“We had quite a bit of activity in the first 10 to 11 days of the [Trump] administration. We have a new Congress. We have an IIJA (Infrastructure Investment & Jobs Act) bill that’s expiring in the fall of 2026. Where’s the commitment going to be there? So, if I had any concerns – and I wouldn’t even call them ‘concerns’ about the outlook – it’s what’s going to happen with reauthorization.”
– George Reddin, FMI Capital Advisors
“The industrial minerals [space] has been on the top of my mind as we explore where we need to go. As we’re looking at things like onshoring and the energy transition that’s taking place, how do we adapt and build out the products and materials that need to be mined for the future?”
– Anthony Konya, Konya Mining Company
“What we need is a residential recovery. Frankly, with [President] Trump in office and Jerome Powell indicating we’re going to get a little more relief this year on interest rates, the only thing that’s really preventing us from a lot of construction build right now as far as residential is concerned is really the interest rates. As long as the interest rates come down a little bit, we’ll see that come right back.”
– Cody Ladd, Kraemer Mining & Materials
“A notable easing in interest rates should lower borrowing costs, making it more affordable for companies to invest in capital equipment and undertake large-scale repair and maintenance projects. This access to cheaper capital is a significant driver of industry confidence and could spur continued investment in both greenfield sites and expansions of existing operations.”
– Richard Crowe, InnoDredge Group
“Everyone set a high bar [in 2023] and last year was fairly strong starting out, but the winter has been rough. We’ve had bad weather. Interest rates are still an issue that we’re seeing – both on residential housing and on some of the steady business you’d usually see with warehousing and things like that. Interest rates are going to play a big role in how the next year is going to be. We’re cautiously optimistic about interest rates and where they’re going to go, but I’m not seeing any signs right now of interest rates going down by summer at least.”
– Nick Pearman, Rogers Group
“[2024] was a solid year. We saw a lot of our major customers invest, although a little was held back with the election. But our major customers did fine, and we saw the investment pushed into 2025.”
– Dominic Nasso, Buffalo
“As far as Summit [Materials], 2024 was a fantastic year. We look at 2025 being comparable, if not better. There’s a lot of optimism in terms of what’s happened with the presidential election. It appears the administration is very pro-infrastructure, pro-growth, pro-creating jobs here and bringing companies over.”
– Scott Alexander, Summit Materials
“Despite facing challenges in 2024, with production declining by 6 percent in the first three quarters to approximately 1.79 billion metric tons, the outlook for 2025 remains positive. Industry leaders anticipate a favorable pricing environment, with aggregates prices projected to rise by high-single digits, leading to double-digit growth in cash gross profit per ton.”
– Paul Ross, Douglas Manufacturing Co.
Related: Perspectives: Aggregate leaders assess the industry