The Portland Cement Association (PCA) confirmed the U.S. cement industry is on target to see annual cement consumption grow by 4 percent, as projected earlier this year. According to PCA, cement consumption through the end of the year is expected to continue at a steady pace, with additional demand coming from several areas, including moderate residential spending and, to a lesser extent, growth in non-residential and public construction activity.
Construction spending has been a key factor for continued growth in the cement industry. PCA has forecasted growth despite some conflicting economic indicators from elsewhere in the economy. While the labor market has consistently seen a net monthly increase of roughly 200,000 jobs, pushing the unemployment rate below 5 percent, PCA also projects real GDP will grow 1.5 percent in 2016.
PCA’s Market Intelligence Group provides data and insights on fundamental economic issues, including cement forecasts throughout the year.