Data recently released by the United States Geological Service shows 147,856 tons of cement were shipped to the state during June 2023. Cement shipments shrunk by 2.7% over the same period in 2022. The state has seen a decline in four of the first six months of data released; however, the state is only 1.1% behind the first six months of 2022. Volumes are still 10% ahead of 2021 totals.
Looking to ready mix volumes, we estimate 547,511 cubic yards of concrete were placed during the month.
The September Home Builder Index now sits at 45 seeing a ten-point drop since June. While the South Region is four points higher at 49, all regions now sit below 50. A number below 50 represents a negative outlook for builders. As outlined in previous reports, residential construction has slowed considerably across the state due to inflated interest rates and will likely continue to be soft. The AIA Billing Index for the South came in at 49.9 in September. Like the home builder index, a number less than 50 represents a softening construction outlook.