Cementitious composites, including ferrocement and continuous fiber reinforced cement, are increasingly considered for building construction and repair. One alternative in processing of these composites is to infiltrate the reinforcement (continuous fibers or chicken mesh) with a flowable cementitious slurry. The relatively high density of cementitious binders, when compared with polymeric binders, are a setback in efforts to introduce cementitious composites as lower-cost, fire-resistant, and durable alternatives to polymer composites. Aeration of the slurry is an effective means of reducing the density of cementitious composites. This approach, however, compromises the mechanical properties of cementitious binders. An experimental program was undertaken in order to assess the potential for production of aerated slurry with a desired balance of density, mechanical performance, and barrier qualities. The potential for nondestructive monitoring of strength development in aerated cementitious slurry was also investigated. This research produced aerated slurries with densities as low as 0.9 g/cm3 with viable mechanical and barrier qualities for production of composites. The microstructure of these composites was also investigated.