Up, up and away for public and private construction is the prediction of Ward Nye, CEO of building material supply company Martin Marietta—which is valued at over $21 billion.
Optimism In The Air
Martin Marietta executives are not alone in their optimism that major federal funding for infrastructure projects across the country is coming soon, while the residential housing industry continues to thrive. CNBC has reported that as public officials in D.C. complete work on the new Covid-19 stimulus measure, efforts on a major commitment to building are anticipated to get underway:
Biden is expected to zero in on a campaign proposal that would commit $1.3 trillion to the country’s infrastructure over the next decade.
Biden laid out wishes to spend more on highways, high-speed broadband and public schools while on the campaign trail. Rep. Peter DeFazio, an Oregon Democrat who heads the House Transportation and Infrastructure Committee, recently told The Associated Press he expects to push through a package that goes beyond transportation. This measure would include funds for water systems and the power grid….
Private and Public Construction
As Martin Marietta’s Ward Nye told CNBC:
“I think we’re entering a period of time where private construction and public construction may both be moving up and to the right….At the same time, we haven’t seen that for a long time, and keep in mind we haven’t seen a significant increase in federal infrastructure investment for almost 15 years.”
Martin Marietta has focused on “megaregions” over the past decade. These are parts of the country like the Texas Triangle and Denver area in Colorado. Megaregions are expected to account for 70% of population growth over the next three decades, Nye said.
“Our aim has been strategically to position our business in those megaregions and not just in them, but with leading positions in those megaregions,” he explained. “We still think there’s white space in a number of these megaregions for us to continue growing our business and consolidating the industry, and our balance sheet is in a position that we can do that.”
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