After leading all provinces in economic growth in 2011, Alberta again led in 2012 as Alberta’s real gross domestic product rose an estimated 3.9%. In 2012, much of Alberta’s strong economic performance was either directly or indirectly tied to its large and expanding oil and gas sector.

The Cement Manufacturing industry produces various types of cement, which are supplied to construction markets. Demand is influenced by residential, commercial and infrastructure construction market activity, which typically runs pro-cyclical to the wider economy. A few major global construction material manufacturers dominate the market. Revenue is expected to grow at a compound annual rate of 3.9% over the five years through 2024-25 to £1.2 billion, including estimated growth of 4% in 2024-25. Following a solid recovery from its pandemic-driven dip in 2021-22, revenue continued on an upwards trajectory the year after, supported by hefty price hikes from manufacturers as they sought to maintain profit amid spiralling inflation. Revenue growth slowed in 2023-24, hit by weak construction activity – the result of rising interest rates and subdued economic growth. However, continued price hikes from manufacturers stemmed the drop in revenue. Although not to the same extent as 2023-24, construction is set for a modest decline in 2024-25 as high interest rates result in project delays and subdued consumer finances eat into demand for cement. The product mix is set for a shake-up as customers seek more environmentally friendly alternatives to traditional Portland cement. This is prompting manufacturers to pour money into developing green products like blended cement, which mixes Portland cement with supplementary materials like fly ash and silica fume. Revenue is forecast to swell at a compound annual rate of 4.2% over the five years through 2029-30 to £1.5 billion. Construction activity is set to return to growth in 2025-26, supported by stronger UK economic growth, real wage increases and lower mortgage rates, ramping up the need for cement. Key public projects (like Network North and Hinkley Point C) and the £775 billion pledged in the infrastructure pipeline over the 10 years through 2034 will provide a consistent source of demand for cement through healthy levels of infrastructure activity. Reaching net-zero emissions is a pressing issue that cement makers will need to take steps towards, such as through carbon capture factories like the Cement 2 Zero plant and sustainable products.