The gross output for the Stone Mining and Quarrying industry in the US increased from $17.15 billion in 2013 to $22.53 billion in 2023. This growth shows a positive overall trend but includes several fluctuations. Notably, there was a significant year-over-year increase of 8.45% in 2015 and a dip in 2020 with a 3.17% decline. Over the past five years from 2018 to 2023, the compound annual growth rate (CAGR) was approximately 1.86%. The outlook for the next five years from 2024 to 2028 anticipates a CAGR of 1.33%, expecting the industry value to reach $24.52 billion by 2028, marking a 6.84% increase over the forecast period.
Future trends to watch for include advances in mining technology, the impact of environmental regulations, and fluctuations in construction demand, which could drive further industry growth or present new challenges. Monitoring these factors will be crucial for stakeholders in the Stone Mining and Quarrying industry.
