Growing job markets, consumer confidence and construction spending will contribute to higher cement consumption in the U.S. this year, rising an annual 8% to 93 million metric tons (MMT), according to the Portland Cement Association. Low oil prices will provide an added financial stimulus to consumers and contractors, but immediate cutbacks in the oil field are expected to offset any long-term gains in construction activity, PCA notes.
PCA expects housing starts to rise this year to 1.2 million units as 3 million new jobs are created, driving consumer spending and demand for residential construction, which is expected to account for nearly 60% of all cement consumption in the U.S. this year.