Cements sales reached 1.06 million 94-lbs bags in January 2022, a 137.6 thousand unit or 11.5% decrease when compared to January 2021. Furthermore, when compared to December 2021, sales decreased by 84.8 thousand units or 7.4%. January 2022, saw the lowest number of sales since April 2020 when only 451.3 thousand units were sold due to the total lockdown that was in effect. Despite this, cement sales have stayed at about the same level when looking at a longer period. When compared to January 2019, cement sales have decreased by 5,348 units or 0.5%.
Similarly, cement production has also decreased. In January 2022 cement production reached 475.3 thousand units, a 76.1 thousand unit or 13.8% decrease when compared to January 2021. When compared to December 2021, cement production decreased by 158.7 thousand units or 25%. However, unlike sales, production has also decreased significantly in the long term. When compared to January 2019, cement production decreased by 520.2 thousand units or 109.4%. January 2022 also saw the lowest level of cement production since November 2020, when only 431.4 thousand units where produced.
Historically cement sales in the island have always been comparatively low during the months of December and January. Furthermore, with the recent boom in real estate and new developments this drop might seem dramatic in the short-term but sales in January 2022 where comparable to those seen in January 2019. However, with the Federal Reserve announcing that they are looking to slightly raise interest rates in March, we might see slowdown in the real estate market and consequently on cement sales.