Unfortunately, the price of garage doors has skyrocketed. In fact, some reports indicate as much as a 50% increase since 2021. What are the factors that have contributed to the rising price of garage doors and will we see any relief in the near future?
What has caused the garage door price increase?
There are many reasons why garage door prices were impacted during the pandemic. The first was the pandemic-related factory shutdowns, both in the U.S. and abroad. In addition, labor shortages followed due to various reasons, including sick workers needing to quarantine or not being able to work because of childcare issues. This combination caused a decrease in production of garage doors and various parts and materials necessary for the doors to function. The production shortage ultimately caused garage door prices to escalate.
Raw materials costs spike
The second reason for increased garage door pricing was the spike in cost of raw materials used in their construction. This rise in price of raw materials was caused by many factors, including higher demand for all home improvement project materials, increased transportation costs, and disruption to global supply chains.
Increased lumber prices
Lumber prices jumped dramatically in the spring of 2022 as a result of the huge demand in home construction projects as well as the heightened time to cut down trees, process the wood and transport the product to stores. Because lumber is one of the leading materials used to make garage doors, it ultimately influenced the cost of garage doors.
Steel prices on the rise
The cost of steel was also on the rise and is another dominant material needed in garage door products. This price increase was largely due to the increased demand from the construction and automotive industries. While the recent decline in aluminum cost has partially offset the higher price of steel, the elevated steel price is predicted to remain for some time.
Higher cost of transportation
In additional to increased raw material cost, transportation costs have increased due to higher fuel prices and disruption to global supply chains. This rise in inflation is then eventually reflected in the increased cost of garage doors themselves.
Issues with supply chains
Supply chain issues are also impacting garage door prices. Manufacturers are finding it difficult to source critical components like polyurethane, insulation and hardware. This all played into lengthened lead times for garage doors. The New York Times reported that one North American builder said it takes 20 weeks to get a garage door, or as long as it used to take to build a house. A September 2021 ServiceTitan survey showed that garage doors were among the hardest hit by the supply chain crisis. And, the Chairman of the National Association of Homebuilders (NAHB), Jerry Konter, said in a February 2022 statement that disruptions in production lead to many builders waiting months to receive garage doors, cabinets, countertops, and appliances.
The future of garage door pricing
The good news is that the cost of lumber and steel prices have started to decline. Also, according to the U.S. Bureau of Labor Statistics data, “manufacturing output has continued to grow steadily through the second quarter of 2022 and was 3.5 percent above the level in the fourth quarter of 2019, the last quarter not affected by the COVID-19 pandemic.”
Yet, “with gasoline prices having dropped as much as a dollar a gallon since early summer 2022”, a New York Times article also stated “that the price of diesel, the fuel that moves trucks, trains, barges, tractors and construction equipment, has remained stubbornly high, helping to prop up the prices of many goods and services.”
Unfortunately, it’s too early to tell if the cost of garage doors will decline in the near future. There appears to be so many uncertainties. However, there are some good signs with the pandemic behind us and the cost of raw materials declining.
