The Brazilian cement industry sold 5.7 million tons in September 2026, a 5.7% drop compared to the same month in 2025, according to the National Cement Industry Union (SNIC). In the third quarter, sales totaled 18.1 million tons, a 0.4% decline compared to the same period last year. Between January and September, the volume reached 50.8 million tons, a cumulative year-on-year increase of 0.9%.

This result reflected fewer working days in the third quarter of 2026 compared to the third quarter of 2025, as well as constant rains that hindered construction progress. However, a robust labor market and rising real estate sales—particularly under the *Minha Casa, Minha Vida* program—helped sustain cement demand during the period.

The unemployment rate stood at 5.3% for the quarter ending in August, the lowest level for this period since the survey began in 2012. The employed population reached a record 103.5 million people, and the number of jobs in building construction grew by 4.1%. Although average income remained stable, the total wage bill reached the highest level in the series.

On the other hand, pressure on household budgets is limiting consumption. Even after recent cuts, the Selic rate remains at 13.75% per year, raising the cost of housing finance and increasing competition between financial assets and real estate investments. The share of household income committed to debt service reached 49.86% in the 12 months ending in July. In August, Serasa recorded 83.9 million people in default, the highest number in the series. In the real estate market, property sales grew by 5.4% in the first half of 2026, while new project launches fell by 0.3% compared to the same period the previous year, indicating a reduction in housing inventory. Under the *Minha Casa, Minha Vida* (MCMV) program, sales rose by 15.5% and launches by 7.9%. The program accounted for 58% of launches in the second quarter, its highest share since the series began.

Signs of caution were reflected in confidence indicators. In September, consumer outlook fell for the fifth consecutive month. Construction sector expectations declined, with concerns regarding future demand across all segments. Industrial confidence recorded its third consecutive monthly drop. For the cement industry, performance in the coming months will depend on the continuation of housing and infrastructure projects, given the still-restrictive monetary conditions.

Despite economic, fiscal, and political uncertainties—as well as the repercussions of the war in the Middle East—the sector maintains its expectation of consumption growth for 2026, supported by demand for affordable housing and infrastructure works, particularly the extensive use of concrete paving.

In memory of Paulo Camillo Vargas Penna

“The National Cement Industry Union (SNIC) pays tribute to Paulo Camillo Vargas Penna, who presided over SNIC and the Brazilian Portland Cement Association (ABCP) for ten years. Paulo Camillo passed away on September 30, 2026. Through his dedicated leadership of both organizations, he fostered dialogue among the industry, public authorities, and other organizations regarding infrastructure, sustainability, and the development of the cement sector. SNIC extends its deepest sympathies to his daughters, family, friends, and colleagues.”