Ready Mix Yardage Falls for Second Consecutive Month
Data recently released by the United States Geological Service shows 119,065 tons of cement were shipped to the state during the second month of 2023. Cement shipments fell by 7.2% over the same period in 2022 but did see a slight uptick of 1.6% over January 2023. The state has now seen two consecutive months of declines and is currently 4.8% below shipments for January and February of 2022.
Looking to ready mix volumes, we estimate 440,898 cubic yards of concrete were placed during the month.
The NAHB housing market index for the country rose above 50 for the first time in many months in May. The South region had already risen past 50, the point at which outlook is considered positive. The South region currently sits at 55 and leads the country. While 30-year mortgage rates now sit at 7.2%, limited inventory in the resale market has helped keep new home construction relatively steady in the state. However, much of the new home construction is being driven by the large tract builders.