Trendlines Statewide Monthly Construction Data- August 2024

Roller Coaster Volumes Continue

Data recently released by the United States Geological Service shows 148,770 tons of cement were shipped to the state in May 2024. The tonnage is a .64% drop compared to the volume for May 2023. The first five months of 2024 have been a cycle of up one month down the next.

Looking to ready mix volumes, we estimate 550,895 cubic yards of concrete were placed during the month.

Examining leading economic indicators, the AIA billing index increased in July to 48.2 from the previous 46.4. While improving, the index still sits below the 50 threshold which indicates a contracting market. The NAHB housing market index dropped from a 41 in July to a 39 in August. However, according to the Alabama Center for Real Estate, projected home starts for Alabama are up 15.6% through June 2024. (8,742 homes for 2024 vs 7,559 for 2023) Mobile is leading the charge with a 120% increase over 2023 totals.