September Cement Data remained Strong
Data recently released by the United States Geological Service shows 153,072 tons of cement were shipped to the state during the month of September 2022. Cement shipments grew 18% over the same period in 2021. Cement consumption for the first nine months of 2022 is outpacing 2021 by 11%.
Looking to ready mix volumes, we estimate 566,826 cubic yards of concrete were placed during the month.
However, we anticipate volumes will begin to decline as we move into the fourth quarter.
Light commercial work and industrial projects have kept members busy as many parts of the state have seen a significant contraction in home building this fall. Some larger tract builders are only completing existing homes and putting spec projects on hold. The AIA billing index is now below 50 signifying contraction on commercial projects and the HBA index now sits at 33. This is a 50-point drop since November 2021.