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Going Up for the Rebound
On Behalf of
Carolinas Ready Mixed Concrete Association
By: Anirban Basu
Sage Policy Group, Inc.
June 21, 2013
First Pitch
Historic and Projected World Output Growth
2004 through 2014*
6.0%
4.9%
5.0%
5.2%
5.4%
5.3%
4.6%
4.0%
4.0%
Annual % Change
4.0%
3.2%
2.9%
3.0%
3.3%
2.0%
1.0%
0.0%
-0.5%
-1.0%
-2.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: International Monetary Fund
*2013-2014 data are projections
Estimated Growth in Output by Select Global Areas
2013 Projected
Advanced economies
Euro area
France
Germany
Italy
Spain
Japan
United Kingdom
Canada
United States
Emerging/developing countries
Sub-Saharan Africa
Central/eastern Europe
Russia
Developing Asia
China
India
Middle East and North Africa
Latin America and Caribbean
Brazil
Mexico
-4.0%
1.2%
-0.3%
-0.1%
0.6%
-1.5%
-1.6%
1.6%
0.7%
1.5%
1.9%
5.3%
5.6%
2.2%
3.4%
7.1%
8.0%
5.7%
3.1%
3.4%
3.0%
3.4%
-2.0%
0.0%
2.0%
4.0%
Annual % Change
Source: International Monetary Fund
6.0%
8.0%
10.0%
Debt by Country
2012
Japan
Italy
United States
Spain
France
United Kingdom
Canada
Germany
India
Brazil
Argentina
Mexico
South Africa
Indonesia
China
Russia
Saudi Arabia
0
50
100
150
200
General Government Gross Debt in Percent of GDP
Source: IMF
250
Top 12 Stock Exchanges
2011 Growth
Rank
1
2
3
12
9
8
6
5
4
11
7
10
Exchange
NYSE Group
Nasdaq
London SE
Swiss Exchange
TSX Group
Bolsa De Medrid
Frankfurt SE
Euronext
Tokyo SE
Hong Kong Exchanges
Shanghai SE
Borsa Italiana
Source: Yahoo! Finance
Index
DJI A
NASDAQ Composite
FTSE 100
Swiss Market
S&P TSX Composite
IGBM
DAX
CAC 40
Nikkei 225
Hang Seng Index
Shanghai Composite
FTSE MIB
% Change
5.5%
-1.8%
-5.6%
-7.8%
-9.2%
-14.6%
-14.7%
-17.0%
-17.3%
-20.0%
-21.7%
-25.2%
Top 12 Stock Exchanges
2012 Growth
Rank
6
11
4
2
5
12
10
1
3
9
7
8
Source: Yahoo! Finance
Exchange
Frankfurt SE
Hong Kong Exchanges
Tokyo SE
Nasdaq
Euronext
Swiss Exchange
Borsa Italiana
NYSE Group
London SE
TSX Group
Shanghai SE
Bolsa De Madrid
Index
DAX
Hang Seng Index
Nikkei 225
NASDAQ Composite
CAC 40
Swiss Market
FTSE MIB
DJI A
FTSE 100
S&P TSX Composite
Shanghai Composite
IBEX 35
% Change
29.1%
22.9%
22.9%
15.9%
15.2%
14.9%
7.8%
7.3%
5.8%
4.0%
3.2%
-4.7%
S&P Select Sector Performance
2012
23.5%
Financial
19.9%
Consumer Discretionary
14.2%
Health Care
11.7%
Technology
9.4%
Industrials
8.5%
Materials
8.0%
Consumer Staples
0.3%
Energy
Utilities
-0.7%
-5%
0%
5%
10%
15%
12-month percent change
Source: Dow Jones, Standard & Poor’s
20%
25%
First Quarter Earnings for Select Corporations
Earnings per Share
Symbol Q1 2012
Q1 2013
Q1 2013
Surprise
Estimated Reported
Symbol Q1 2012
Q1 2013
Q1 2013
Surprise
Estimated Reported
CMG
$1.97
$2.13
$2.45
$0.32
COH
$0.77
$0.80
$0.84
$0.04
VFC
$1.94
$2.19
$2.43
$0.24
XRX
$0.23
$0.24
$0.27
$0.03
COF
$2.72
$1.60
$1.79
$0.19
UPS
$1.00
$1.01
$1.04
$0.03
YHOO
$0.24
$0.24
$0.38
$0.14
FCX
$0.96
$0.71
$0.73
$0.02
UTX
$1.31
$1.29
$1.39
$0.10
STI
$0.46
$0.61
$0.63
$0.02
BTU
$0.67
-$0.14
-$0.05
$0.09
TXN
$0.32
$0.30
$0.32
