A steady advance in building and construction sector credit supported the expansion of the cement industry in the third quarter of 2023, according to the Kenya Bankers Association-Housing Price Index data. Cement production increased 7.2 per cent YoY to 2,541,763t from 2,370,246t in the 2Q23.

In addition, improvement in credit to the real estate sector also underpinned market expansion with cement consumption increasing to 2,430,488t in the 3Q24.

“Credit growth in the building and construction sector saw a moderate increase, reaching 13.04 percent in December 2023, up from 2.74 percent in October 2023. Conversely, lending to the real estate sector experienced a relatively lower growth, though rising to 6.46 percent in December 2023 from 3.74 percent in October 2023,” according to the Kenya Bankers Association.