Are Siding Prices Increasing In 2023?

Are Siding Prices Increasing In 2023?

As the world continues to recover from the Covid-19 pandemic, many homeowners are looking to make changes to their homes. Among the most popular changes are those that improve curb appeal or make the home more energy-efficient. Replacing old siding is one such change that can accomplish both of these goals.

The cost of siding can vary greatly depending on several factors. We’ll look at what affects the price of siding and the impact on the overall cost of your project to answer the question; are siding prices increasing in 2023?

The Cost of Raw Materials

One of the main reasons why siding prices are expected to increase in 2023 is the rising cost of raw materials. As a natural resource, the cost of lumber is highly dependent on the availability and current conditions of the forests. The availability of lumber is affected by a number of factors, such as weather, pests, fires, and global demand. Lumber is one of the most commonly used materials when it comes to siding, and its prices are highly variable. The cost of lumber has risen considerably over the past few years and is expected to continue to rise due to factors such as the increasing demand for lumber in other parts of the world and an increase in transportation costs. In addition, the recent increase in lumber prices has been driven by the surge in remodeling projects due to the recovering housing market.

The Cost of Transportation

Transportation is another factor that can significantly affect the cost of siding. Transportation costs, such as fuel costs, can impact the cost of materials, labor, and even the installation process. As the demand for siding has increased over the past few years, so have the transportation costs. Additionally, the cost of transportation can be affected by the global freight market and fuel costs. The transportation of siding materials can be costly due to its size and weight, and the fuel needed to ship these products across long distances. Additionally, the cost of shipping siding materials can be further affected by the current state of global supply chains, as well as by any number of economic and political conditions. If these costs continue to increase, it is likely that homeowners will see an increase in siding prices in the near future.

The Cost of Labor

The last reason why siding prices are expected to increase in 2023 is the cost of labor. With the increasing demand for siding, the number of laborers needed to complete installation projects has also gone up. This has led to an increase in the cost of labor, as demand has outpaced supply. The cost of labor is also affected by inflation, as the cost of living continues to rise. Additionally, the cost of labor is subject to the current economic climate. If the demand for siding installation continues to grow, so too will the cost of labor associated with siding installation.

Are you thinking of replacing your siding? Or do you need some repairs done? To get the best performance from your siding, you need to work with a James Hardie-certified installer.

Material Type

One of the most significant factors affecting the cost of siding is the material used. Different types of siding, such as vinyl, wood, fiber cement, brick, and stone, can vary significantly in price. For example, vinyl siding is typically the most affordable option, while brick or stone siding is often the most expensive. Different grades or styles can also affect the price of each type of siding.

Vinyl 

Vinyl siding is made from durable plastic and is a popular, low-maintenance, cost-effective alternative to traditional wood siding. When it comes to vinyl, are siding prices increasing in 2023?

One of the most significant advantages of vinyl siding is its durability. Unlike wood siding, which can rot, warp, or be damaged by pests, vinyl siding is resistant to these issues. It’s also weather-resistant, which means it can withstand extreme temperatures, high winds, and heavy rain without showing signs of wear and tear.

Another benefit of vinyl siding is its low-maintenance nature. Unlike wood siding, which requires regular painting or staining, vinyl siding only needs to be cleaned with soap and water, saving homeowners time and money in the long run.

Vinyl siding is also a cost-effective option compared to other types of siding. It’s cheaper to install than wood siding and can also be less expensive than brick or stone siding. Additionally, vinyl siding is available in many colors and styles, so homeowners can easily find a look that suits their taste and budget.

Vinyl siding has an energy-efficient aspect, and it can help improve the insulation of your home, which can lead to lower energy bills. Vinyl siding is thicker than other types of siding and can help to block drafts and keep the house warmer in the winter and cooler in the summer.

Another advantage of vinyl siding is that it is fire-resistant, which is vital for homeowners living in areas prone to wildfires.

Fiber Cement Siding

Fiber cement siding is another popular choice among homeowners looking for a durable and low-maintenance alternative to traditional wood siding. James Hardie fiber cement is made from a mixture of cement, sand, and cellulose fibers and is known for its strength and resistance to weathering, insects, and fire.

Fiber cement siding is durable and weather-resistant. Additionally, fiber cement siding has a long lifespan and can last 30 years or more with proper maintenance. Another benefit of fiber cement siding is its low-maintenance nature since this type of siding is resistant to fading and requires no repainting.

James Hardie fiber cement siding is also a cost-effective option compared to other types of siding. It’s slightly more expensive than vinyl siding, but it is generally cheaper than wood siding and can be less costly than brick or stone siding.

Additionally, fiber cement siding is available in many colors and styles. Another advantage of fiber cement siding is that it is fire-resistant and environmentally friendly, as it is made from a mixture of natural and recycled materials.

Square Footage

Another major factor that can affect the cost of siding is the square footage of the area that needs to be covered. The larger the size, the more siding material is required and the higher the overall cost. Additionally, if the site to be covered is complex or has a lot of corners, nooks, and crannies, it may require more time and labor to install, which can also increase the cost.

Additional Features

Additional features, such as insulation or soundproofing, can affect the siding cost. These features may require other materials and labor, adding to the project’s overall cost, so if you want to add these features to your siding, factor in the additional cost.

Installation Costs

The installation cost can also vary greatly depending on the type of siding you choose. Some types of siding, such as vinyl or fiber cement, can be relatively easy to install and may not require as much labor as other types, such as brick or stone. The cost of labor will be included in the project’s overall price when you hire a professional siding contractor.

Location and Weather

The location and temperature can also affect the siding cost. In areas with harsh weather conditions, such as high winds or heavy rain, certain types of siding may be more suitable and more expensive. Additionally, certain types of siding may be more popular or in demand in some areas, which can also affect the cost.

Removal of Existing Siding

Removing existing siding can also add to the cost of a siding project, especially if the existing siding is difficult to remove or contains hazardous materials. Supposing you plan to remove existing siding, make sure to factor in the additional cost.

Brand and Quality

Some brands are known for producing higher-quality siding products that may be more expensive than others. However, a high-quality brand like James Hardie will ensure the longevity of your siding.

Grennan Construction has proven to be a leader within the siding contractors industry, serving our customers with integrity while offering a range of services that meet their needs.

We work closely with both James Hardie as an Elitle Preferred Contractor to provide you with the siding options needed to make the right choice for any home.

In conclusion, siding prices are expected to increase in the near future due to a number of factors. The cost of raw materials, transportation, and labor are all likely to contribute to this increase.

It is important for homeowners to take these factors into consideration before deciding on a siding project. By following the tips in this article, homeowners can save money on their siding project and avoid potential cost overruns.

Are Siding Prices Increasing In 2023?

1. Call Us To Schedule Your Free Estimate 248-462-0224

2. Review your Estimate and Schedule your project

3. Enjoys the beauty and security of your new Siding