$0.02
DOW
$0.61
$0.61
$0.69
$0.08
VZ
$0.59
$0.66
$0.68
$0.02
HON
$1.04
$1.14
$1.21
$0.07
GE
$0.34
$0.35
$0.35
$0.00
AMD
$0.12
-$0.18
-$0.13
$0.05
MCD
$1.23
$1.27
$1.26
-$0.01
DD
$1.51
$1.52
$1.56
$0.04
MMM
$1.59
$1.65
$1.61
-$0.04
$0.60
$0.68
$0.72
$0.04
CAT
$2.37
$1.40
$1.31
-$0.09
MSFT
Source: Dow Jones, Standard & Poor’s
Recession Watch
as of May 2013
Source: Moody’s Economy
80
Feb-01
Jun-01
Oct-01
Feb-02
Jun-02
Oct-02
Feb-03
Jun-03
Oct-03
Feb-04
Jun-04
Oct-04
Feb-05
Jun-05
Oct-05
Feb-06
Jun-06
Oct-06
Feb-07
Jun-07
Oct-07
Feb-08
Jun-08
Oct-08
Feb-09
Jun-09
Oct-09
Feb-10
Jun-10
Oct-10
Feb-11
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Index (2007 = 100)
Industrial Production
February 2001 through May 2013
105
100
(Base year: 2007)
95
90
85
Source: Federal Reserve
The industrial production index measures the real output of the
manufacturing, mining, and electric and gas utilities industries.
1990Q1
1990Q4
1991Q3
1992Q2
1993Q1
1993Q4
1994Q3
1995Q2
1996Q1
1996Q4
1997Q3
1998Q2
1999Q1
1999Q4
2000Q3
2001Q2
2002Q1
2002Q4
2003Q3
2004Q2
2005Q1
2005Q4
2006Q3
2007Q2
2008Q1
2008Q4
2009Q3
2010Q2
2011Q1
2011Q4
2012Q3
Percent Change from Preceding Period (SAAR)
Gross Domestic Product
1990Q1 through 2013Q1
10%
8%
2013Q1: 2.4%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
Source: Bureau of Economic Analysis
Contributions to GDP Growth by Component
Q1 2012 – Q1 2013
2.4
2.5
2.0
SAAR (%)
1.5
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
1.7
1.1 1.1
1.3
1.2
1.0
0.9
0.8
0.8
0.5
0.2
0.4
0.3
0.1
0.1
0.2
0.0
-0.1
-0.5
-0.2
-0.6
-1.0
-1.0
-1.4
-1.5
Personal Consumption
Source: Bureau of Economic Analysis
Government Spending
Net Exports
Gross Investment
Red Card/
Pink Slip
Net Change in U.S. Jobs, BLS
January 2002 through May 2013
700
500
Thousands
300
100
-100
-300
-500
-700
-900
Source: Bureau of Labor Statistics
May 2013:
+175K
National Nonfarm Employment
by Industry Sector
May 2012 v. May 2013
Professional and Business Services
589
Leisure and Hospitality
406
Trade, Transportation, and Utilities
405
Education and Health Services
363
Construction
189
Financial Activities
90
Other Services
64
Manufacturing
41
Information
16
Mining and Logging
10
Government
-200
All told 2,115K Jobs
gained
-58
0
200
400
Thousands, SA
Source: Bureau of Labor Statistics
600
800
National Construction Employment
Monthly Net Change
February 2000 through May 2013
Monthly Net Change (thousands)
100
50
0
May-13
7k
-50
-100
Source: Bureau of Labor Statistics
Jan-13
Aug-12
Mar-12
Oct-11
May-11
Dec-10
Jul-10
Feb-10
Sep-09
Apr-09
Nov-08
Jun-08
12-%
3.4%
3.2%
2.3%
3.3%
3.6%
Jan-08
Aug-07
12-net
189
18.1
15.3
28.6
127.9
Mar-07
Oct-06
1-net
7
0.9
-2.6
3.1
5.8
May-06
Dec-05
May-12
5,615
572.5
661.8
860.8
3,519.4
Jul-05
Feb-05
Apr-13
5,797
589.7
679.7
886.3
3,641.5
Sep-04
Apr-04
Nov-03
May-13
5,804
590.6
677.1
889.4
3,647.3
Jun-03
Jan-03
Aug-02
Mar-02
Oct-01
May-01
Dec-00
Jul-00
-200
Feb-00
-150
Industry Sector
Construction
Residential Building
Nonresidential Building
Heavy and Civil Engineering Const.
