It’s not just lumber—roofing material prices are also on the rise

Lumber is not the only commodity experiencing rapid price rises this year.

Roofing material prices are also jumping. One reason: reduced production of gasoline and jet fuel. COVID-19 lockdowns have reduced demand and prices of the petroleum products, and therefore production is down.

Most refineries cannot make asphalt and residual oil products that remain after petroleum has been distilled without also making gasoline and jet fuel. This is leading to higher market prices for asphalt—commonly used as a roofing material.  

Couple less production with higher demand due to a housing boom, and you get price spikes.