Steady Growth Ahead
- Published: Tuesday, 27 May 2014 11:00
- Written by Mark Kuhar
May 27, 2014 – Although recent economic indicators point to a tempering of the U.S. economy, The Portland Cement Association (PCA) is maintaining its forecast for steady growth in construction and cement consumption during the next five years. A recent PCA forecast indicates a 7.9 percent increase in cement consumption for 2014, almost double from the 4.5 increase in 2013. The industry expects to see double-digit growth in 2015 and 2016 with 10 percent growth both years. Real GDP weakened considerably during the fourth quarter to 2.6 percent from 4.1 percent in the third quarter of 2013. Preliminary first quarter estimates growth at a meager 0.1 percent. Furthermore, consumer confidence has recorded setbacks, mortgage applications have recorded sustained weekly declines, the housing market has stalled, and real put-in-place construction activity has slowed.