Specialty Trade Contractors
State-by-state Growth in Construction Jobs
April 2012 v. April 2013
STATE
Year-overyear Ch.
(‘000)
STATE
Year-overyear Ch.
(‘000)
STATE
Year-overyear Ch.
(‘000)
California
44.8
New Mexico
2.1
Pennsylvania
-1.2
Texas
41.5
Alaska
1.5
Alabama
-1.4
Florida
15.5
Mississippi
0.8
Rhode Island
-1.4
Louisiana
10.2
Tennessee*
0.7
Kansas
-1.6
New York
7.5
Nevada
0.5
Vermont
-1.7
Maryland*
6.6
North Dakota
0.4
Arkansas
-1.8
Arizona
6.5
Delaware*
0.3
Kentucky
-1.9
Colorado
6.1
New Hampshire
0.3
Montana
-2.0
Oklahoma
4.3
Oregon
0.3
South Dakota*
-2.1
Connecticut
4.0
Idaho
0.2
Iowa
-3.6
Hawaii*
3.3
Virginia
0.2
Wisconsin
-3.6
New Jersey
3.2
Maine
0.1
Minnesota
-3.8
Georgia
2.7
West Virginia
-0.1
North Carolina
-4.0
Massachusetts
2.7
Wyoming
-0.1
Michigan
-4.3
South Carolina
2.7
District of Columbia*
-0.2
Indiana
-5.6
Utah
2.3
Missouri
-0.2
Ohio
-9.2
Washington
2.3
Nebraska*
-1.0
Illinois
-12.9
Source: Bureau of Labor Statistics
*Construction, Mining, and Logging are included in one industry.
The occupations in South Carolina with the largest decline since 2002 were
management (31.9 percent) and construction and extraction (30.0 percent)
NC = 22.5%).
