The output of non-metallic mineral products in the U.S. has seen a consistent upward trend from 2013 through 2023, with the value standing at 178.33 Billion US Dollars in 2023. The year-on-year growth rate has varied, hitting a peak of 6.65% in 2021, rebounding from a slight decline of 0.93% in 2020, largely due to the COVID-19 pandemic. The Compound Annual Growth Rate (CAGR) over the last five years stands at 2.52%.
In the forecasted period from 2024 to 2028, the sector is expected to continue growing, although at a slower CAGR of 1.35%, with a cumulative growth rate of 6.93% over these five years.
Future trends to watch for include:
- Impact of technological advancements on production efficiency
- Changes in construction activity influenced by economic policies
- Environmental regulations affecting material choices and production methods
- Fluctuations in housing markets and infrastructure investments
