Virginia’s economy gained momentum in 2011. Housing faces a hangover from previous overbuilding but the pace of foreclosures has slowed and excess inventories are being consumed.
In the Carolinas, a more modest pace of economic expansion was experienced and job growth remained slow.
Following five consecutive years of decline, cement consumption in Virginia increased by 5.3% according to the U.S. Geological Survey and by 5.8% in North Carolina. Prices, while marginally lower for the full year, had stabilized by year end.
The Mid-Atlantic ready-mix business experienced flat volumes compared to 2011.
In early 2012, and following a four-year effort, TITAN America received an air quality permit required to construct a cement plant in Eastern North Carolina. While additional permits are required prior to investment, receipt of the air permit is an important first step.