REPORTS

FLASHNOTES

The following are recent reports published by TRG. Please contact Chris White to request a copy.

2017

8/18
CALTRANS Announces ~$1B in Accelerated Projects
5/30
Texas Legislature Defers FY’19 Prop 7 Funding to Meet Biennial Budget Needs; ~$1.8B to be Received in Early FY’20, A 3-4 week Delay
5/22
Feedback From the Field Post Q1’17 Earnings Season
5/11
South Carolina Legislature Overrides Governor Veto to Increase Transportation Funding; Will Ultimately Raise $630MM Annually
5/9
State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
5/1
Indiana Governor Signs Into Law HB1002 Raising $1.2B Annually for Transportation Funding
4/19
Tennessee House Boost Gasoline and Diesel Tax, First Hike Since 1989, to Raise $350MM Annually for Transportation Projects
4/17
2017 TRG C&I Conference Takeaways
4/7
California Passes $52B Transportation Funding Increase
3/31
TRG C&I 2017 - RVs: Canary in the Coal Mine
3/30
California Governor & Legislative Leaders Successfully Combine Transportation Funding Plans for a Proposed $5.2B Annual Increase
3/29
TRG C&I 2017 - Aggregates: Timing is Everything
3/28
TRG C&I 2017 - Is Non-res Dead?
3/27
C&I 2017 - Sifting Through the Political Hoopla
3/14
Expansive Definition of Infrastructure; The Smoking Gun
3/3
California Governor Engaging Transportation Legislation – Funding Becomes Priority Post Weather and Dam Tragedies
2/15
State Revenue Report; 1H’17 Tax Collections, California and Trump Need Each Other
1/18
Tennessee Governor Proposes $275MM in New Transportation Revenues and Allowing Local
1/17
California Legislature Yet to Focus on Transportation Funding
1/13
2017 IBS/KBIS Takeaways

2016

12/13
California Legislative Supermajority Gives Transportation Funding Initiative (yet) Another Chance
12/9
Continuing Resolution Delay of FAST Act Funding is of “Very Little Risk” to State DOTs
11/18
Infrastructure Stimulus - Are Expectations Over-built & Feedback from A Trump Senior Economic Advisor
11/9
State Revenue Report; Q1’17 Tax Collections and Various Transportation Initiative Results
10/14
State Revenue Report; FY’16 Tax Collections Up 1.5% YOY Posting 6 Consecutive Years of Growth, Q4 Slows
9/13
State-led Funding Initiatives Drive Aggregate & Concrete Companies Higher
9/7
“It’s Not You, It’s Me” (aka, Corporate Breakups): Recently Completed Spinoffs Create Unique
8/25
Texas DOT Proposes ~$30B FY’18-FY’19 Budget Request; A 30% Increase Over FY’16-FY’17 Funding Levels
8/24
Georgia DOT Proposes ~$2.0B FY’18 Budget Representing a 97% Increase from Pre-HB170 funding and ~230% Increase to Capital Projects
5/23
TRG's Brent Rakers a 2016 Thomson Reuters Award Winner
5/16
State Revenue Report; Q3’16 Tax Collections Driven by Increased Employment Levels
5/11
USG CFO Meeting - June 14, 2016 - Chicago, IL
4/19
NeoCon 2016 Field Trip - Opportunity to Meet HNI, KNL, MLHR, SCS, TILE, KBAL
3/29
TRG Construction & Industrial Conference 2016 – April 5, 2016 – NYC
3/28
TRG Adds to Conference Attendees with Dean Word Construction and NC DOT; Details on Policy Panel - April 5, 2016
3/1
Highway & Street Construction PIP up 34% YOY to Record $110.6B. Total Construction up 10.4%, NR up 12.3%, Res up 7.6% YOY
2/16
NeoCon 2016 Field Trip Save the Date - HNI, KNL, MLHR, SCS, TILE, MHK, Shaw Industries
2/12
State Revenue Report: Core State 1H’16 Collections Up 2.8%; Texas Collections down 5 of Past 7 Months
1/29
TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
1/22
IBS/KBIS Show Takeaways; Optimism Persists Despite Market Swoon

