August Concrete Yard Bounces Back
Data recently released by the United States Geological Service shows 140,629 tons of cement were shipped to the state during the month of August 2022. Cement shipments grew 7.2% over the same month in 2021. Cement consumption for the first eight months of 2022 is outpacing 2021 by 10%.
Looking to ready mix volumes, we estimate 528,155 cubic yards of concrete were placed during the month. The yardage was a 7.8% jump over the July yardage that was severely impacted by cement shortages.
Looking at more current news, ACIA members have remained busy but are beginning to slow down. We have seen a definitive drop off in residential construction across the state which will drag down yardage. Nationally, new home sales were off 14% compared to September 2021. As long as 30-year mortgage rates remain at or above 7%, we anticipate a continued contraction in yardage.