20
Source: Bureau of Labor Statistics
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
220
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Thousands
Construction Employment, SA
January 2006 through April 2013
270
North Carolina
South Carolina
170
120
70
North Carolina Nonfarm Employment
by Industry Sector Groups (SA)
April 2013 v. April 2012
Absolute Change
Leisure & Hospitality
23,700
Professional & Business Services
15,900
Trade, Transportation & Utilities
14,600
Education & Health Services
9,900
Government
4,700
Financial Activities
4,400
Information
2,400
Manufacturing
1,900
Other Services
0
Mining and Logging
Construction
NC Total:
+34.6K; +1.8%
US Total (SA):
+2,065K; +1.5%
-200
-4,000
-10,000 -5,000
0
5,000
10,000 15,000 20,000 25,000 30,000
Source: Bureau of Labor Statistics
“Recent reports on North Carolina’s economy were upbeat with positive
signs in labor and housing markets and strengthening conditions for
state households.” June Report, Richmond Fed
South Carolina Nonfarm Employment
by Industry Sector Groups (SA)
April 2013 v. April 2012
Absolute Change
Leisure & Hospitality
10,700
Government
4,700
Financial Activities
4,300
Trade, Transportation & Utilities
3,700
Construction
2,700
Education & Health Services
1,800
Manufacturing
1,600
Information
200
Other Services
Professional & Business Services
-10,000
-500
SC Total:
+23.8K; +1.3%
US Total (SA):
+2,065K; +1.5%
-5,300
-5,000
0
Source: Bureau of Labor Statistics
“Economic activity in South Carolina generally picked up in recent months
with expansion in the labor market, increased home values, and
improvement in household conditions.” June, Richmond Fed
5,000
10,000
15,000
Employment Growth, U.S. States (SA)
April 2012 v. April 2013 Percent Change
Rank
State
%
Rank
State
%
Rank
State
%
1
North Dakota
3.7
17
Oregon
1.5
30
Louisiana
0.8
2
Utah
3.5
19
Massachusetts
1.4
30
Michigan
0.8
3
Texas
3.0
20
Maryland
1.3
30
Minnesota
0.8
4
Colorado
2.7
20
Montana
1.3
38
Connecticut
0.7
5
Idaho
2.5
20
New York
1.3
38
Illinois
0.7
6
Nevada
2.0
20
South Carolina
1.3
38
New Mexico
0.7
6
Washington
2.0
24
Indiana
1.2
41
Rhode Island
0.6
8
California
1.9
24
Oklahoma
1.2
42
District of Columbia
0.4
9
New Jersey
1.8
26
Missouri
1.0
42
Pennsylvania
0.4
9
North Carolina
1.8
26
New Hampshire
1.0
44
Alabama
0.3
9
Tennessee
1.8
26
Virginia
1.0
44
West Virginia
0.3
12
Arizona
1.7
29
South Dakota
0.9
46
Nebraska
0.2
12
Georgia
1.7
30
Arkansas
0.8
47
Alaska
0.1
12
Vermont
1.7
30
Hawaii
0.8
47
Ohio
0.1
15
Delaware
1.6
30
Iowa
0.8
49
Wisconsin
-0.2
15
Florida
1.6
30
Kansas
0.8
50
Maine
-0.3
17
Mississippi
1.5
30
Kentucky
0.8
51
Wyoming
-0.5
Source: Bureau of Labor Statistics
U.S. Year-over-year Percent Change: 1.5%
Unemployment Rates, U.S. States (SA)
April 2013
Rank
State
Rate
Rank
State
Rate
Rank
State
Rate
1
North Dakota
3.3
17
Texas
6.4
35
Arizona
7.9
2
Nebraska
3.7
19
Louisiana
6.5
35
Kentucky
7.9
3
Vermont
4.0
19
Maryland
6.5
37
Connecticut
8.0
4
South Dakota
4.1
21
Missouri
6.6
37
Oregon
8.0
5
Iowa
4.7
21
West Virginia
6.6
37
South Carolina
8.0
5
Utah
4.7
23
New Mexico
6.7
37
Tennessee
8.0
7
Wyoming
4.8
