TOP NEWS
Armada Materials Formed; Acquires Volunteer
Armada Materials LLC has been formed to build a leading infrastructure materials and services business through strategic acquisitions. The company was founded by Rob Duke, who will serve as CEO of Armada, along with a group of investors including several industry veterans, and Kelso & Company, L.P., a middle-market buyout private equity firm founded in 1980 on the principles of partnership and alignment of interests.
SGI Acquires Panamint Valley Limestone
SGI, a Standard Industries company and manufacturer of innovative roofing products, building materials and agricultural products, announced its acquisition of Panamint Valley Limestone (PVL), a southern California-based quarry that mines limestone for building materials and a variety of other end uses.
NSSGA Legislative & Policy Forum
The National Stone, Sand & Gravel Association (NSSGA) kicked off its annual Legislative & Policy Forum as more than 330 attendees convened in Washington, D.C. Rock Products Editor Mark S. Kuhar was on hand for the event, which featured multiple keynote speakers, dynamic breakout sessions, the NSSGA Awards ceremonies and routine committee meetings.
USGS STATS
An estimated 413 million metric tons (Mt) of crushed stone was produced and shipped for consumption in the United States in the second quarter of 2023, unchanged compared with that of the second quarter of 2022. Production for consumption in the first six months of 2023 was essentially unchanged compared with that in the same period of 2022, according to U.S. Geological Survey (USGS) Commodity Specialist Jason Willett.
ECONOMIC INDICATORS
The AVP Pulse Index for September – brought to you by Rock Products and Allen-Villere Partners – decreased 1.4% month-over-month; the Index is up 4.4% year-over-year.
Total construction starts fell 6% in September to a seasonally adjusted annual rate of $1.2 trillion, according to Dodge Construction Network. Nonresidential starts lost 4%, residential starts declined 6%, and nonbuilding starts fell 9%. Highway and bridge starts fell 15%.
According to the U.S. Census Bureau, construction spending during August 2023 was estimated at a seasonally adjusted annual rate of $1,983.5 billion, 0.5% (±1.2%) above the revised July estimate of $1,973.7 billion.
MSHA WATCH
The U.S. Department of Labor announced that its Mine Safety and Health Administration (MSHA) completed impact inspections at 14 mines in 10 states in August, issuing 246 violations. Among the 246 violations MSHA identified in August, 94 were evaluated as significant and substantial, or S&S, violations and 17 were found to have an unwarrantable failure finding. MSHA completed monthly impact inspections at mines in Alabama, Alaska, Indiana, Kentucky, Michigan, New Mexico, Ohio, Pennsylvania, West Virginia and Wyoming in August.
ENERGY
WTI CRUDE OIL FUTURES
10/19/2023: $89.37/barrel, up $6.46 from week earlier; up $3.82 from year earlier.
NATURAL GAS
10/19/2023: $2.957/MMBtu, down $0.387 from week earlier; down $2.505 from year earlier.
RETAIL DIESEL
10/16/2023: $4.444 /gal., down $0.054 from week earlier; down $0.895 from year earlier.
ELECTRICITY
7/20/23: Average price to industrial customers 8.45 cents/kilowatt hour; down from 9.41 cents/kilowatt hour from year earlier.
Source: U.S. Energy Information Administration
WOMEN IN AGGREGATES
Women in Aggregates is a new group dedicated to supporting women working in the aggregates industry. The Mission Statement of the group is: “To create a supportive space for women that fosters leadership growth, networking opportunities and advocacy of the aggregate industry.” Membership in Women in Aggregates is open to any woman working in, or working in support of, the aggregates industry, including producers, manufacturers and distributors; and marketing, advertising or public relations professionals. Interested parties can go to www.womeninaggregates.com to join the mailing list and to stay apprised of future developments, meetings, events and other communications from the group. There is also a LinkedIn discussion page, at www.linkedin.com/groups/12717856/.