US growth settles down
While the US economic cycle is expected to reach maturity in 2020-21, its construction market is forecast to remain relatively robust. As a result, the Portland Cement Association (PCA) forecasts modest growth for the cement sector in the medium term. By Ed Sullivan, PCA, USA.
Figure 1: US economic growth, 2001-23
The United States economy and construction market are expected to remain relatively strong during 2020-21. However, the economy is entering a mature stage in the business cycle with slower growth rates. Some of the zip and vigour that characterised the economy during the early stages of recovery, and fuelled by the release of pent-up demand, are now largely gone (see Figure 1). The Portland Cement Association (PCA) expects real GDP growth to range between 2.1-2.4 per cent in 2020. Slightly lower growth is anticipated for 2021.
