BDE reports 15.2% Y-O-Y jump in cement sales across Puerto Rico
Monthly sales have remained at an average of nearly 1.2 million bags.
The Puerto Rico Economic Development Bank (BDE, in Spanish) recently reported through its Center for Economic Studies that cement sales in October 2024 exceeded 1.41 million 94-pound bags, the highest volume since March 2023, when sales reached 1.46 million bags. This represents a 15.2% increase compared to October 2023, with a three-month average of 1.28 million bags.
The data reflect growth in Puerto Rico’s construction sector, a critical area for economic and infrastructure development, though it only contributes about 1% to the region’s gross domestic product, the BDE noted.
“We see a recovery in the construction sector, particularly in cement sales, which predicts a good impact on infrastructure development and job creation in Puerto Rico,” said BDE President Luis Alemañy.
“Although fiscal year 2024 closed with a 1% decrease in cement sales compared to the previous year, the start of fiscal year 2025 shows a 6.3% increase in sales between July and October. This allows us to anticipate a progressive recovery in this key sector for our economy,” he added.
Employment in the construction and mining sector continues to grow, with nonfarm payroll employment reaching 36,100 positions at the close of fiscal year 2024, a 4.6% increase over the previous year.
By September 2024, employment had risen to 37,500, up 4.7% from September 2023 and significantly higher than the low of 20,400 in April 2020.
BDE economist Gladys Medina highlighted the sector’s potential, noting that the number of establishments increased from an average of 4,355 in 2023 to 4,551 in the first quarter of 2024.
“The growth is led mainly by small and medium-sized entrepreneurs, who represent 96% of these establishments. This evolution suggests a solid foundation for sustained growth in the coming years, especially considering the projected investments in infrastructure,” she said.
For calendar year 2024, January to October cement sales totaled more than 12.4 million bags, a slight 0.4% decrease compared to the same period last year. However, with monthly sales averaging nearly 1.2 million bags, the BDE anticipates the year could close with a 1% increase.
