Asphalt shingle prices have been soaring across the United States and around the world over the last few years, according to a new report from the US Department of Energy.
While some of the price increases have been driven by a surge in demand from the booming Chinese market, the report also found that demand has also risen in response to a rise in demand for more affordable asphalt.
The report found that the average asphalt price across the country has increased about 25 percent in the past year, while the average price for asphalt in California has risen by more than 40 percent.
In fact, the average American homeowner has paid more than $400 more in asphalt costs over the past five years.
While asphalt prices in the U.S. have been on the rise, prices have risen even faster in other parts of the world.
Asphalt costs in Australia, Australia, New Zealand, Brazil, Canada, Mexico, the United Kingdom, and the U,S.
were all up by over 100 percent from 2010 to 2020, according the report.
According to the report, the reason for the rise in asphalt prices is that “high-density urban areas in many developed countries are seeing a rapid increase in demand and a rising price of asphalt is one of the main drivers.”
Asphalt prices are likely to continue to rise for several years as the government continues to implement stricter policies on urban growth.
But if the current trends continue, as the report states, “the asphalt industry may need to consider a transition to a less efficient asphalt production process to remain competitive in the long term.”