The US construction aggregates industry is a $33 billion industry based on the 2022 revenues measured at the quarry sites. The industry continues a slow but steady recovery from the downturn caused by the general economic crisis in 2008.
Between 2012 and 2022, consumption of crushed stone and sand & gravel grew at cumulative average growth rates of 2.7% and 1.6% respectively per year from a combined 2.2 billion tons in 2012 to 2.8 billion tons in 2022. Volumes have been updated, based on the annual commodity surveys published by the US Geological Survey in January 2023 , including minor revisions to data reported for prior years.
The nationwide average selling price for crushed stone grew from a $8.85 f.o.b. plant / ton in 2012 to $12.70 in 2022. This $3.85 / ton selling price increase over the period represented a cumulative annual growth rate of 3.7%. Sand & Gravel pricing increased from $7.02 / ton in 2012 to $9.98 / ton in 2021, a CAGR of 3.6%.
The full year volumes in 2022 remained well below the previous peak for annual shipments of 2006. Annual consumption of construction aggregates (combined crushed stone and sand & gravel) of 2.8 billion tons in 2022 was 0.6 billion tons, or 17%, below that prior peak year.
The Infrastructure Investment and Jobs Act, passed in 2021, should begin to translate into additional infrastructure spending during the second half of 2023 with a larger impact on 2024 construction activity.