24
Alabama
6.9
41
Georgia
8.2
8
Hawaii
4.9
24
Colorado
6.9
42
Michigan
8.4
8
Oklahoma
4.9
24
Maine
6.9
43
District of Columbia
8.5
10
Virginia
5.2
27
Ohio
7.0
43
Indiana
8.5
11
Minnesota
5.3
27
Washington
7.0
45
New Jersey
8.7
12
Kansas
5.5
29
Arkansas
7.1
46
Rhode Island
8.8
12
Montana
5.5
29
Wisconsin
7.1
47
North Carolina
8.9
12
New Hampshire
5.5
31
Delaware
7.2
48
California
9.0
15
Alaska
6.0
31
Florida
7.2
49
Mississippi
9.1
16
Idaho
6.1
33
Pennsylvania
7.6
50
Illinois
9.3
17
Massachusetts
6.4
34
New York
7.8
51
Nevada
9.6
Source: Bureau of Labor Statistics
April U.S. Unemployment Rate: 7.5%; May = 7.6%
Unemployment Rates, 20 Largest Metros (NSA)
April 2013
Rank
MSA
UR
Rank
MSA
UR
1
Minneapolis-St. Paul-Bloomington, MN-WI
4.9
9
St. Louis, MO-IL
6.7
2
Washington-Arlington-Alexandria, DC-VA-MDWV
5.0
12
San Diego-Carlsbad-San Marcos, CA
7.0
Miami-Fort Lauderdale-Pompano
Beach, FL
New York-Northern New Jersey-Long
Island, NY-NJ-PA
3
Seattle-Tacoma-Bellevue, WA
5.2
13
4
Boston-Cambridge-Quincy, MA-NH
5.7
14
5
Houston-Sugar Land-Baytown, TX
5.9
15
6
Dallas-Fort Worth-Arlington, TX
6.0
16
7
San Francisco-Oakland-Fremont, CA
6.2
17
Philadelphia-Camden-Wilmington, PA7.7
NJ-DE-MD
Los Angeles-Long Beach-Santa Ana, CA 8.4
8
Phoenix-Mesa-Glendale, AZ
6.6
18
Detroit-Warren-Livonia, MI
8.9
9
Tampa-St. Petersburg-Clearwater, FL
6.7
19
Chicago-Joliet-Naperville, IL-IN-WI
9.1
9
Baltimore-Towson, MD
6.7
20
Riverside-San Bernardino-Ontario, CA
9.6
Atlanta-Sandy Springs-Marietta, GA
Source: Bureau of Labor Statistics
Greenville, 6.0%; Charleston, 6.0%; Columbia,
6.5%; Raleigh-Cary, 6.8%; Charlotte, 8.4%
7.2
7.5
7.6
Pad Save
0%
Jan-95
Jul-95
Jan-96
Jul-96
Jan-97
Jul-97
Jan-98
Jul-98
Jan-99
Jul-99
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Rate
15-Year & 30-Year Fixed Mortgage Rates
January 1995 through May 2013
10%
9%
15-yr
2%
Source: Freddie Mac
30-yr
8%
7%
6%
5%
3.54%
4%
3%
2.72%
1%
0
Source: Census Bureau
Mar-13
Oct-12
May-12
Dec-11
Jul-11
Feb-11
Sep-10
Apr-10
Nov-09
Jun-09
Jan-09
Aug-08
Mar-08
Oct-07
May-07
Dec-06
Jul-06
Feb-06
Sep-05
Apr-05
Nov-04
Jun-04
Jan-04
Aug-03
Mar-03
Oct-02
May-02
Dec-01
Jul-01
Feb-01
Sep-00
Apr-00
Nov-99
Jun-99
Jan-99
Thousands, SAAR
U.S. New Home Sales
January 1999 through April 2013
1,600
1,400
1,200
1,000
800
600
400
200
0
Source: Census Bureau
Mar-13
Oct-12
May-12
Dec-11
Jul-11
Feb-11
Sep-10
Apr-10
Nov-09
Jun-09
Jan-09
Aug-08
Mar-08
Oct-07
May-07
Dec-06
Jul-06
Feb-06
1 Unit
Sep-05
Apr-05
Nov-04
Jun-04
2,500
Jan-04
Aug-03
Mar-03
Oct-02
May-02
Dec-01
Jul-01
Feb-01
Sep-00
Apr-00
Nov-99
Jun-99
Jan-99
Thousands, SAAR
U.S. Housing Starts
January 1999 through April 2013
5 units or more
2,000
1,500
1,000
500
S&P/Case-Shiller Home Price Indices for Select Metros
March 2013, 12-Month Percentage Change
25.0
22.2
12-Month % Change
20.6
20.0
18.5
16.6
15.0
9.8
10.0
6.7
5.0
2.6
0.0
Source: Standard & Poor’s
6.8
7.7
7.8
10.6
10.7
10.9
19.1
30
Source: The American Institute of Architects
Apr-13
Feb-13
Dec-12
Oct-12
Aug-12
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
Feb-11
Dec-10
Oct-10
Aug-10
Jun-10
Apr-10
Feb-10
Dec-09
Oct-09
