TRG | The Bottom Line – 1/5

Next week TRG will publish our Q4’23 Contractor & Surety Survey, highlighting feedback from contractor and surety companies on the health of the non-res and infrastructure end markets. This quarterly survey provides greater color on the “story behind the story” of what to expect on non-res and infrastructure construction in coming months. In short, this will be a check-in for TRG’s view that non-res construction will generate lower growth for a longer period of time. Next week will also see the publication of TRG’s Q4’23 Heavy Materials Survey. The real story of Q4’23 in heavy materials was the spate of deal activity as the year came to a close. We expect 2024 should see additional M&A among aggregates, concrete and asphalt producers, particularly against a backdrop of building momentum in infrastructure spending. We are also pleased to announce TRG’s Fireside Chat Series in January will highlight Ferguson (FERG), the largest distributor of residential & non-residential plumbing and heating supplies in the U.S., with additional business in waterworks, fire/fabrication and other related products. Ferguson top management and TRG will discuss a wide range of topics, focusing on secular changes and inflection points impacting the non-res, resi, and infrastructure end markets and the distribution industry as a whole. Stay tuned for details for this highly anticipated end of January broadcast.