Rock Products

MAY 2019

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16 • ROCK products • May 2019 www.rockproducts.com IN THE KNOW Chaney Enterprises, a ready-mixed concrete, aggregates, custom blends, and related construction supplies pro- vider, acquired PCS Concrete, a concrete supply business based in Annapolis Junction, Md. Chaney Enterprises acquired all five of PCS Concrete's operational facili- ties and all 40 PCS employees will join Chaney and continue to work in their roles. The five facilities are Annapolis Junction, Westport (Southern Baltimore City), Owings, Waldorf, and Sparrows Point (Baltimore County). The acquisition pertains to Chaney's strategic reorganization as Thomas Pittman, former owner and president of PCS Concrete, joins Chaney's executive team as maintenance operations officer. Sharon Carr Pittman will join Chaney as technical service project manager. Combined, the Chaney and Pittman families, and their companies, have more than 100 years of experience in the ready-mixed concrete industry. The Pittmans serviced many commercial, residential, and municipal projects including two of Amazon's fulfillment centers in Baltimore City. "For years we've been supplying PCS Concrete with natural sandvia barge and truck," said Francis "Hall" Chaney, III, president of Chaney Enterprises. "PCS has been an excellent customer and is now a great addition to Chaney. The greatest part of this acquisition is the incredible group of people who are veterans of the industry accompanied with a vast amount of knowledge who are all joining Chaney. Having worked at family-owned PCS Concrete, our newest employees exhibit the same grit and culture that we do." FAST FACT Combined, the Chaney and PiƩman families, and their companies, have more than 100 years of experience. Chaney Enterprises Acquires PCS Concrete Construction spending during Febru- ary 2019 was estimated at a seasonally adjusted annual rate of $1,320.3 billion, 1.0% (±0.8%) above the revised Jan- uary estimate of $1,307.3 billion. The February figure is 1.1% (±1.5%) above the February 2018 estimate of $1,305.5 billion. During the first two months of this year, construction spending amounted to $181.9 billion, 1.4% (±1.3%) above the $179.4 billion for the same period in 2018. In February, the estimated seasonally adjusted annual rate of public construc - tion spending was $325.8 billion, 3.6% (±1.6%) above the revised January esti- mate of $314.4 billion. Highway construction was at a sea- sonally adjusted annual rate of $111.1 billion, 9.5% (±5.3%) above the revised January estimate of $101.5 billion. Educational construction was at a seasonally adjusted annual rate of $76.3 billion, 0.8% (±2.0%) above the revised January estimate of $75.7 billion. Spending on private construction was at a seasonally adjusted annual rate of $994.5 billion, 0.2% (±0.8%) above the revised January estimate of $993.0 billion. Residential construction was at a sea- sonally adjusted annual rate of $540.9 billion in February, 0.7% (±1.3%) above the revised January estimate of $536.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $453.6 billion in February, 0.5% (±0.8%) below the revised January esti- mate of $456.0 billion. "The spending increase in February fol- lows an extremely strong 2.5% gain in January, which aligns with contrac- tors' reports that they were busy early in the year and expect to stay that way through 2019," said Ken Simonson, chief economist for the Associated General Contractors of America. "The major challenge they face is finding enough workers." Public construction accounted for the bulk of the monthly and annual increases, while private categories were mixed, the economist noted. Public con- struction spending jumped 3.6% for the month and 11.5% year-over-year. The largest public category, highway and street construction, soared 22.8% from a year ago. Educational construction, the next-largest segment, rose 5.5% year-over-year. "A number of economic readings have come in weaker than expected of late, including retail sales and February employment," said Associated Builders and Contractors Chief Economist Anir- ban Basu. "Now private nonresidential construction has effectively flatlined during the past year, with spending virtually unchanged on a year-ago basis despite higher materials costs. This sug- gests that the actual physical amount of construction put in place has declined in real terms during the past year. " FAST FACT Highway construcƟon was at a seasonally adjusted annual rate of $111.1 billion, 9.5% (±5.3%) above the revised January esƟmate. Construction Spending Ticks Up; Highway Construction Rises

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