure you that it’s frustrating for us at Skywalker Windows & Siding, too!
In a nutshell, it comes down to the fact that manufacturers have raised their prices on home improvement products like windows, doors, siding, roofing materials, underlayment, lumber, hardware, etc. But what has led to this recent price hike? Much of it started with the onset of COVID-19 back in 2020. Because many production operations essentially came to a halt during the pandemic, supply shortages were felt across the industry. At the same time, demand for home improvement services and DIY materials actually increased while so many were staying at home. The housing market has done better than expected over the past couple of years, as well. And once you combine lower supply with greater demand in a free market, the result is inevitably an increase in prices.
And manufacturer prices aren’t only being impacted by the increased cost of necessary raw materials. Petroleum costs increased in 2021, and have REALLY shot up in 2022 so far. This is partially due to continued supply chain issues, but has been further exacerbated by the Russian invasion of Ukraine in February of 2022. The resulting global boycott of many Russian-owned businesses has served to further elevate fuel and other commodity prices in the world market.
These impacts don’t just apply to a few select home improvement contractors; they really affect the entire home improvement industry in America, including local providers in NC and VA. But thankfully, there is some good news to share too. Skywalker Windows & Siding is still here to serve your window, door, and siding replacement needs, and we provide many other valuable home improvement services as well. Thanks to our preferred partner standing with leading manufacturers of quality products, we can source whatever is needed to make your ideal home improvement project happen for you!
Of course, it isn’t just about vinyl siding, plank siding, window frame, and glass material price increases. Material prices for pretty much everything from asphalt, to metal, to synthetics and composites, to rubber-based materials, to paint, to underlayment and insulation, have gone up too.
And let’s not forget about the impact of skyrocketing petroleum costs, either. You’ll note in the report above that gasoline prices have gone up 59.9% over the past year, and diesel has gone up 63.8%. You’re no doubt all too aware of this yourself, as you’re certainly feeling the pain every time you have to fill up at the pump yourself! Increased fuel costs mean it’s more expensive for manufacturers to ship in raw materials and ship out products, too. And it’s also more expensive for home improvement contractors to get their work crews and your project materials over to your home or business.
And speaking of work crews, there’s been a labor shortage where skilled tradespeople are concerned that predates the pandemic. Research shows that there’s been a steady decrease in the American trade labor workforce over the past several years. The number of skilled laborers entering the workforce simply isn’t keeping up with the number of folks entering their retirement years. And beyond this, we’ve also entered what business thought leaders are calling The Great Resignation, where many more folks are deciding to make career changes – including those in skilled labor sectors.
In turn, many home improvement contractors are struggling to find good employees, and they’re having to pay more for the ones they do have. The result is that increased business costs must be passed down to customers, and lead times for scheduling home improvement projects are often getting longer, too.
In a word, it’s best to go ahead and get your project calendared now! Many homeowners tend to carry the false assumption that if they just “wait it out” for a few months, things will get better, and prices will come down. But the data really doesn’t support this assumption, and prices of construction projects and home improvement projects aren’t likely to come down, either. If anything, they’ll only tend to increase over time.
Consider the fact that population numbers continue to rise, and there’s more demand for housing and business facilities than ever. This isn’t just a trend; it’s a fact of American society. And all of those structures continue to need maintenance and upgrades over time, including roof replacements, siding replacements, window & door replacements, etc. Construction and home improvement will always be a high-demand industry, and that fact won’t change in a few months.
So no, it really doesn’t pay to wait, or to put off your project indefinitely. The best time to schedule your needed home improvement services is RIGHT NOW.
By getting your new windows replacement, doors replacement, or siding replacement on the books now, you’ll be able to lock in current pricing and avoid any future price increases. In short: act now, and save!
Looking for the best local home improvement services provider in NC and VA? Skywalker Windows & Siding is the name you can trust! We’re proud to serve the North Carolina Piedmont Triad, Piedmont Triangle, Lake Norman area, and southern Virginia, and we’d be proud to serve your needs too. We’ve got a full team of trained specialists, and we’re here to take better care of you than anybody else! Check out our 5-star reviews on Google, and then give us a call at (336) 627-5596. Experience the Skywalker difference!
Luke Wilson started working on roofs with his dad when he was a teenager, and eventually launched Skywalker Roofing in 2003. Skywalker operates in 5 locations across NC & VA, and now includes windows, siding, and other exterior services. Luke also hosts the popular Roofing Mythbusters series on YouTube.
301 South Elm Streen, Ste 523, Greensboro, NC 27401, USA Call us at +1 (336) 850-0027
555 Fayetteville St, Suite 201, Raleigh, NC 27601, USA Call us at +1 (919) 800-0496
257 Ram Loop Stokesdale, NC 27357, USA Call us at +1 (336) 627-5596
1518 Carlisle Ave SE, Roanoke, VA 24014, USA
Call us at +1 (540) 212-7255
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