Cut Stone & Stone Product Manufacturers
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 1,980 stone products manufacturers in the US cut, shape and finish granite, marble, limestone, slate, and other types of stone for building projects and other uses. Firms may also work with composites, such as engineered stone or solid surface products. Applications for cut stone products include countertops, floors, and walls. Stone fabricators may have in-house staff dedicated to installation, rely on subcontractors, or use a combination.
Competition from Alternatives
Natural and manufactured stone competes with a variety of other materials, depending on the application.
Dependence on Imports
Stone fabricators are highly dependent on foreign suppliers for dimensional stone, with imports accounting for 82% of the US market, according to the US Geological Survey.
Industry size & Structure
The average stone products manufacturer operates out of a single location, employs 19 workers, and generates about $3.3 million in annual revenue.
- According to the Census, the cut stone and stone product manufacturing industry comprises about 1,980 companies that employ about 37,000 workers and generate $6.5 billion annually.
- According to the industry group the Natural Stone Institute (NSI), there are 9,689 dimension stone firms and 2,223 crushed stone firms in the US, employing about 86,000 and 42,000 workers, respectively. An NSI survey found that automated shops employ an average of 38 workers, while manual shops, which tend to be smaller operators, employ an average of 10 workers. The average sales volume was between $2 million and $3 million.
- The industry is fragmented; the top 50 companies account for 35% of industry revenue.
- Large, vertically-integrated firms, such as Coldspring Granite, extract, cut, and finish stone products. Most firms are small and serve a local market.
Industry Forecast
Cut Stone & Stone Product Manufacturers Industry Growth
Recent Developments
Jun 21, 2024 - Wages and Employment Rising
- According to the latest US Bureau of Labor Statistics data, average wages at nonmetallic mineral products manufacturers rose 5.8% in May compared to a year ago to a new high of $26.60 per hour. Employment by the industry also grew, rising 3% in April year over year. Producer prices for cut stone and stone product manufacturers rose 2.4% in April to near-record levels following a steep climb that began nearly three years ago. Wholesale prices for cut stone and stone products continue to rise despite a flat annual sales comparison in Q4 2023 versus Q4 2022, Census Bureau data shows.
- Homeowners spent $463 billion on renovations in the first quarter, according to the Harvard Joint Center for Housing Studies Leading Indicator of Remodeling Activity (LIRA), or about $26 billion less than the peak of renovation spending in the third quarter of 2023. The new LIRA report predicts a more than 7% spending decline in remodeling dollars spent in Q3 2024, despite a modest rise to $451 billion projected moving into the new year. Spending on home renovation projects is forecast to decline by $12 billion in the first quarter of 2025. Kitchens remain the most renovated rooms (29%), followed by guest bathrooms (27%) and primary bathrooms (25%). The percentage of homeowners who spent $25,000 or more on home renovations increased to 51% in 2023, a steady increase since 2020. A third of homeowners who renovated in 2023 purchased countertops, per the 2024 US Houzz and Home Study.
- According to newly released Census Bureau figures, US capital expenditures for robotic equipment totaled $12,960 million (not statistically different than 2021) and accounted for 1.1% of total equipment expenditures in 2022. The manufacturing sector was the largest investor, accounting for more than half (56.2%) of all robotic equipment expenditures – nearly $7.3 billion that year. Amid a stubborn labor shortage, manufacturers rely increasingly on automation, including robots, for some tasks to achieve greater productivity. Robots are well suited for performing repetitive tasks such as polishing and sanding and tasks that may pose a danger to humans.
- US imports of cut stone and stone products fell by approximately 17% in 2023 compared to the prior year – from roughly $4.8 billion to $4.0 billion, according to US International Trade Commission (USITC) data. India, Brazil, and Italy were the top three suppliers of cut stone and stone products measured by customs value, per the USITC. India, which overtook Brazil as the top importer of stone to the US in 2022, is a growing supplier of granite building stone to the US.
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