Rock Products

DEC 2018

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Page 40 of 99 ROCKproducts • December 2018 • 39 $2.3 billion. Nonresidential starts in Mississippi totaled $2.4 billion in 2017 and $2.9 billion in 2016, according to ConstructConnect. • In Tennessee, construction contributed $13.7 billion (4.0 percent) of the state's GDP of $345 billion, less than the industry's 4.3 percent share of U.S. GDP. Construction wages and salaries in 2017 totaled $427 billion in the United States, including $6.8 billion in Tennessee. Nonres- idential spending in the United States totaled $714 billion in 2017 ($438 billion private, $277 billion public). Private nonresidential spending in Tennessee totaled $5.7 billion in 2017. State and local spending totaled $3.4 billion. Non- residential starts in Tennessee totaled $7 billion in 2017 and $8 billion in 2016, according to ConstructConnect. Around the Region Birmingham, Ala.-based Vulcan Materials Co. announced results for the third quarter ended Sept. 30, 2018. Third quar- ter earnings from continuing operations were $180 million, or $1.34 per diluted share. Net earnings increased 65 percent to $179 million and Adjusted EBITDA increased 13 percent from the prior year's third quarter to $353 million. Third quarter aggregates shipments increased 10 percent (6 per- cent on a same-store basis) versus the prior-year quarter. Shipments in most markets outside those impacted by severe weather realized solid growth versus the prior year. Shipment growth in North Carolina and Virginia was interrupted due to the impact of Hurricane Florence and same-store shipment growth in most Texas markets was limited due to extremely wet weather in September. Earlier this year, Vulcan Materials, through its subsidiar- ies, acquired all businesses of McCartney Construction, including several quarry operations in Alabama. McCartney Construction Co. Inc., Calhoun Asphalt Co. Inc. and McCartney Construction Co. LLC.are now subsidiaries of Vulcan, and will continue conducting business under such legal entities. Vulcan Materials also named Suzanne H. Wood as senior vice president and chief financial officer, effective Sept. 1, 2018. Wood succeeded John R. McPherson, previously executive vice president, chief financial and strategy officer. In legislative meetings in Kentucky, the need for increased investment in infrastructure were highlighted by leaders in the business community as subjects that should be tackled in the coming legislative session. Ahead of the 2019 session where infrastructure funding is expected to be a big issue for the General Assembly, representatives from the business community from across the state explained to lawmakers that business and industry is in strong support of significant infrastructure investment. Kentucky Chamber Vice President of Policy Development Kate Shanks told legislators $500 billion worth of goods are transported to, from, and through Kentucky each year noting that transportation investment is critical to the economy Dodge Analytics reported the April construction start of a $682 million tire manufacturing plant in Clinton, Miss., as well as the July construction starts of a $750 million Facebook data center in Huntsville, Ala., and a $600 million Google data center in Stevenson, Ala. CASE Construction Equipment announced that dealer Lee Tractor Co. Inc. expanded its Mississippi coverage with a new location in Pearl, Miss., to serve the Jackson market. A spinoff of assets outside Trinity Industries core Rail and Railcar Leasing and Management Services businesses has created Arcosa Inc., a separate publicly traded company reporting 2017 sales of $1.5 billion across three groups: Construction Products, with 11 sand and gravel operations (Texas, Louisiana) and eight expanded shale and clay plants (Alabama, Arkansas, California, Colorado, Indiana, Kentucky, Louisiana, Texas), plus Energy Equipment and Transpor- tation. Of 2017 Arcosa financials, Construction Products accounted for $259 million, or 18 percent of sales, and $54 million, or 41 percent of $132 million in operating profit. The sand and gravel and lightweight aggregate production portfolio includes legacy Trinity Industries plants, along with sites previously under Oldcastle Architectural/Big River and Texas Industries. Seventeen Tennessee quarries sold by Vulcan Materials to satisfy federal regulators are now part of Blue Water Indus- tries. The $290 million sale, which closed in December 2017, completed Vulcan's acquisition of Alabama-based Aggregates USA. Blue Water Industries is an aggregates producer serving the southeastern United States, including Florida, Tennessee and Virginia. Metso announced Stowers Machinery Corp. as its newest dealer. Stowers will offer Metso's mobile and stationary crushing and screening products to eastern Tennessee contractors in the construction, recycling and demolitio markets. Headquartered in Knoxville, Tenn., Stowers has six store locations throughout the eastern part of the state. Mack Trucks named Tri-State Truck Center of Memphis, Tenn., its 2017 North American Dealer of the Year. Tri-State Truck Center achieved 185 percent of its sales goal and 127 percent of its leasing plan in 2017. Sources: U.S. Geological Survey and Associated General Contractors of America.

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