LAS VEGAS, Feb. 5, 2020 /PRNewswire/ -- The Portland Cement Association (PCA) held a press conference yesterday at the 2020 World of Concrete in Las Vegas, Nevada where PCA Senior Vice President and Chief Economist Ed Sullivan predicted cement consumption to stay at moderate growth levels through and into 2022.
PCA Market Intelligence expects cement consumption will grow by 1.7 percent in 2020. The potential for stronger than expected construction in residential construction could add one full percentage point to this outlook.
"The economy rests on two pillars, consumer spending and labor markets," said Sullivan. "As long as the economy continues to grow and create jobs, the economy will remain on solid ground and continue to support cyclical portions of the cement market. But the economic recovery is aging and losing its zip. Economic growth will gradually slow along with construction activity and cement consumption growth rates."
The aging of the recovery makes the economy, and cement consumption, more vulnerable to potential disruptions. These threats to the overall economy include slower global economic growth, declining consumer sentiment, trade issues, and the threat of coronavirus fully hitting the United States.
For more information visit www.cement.org/economics
The Portland Cement Association (PCA), founded in 1916, is the premier policy research, education, and market intelligence organization serving America's cement manufacturers. PCA members represent over 90 percent of U.S. cement production capacity and have facilities in all 50 states. The association promotes safety, sustainability, and innovation in all aspects of construction, fosters continuous improvement in cement manufacturing and distribution and generally promotes economic growth and sound infrastructure investment.
SOURCE Portland Cement Association