Senate Passes $1 Trillion Infrastructure Bill
The Senate passed a roughly $1 trillion bipartisan infrastructure deal, a significant win for the aggregates and construction industries.
Vulcan Material: Revenues on the Rise
Vulcan Materials Co. announced results for the quarter ended June 30, reporting total second-quarter revenues of $1,361.0 million versus $1,322.6 million in the second quarter of 2020. Year-to-date revenues were $2,429.4 million versus $2,371.8 million for the same period in 2020.
Martin Marietta: A Record Second-Quarter
Martin Marietta Materials Inc. reported results for the second quarter ended June 30, including products and services revenues of $1.295 billion versus $1.189 billion in the second quarter of 2020.
The estimated U.S. output of construction sand and gravel produced and shipped for consumption in the first quarter of 2021 was 178 Mt, an increase of 6% compared with that of the same period of 2020. The estimated production-for-consumption of construction sand and gravel in the first quarter of 2021 increased from that of first quarter 2020 in five of the nine geographic divisions, according to Jason Willett, U.S. Geological Survey aggregates commodity specialist.
The construction sector faces unique challenges as recession turns to recovery, according to Dodge Data and Analytics’ Mid-Year Report. Economic growth is surging thanks to the growing number of vaccinated Americans and substantial federal stimulus. This surge will continue into 2022.
The U.S. Census Bureau announced that construction spending during June 2021 was estimated at a seasonally adjusted annual rate of $1,552.2 billion, 0.1% (±1.2%) above the revised May estimate of $1,551.2 billion. The June figure is 8.2% (±1.3%) above the June 2020 estimate of $1,435.0 billion.
The Portland Cement Association Market Intelligence Group’s Senior Vice President and Chief Economist Ed Sullivan said cement consumption through June 2021 increased 7.4%.
The Mine Safety and Health Administration (MSHA) reported that on Aug. 3, a miner at Bridgeport Stone Plant, Wise County, Texas, was run over by a customer tractor-trailer while walking to his normal work area. This is the 23rd fatality reported in 2021, and the ninth classified as “Powered Haulage.” Year to date, MSHA is reporting the highest number of powered haulage fatalities since 2006.
- WTI CRUDE OIL FUTURES 8/16/2021: $67.29/barrel, up $0.81 from week earlier; up $25.28 from year earlier.
- NATURAL GAS FUTURES 8/16/2021: $3.946/MMBtu, down $0.114 from week earlier; up $1.590 from year earlier.
- RETAIL DIESEL 8/16/2021: $3.356/gal., down $0.008 from week earlier; up $0.929 from year earlier.
- ELECTRICITY 5/21/2021: Average price to industrial customers 6.65 cents/kilowatt hour; up from 6.53 cents/kilowatt hour a year earlier.
Source: U.S. Energy Information Administration