Aug-09
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
Jun-08
Apr-08
Feb-08
Dec-07
Architecture Billings Index
December 2007 through April 2013
60
55
50
45
40
35
Nonresidential Construction Put-in-Place
July 2006 through April 2013
Public
800
Private
Oct. 08: $719.0 billion
Mar. 13: $552.5 billion
-23.2%
700
SAAR ($billions)
600
500
400
300
200
Source: U.S. Census Bureau
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
0
Jul-06
100
National Nonresidential Construction Spending by Subsector
April 2012 v. April 2013
Lodging
16.6
Transportation
11.4
Manufacturing
2.1
Commercial
1.9
Office
1.6
Water supply
-0.9
Power
-1.6
Health care
-3.3
Highway and street
-3.5
Sewage and waste disposal
-3.9
Public safety
-6.1
Communication
-8.4
Religious
-9.3
Amusement and recreation
-10.5
Educational
-10.7
Conservation and development
-11.5
-15
-10
-5
0
5
12-month % Change
Source: U.S. Census Bureau
10
15
20
Source: Bureau of Labor Statistics
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
Jul-07
Jan-07
Jul-06
Jan-06
Jul-05
Jan-05
Jul-04
Jan-04
Jul-03
Jan-03
Jul-02
Jan-02
Jul-01
Jan-01
12-month Percent Change
Inputs to Construction PPI
January 2001 – May 2013
15%
10%
5%
0%
-5%
-10%
12-month % Change
Source: BLS: EIA
Jan-13
May-12
Sep-11
Jan-11
May-10
Sep-09
Jan-09
May-08
Sep-07
Jan-07
May-06
Sep-05
Jan-05
May-04
Sep-03
Jan-03
May-02
12-month % Change
12
10
8
6
4
2
0
-2
-4
Jan-01
Concrete Products PPI
100
80
60
40
20
0
-20
-40
-60
Sep-11
Jan-13
May-12
Jan-13
Jan-11
Jan-11
May-12
May-10
May-10
Sep-11
Sep-09
Sep-09
May-08
Sep-07
Jan-07
May-06
Sep-05
Jan-05
Jan-09
NYMEX Crude Oil
Jan-09
May-08
Sep-07
Jan-07
May-06
Sep-05
May-04
Sep-03
Jan-03
May-02
Sep-01
40
Jan-05
May-04
Sep-03
Jan-03
May-02
Jan-01
-20
Sep-01
12-month % Change
Iron & Steel PPI
Jan-01
Jan-13
May-12
Sep-11
Jan-11
May-10
Sep-09
Jan-09
May-08
Sep-07
Jan-07
May-06
Sep-05
Jan-05
May-04
Sep-03
Jan-03
May-02
Sep-01
Jan-01
50
40
30
20
10
0
-10
-20
-30
-40
Sep-01
12-month % Change
Key Commodity Prices
January 2001 - May 2013
Softwood Lumber PPI
30
20
10
0
-10
Conference Board Leading Economic Indicators Index
August 2007 through April 2013
1.5%
One-month Percent Change
1.0%
0.5%
0.0%
-0.5%
April 2013 = 95.0
where 2004=100
-1.0%
Source: Conference Board
Feb-13
Nov-12
Aug-12
May-12
Feb-12
Nov-11
Aug-11
May-11
Feb-11
Nov-10
Aug-10
May-10
Feb-10
Nov-09
Aug-09
May-09
Feb-09
Nov-08
Aug-08
May-08
Feb-08
Nov-07
Aug-07
-1.5%
Fourth Quarter
 January and February were better
than expected . . .
 Many headwinds remain and the
recovery could easily falter;
 . . . But expect another second
 Concrete demand now on the rise
quarter slowdown, but not
necessarily anything severe;
– this is increasingly reflected in
pricing dynamics; and
 Black swan threats: (1) Iran (2)
Israel/Iran (3) Europe;
 Companies seem perfectly
content buying themselves.
Thank You
 You can always reach me at
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please visit our website at
www.sagepolicy.com
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 Please contact us when you require
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