TOP NEWS
Martin Marietta Hits Record Revenues
Martin Marietta Materials Inc. reported results for the first quarter ended March 31. The company is reporting record first-quarter consolidated revenues of $1.147.8 billion compared to $921.9 million in last year’s first quarter, a 24.5% increase.
Vulcan Reports Strong Quarter
Vulcan Materials Co. announced results for the quarter ended March 31. Total revenues increased 44% to $1.541 billion, up from $1,068 billion in 2021, driven by the addition of U.S. Concrete operations as well as price and volume growth in the company’s legacy businesses.
Young Leaders Meet in San Diego
The National Stone, Sand & Gravel Association (NSSGA) gathered current Young Leaders and alumni in San Diego to celebrate the group’s 30th anniversary. Rock Products once again sponsored the Young Leaders’ Mark S. Walsh Award.
MSHA WATCH
The Mine Safety and Health Administration (MSHA) reported that on Jan. 28, while driving downhill, the 56-year-old driver of a concrete mixer truck at Freeport-McMoRan Morenci Inc., Greenlee County, Ariz., was fatally injured after he lost control of the truck. The truck overturned and the driver was ejected from the truck.
USGS STATS
The estimated output of construction sand and gravel produced and shipped for consumption in the fourth quarter of 2021 was 250 Mt, an increase of 5% compared with that of the same period of 2020. The estimated annual output of construction sand and gravel produced for consumption in 2021 was 1.00 Gt, an increase of 6% compared with that of 2020, according to Jason Willet, commodity specialist, National Minerals Information Center, U.S. Geological Survey (USGS).
ECONOMIC INDICATORS
The U.S. Census Bureau announced that construction spending during March 2022 was estimated at a seasonally adjusted annual rate of $1,730.5 billion, 0.1% (±0.7%) above the revised February estimate of $1,728.6 billion. The March figure is 11.7% (±1.0%) above the March 2021 estimate of $1,548.6 billion.
The single-family housing market continued to show signs of slowing in April as rising mortgage rates and ongoing supply chain disruptions continue to raise housing costs and take a toll on the housing market. Due to a surge in multifamily production, overall housing starts held fairly steady, falling just 0.2% to a seasonally adjusted annual rate of 1.72 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Total construction starts rose 3% in April to a seasonally adjusted annual rate of $945.8 billion, according to Dodge Construction Network. Nonresidential building starts rose 6% and residential starts increased by 4%, while nonbuilding starts fell 4%.
ENERGY
WTI CRUDE OIL FUTURES
5/23/2022: $110.29/barrel, down $3.91 from week earlier; up $46.71 from year earlier.
NATURAL GAS FUTURES
5/23/2022: $8.744/MMBtu, up $0.788 from week earlier; up $5.838 from year earlier.
RETAIL DIESEL
5/23/2022: $5.571/gal., down $0.042 from week earlier; up $2.318 from year earlier.
ELECTRICITY
2/20/2022: Average price to industrial customers 7.46 cents/kilowatt hour; down from 7.90 cents/kilowatt hour a year earlier.
Source: U.S. Energy Information Administration