Trendlines Statewide Monthly Construction Data-October 2024

July Shipments Remain Strong

Data recently released by the United States Geological Service showed cement ships grew by 3.4% in July 2024 compared to the same period in 2023. While month over month was positive, the state experienced a 8.7% drop in tonnage compared to June 2024. Looking to ready mix yardage, we estimate 503,356 cubic yards were placed during the month.

Examining economic data front the University of Alabama’s center for real estate, they project new home starts are up 11.5% through August 2024 over the previous 12 months. Every metropolitan area except Decatur, Dothan and Tuscaloosa are outpacing 2023. Looking to the AIA billing index, the October report came in at 45.7 which foreshadows continued headwinds in the commercial sector. One bright spot was the south region now sits at 49.5. Anything below 50 is considered a shrinking market.

Similar to the AIA index, the National Association of Home Builders Index remained soft in October. While the index rose from 41 in September to 43 in October, the number still sits below 50 which forecast a negative outlook.