2015

12/16
Top Stock Ideas Going Into 2016
11/8
First Multi-Year Highway Bill in Decade Establishes Long-Term Funding Visibility + Stocks That Benefit
12/4
Initiating Coverage on Oilfield Services: Frac Sand Sector Preparing for an Industry Turnaround
12/2
Conference Committee Passes Fully-Funded, 5-Year $300B Transportation Bill
11/17
State Revenue Report: Q1’16 Collections Up YOY, But September Results Post First YOY Decline in 13 Months
11/16
Reminder of TRG Coverage European Exposure
11/4
Prop 7 Constitutional Amendment Passes by Overwhelming Majority Providing A Significant Boost to TxDOT Funding, ~30%
10/28
Prop 7 Would Provide $3B in Incremental Funding for TxDOT, “The largest single increase in transportation funding in Texas history.”
10/12
State Revenue Report: “Another Surge to End 2014-2015 Fiscal Year” - California Controller
9/28
TX Field Trip Focuses on TxDOT Infrastructure Funding Upside; SUM, USCR Doing Just Fine Despite TX Concerns
8/12
DOTs Continue State-Funding Initiatives in Face of Federal Funding Uncertainty
7/30
Congress Passes Short-term Highway Funding Extension
7/21
House Proposes Short-term Highway Funding Extension
7/1
Supreme Court Ruling Impact on Cement Companies
6/26
Ways & Means Committee Hearings Lay Out House Highway Funding Game Plan
6/12
House Ways & Means Committee Sets Hearing for Long-term Highway Funding
6/1
Texas Voters to Decide on Constitutional Amendment for Transportation Funding
5/20
Indiana DOT Still Benefitting From Major Moves Program
5/8
State Revenue Report; Q3'15 Tax Collections & Employment Levels Hit New Highs
5/7
Texas Legislature to Propose Constitutional Amendment for DOT Funding; Adding ~$3B Annually
4/2
U.S. DOT's TIFIA Office Likely to Announce Partial Refund of MAP-21 Funding to States; Additional Funding Provided in Latest HTF Extension
3/13
Georgia Gas Tax Hike Moves to Sentate; Other States Moving to Secure Additional Transportation Funding
3/5
Texas DOT Releases Prop 1 Funded Projects
3/4
Revenue Report - 1H'15 Tax Collections
2/23
TRG Hosts Conference Call with Virginia DOT P3 Manager
2/13
Public Private Parnterships (P3s) Gaining Ground with DOTs as Funding Uncertainty Continues; Conference Call Set with DOT P3 Maanger
1/14
Tax Hike Out of Gas; New Highway Bill Expected to be Part of Larger Tax Reform

2014

11/10
TRG Consulting Practice Announcement
11/3
State Revenue Report: Q1'15 Collections at All-Time Highs, Mid-Term Election Impact to Highway Spending
10/9
TRG Consulting: Core Competencies & Service Offering
9/12
State Revenue Report; FY'14 Tax Collections at All-Time Highs, Expectations for FY'15 Up 2-5%
9/5
Thompson Research Group Welcomes Brent Rakers & Anjali Voria
7/30
Senate Amends House Highway Bill
7/10
Updates on HTF, State DOTs, Gas Tax, and TIFIA
7/9
TRG Announces Business Opportunities
6/13
Updates from D.C. Transportation Conference
6/11
What Is the Impact of the Cantor Upset to the Highway Bill? Likely NOt Much
6/2
House GOP Leadership Announces Short-term HTF Plan
5/21
Revenue Report - Q3'14 State Tax Collections
4/16
U.S. DOT Updates Highway Trust Fund Ticker
4/4
State DOTs Prepared For Possible HTF Hiccup
2/14
1H'14 State Revenue Report
1/27
T&I Committee Kick-off Highway Reauthorization Debate

2013

12/26
U.S. DOT Announces 5th and 6th MAP-21 TIFIA Awards
11/22
Additional MAP-21 TIFIA Awards Announced; Several Pending
11/22
State Revenue Report; Q1'14 Tax Collections
9/9
US DOT Announces Second Map-21 TIFIA Award
9/6
State Revenue Report; Record Collections For FY'13
9/4
Improving Res and Non-res Markets Drive TRG's Top 5 Stock Ideas
8/23
Kathryn Thompson Ranks #1 As Stock Picker & Earnings Estimates By the Financial Times/StarMine in 2013
7/25
US Transportation Secretary Makes Congressional Testimony Debut With Discussion of TIFIA Program; First MAP-21 TIFIA Award Announced
5/10
State Revenue Report - Q3'13 Tax Collections
3/1
Infrastructure Report - February 2013
2/25
Sequestration Impact on Federal Highway Funding Minimal
2/21
State Revenue Report; FY 1H'13 Tax Collections Hit Record Highs, Surpassed Peak Levels of 2007 and 2008
1/9
VA Governor Proposes to Abolish Fuel Tax; Sales Tax to Fund Transportation
1/2
Things Really Are Bigger in Texas

2012

12/5
Thompson Research Group Hires Douglas S. Johnston as Senior VP of Investments & Business Development
11/13
State Revenue Report; Q1'13 Results
10/15
US DOT Announces TIFIA Program Letters of Interest from States
10/1
Infrastructure Report; August Construction PIP Results
9/12
State revenue Report; 2012 General Fund & Fuel Tax Revenues at 4-Year Highs; Slowing Ahead for 2013
8/21
Update on the Architectural Billings Index; A Useful Metric Only When Paired with Primary Research
6/28
Conferees Find Route After 2.5 Year Detour
6/12
Light Dims for Transportation Bill and Another Thing...It's Not a Multi-Year Bill
4/19
House Passes 90-day Highway Bill Extension, Bill Prepares for Conference
4/5
EXP Management Fleshes Out Well-Grade Cement Opportunity
4/2
February TX Cement Increases 33.8% YOY
3/30
Congress Passes 90-Day Highway Bill Extension
3/29
What Can the Steel Stud Industry Tell Us About Volumes and Job Quote Elimination?
3/12
AWI - $8.55 Per Share Dividend Announced - Continuing to Deliver Value to Shareholders
3/7
TX Cement Increases a Healthy 23.4% YOY
3/5
TXI - Mid-Atlantic Marketing Takeaways
3/2
Meeting with Astec Management; Wood Pellet Plant Tour
3/2
USG - Northeast Marketing Solidifies Conviction
2/23
OC Eliminating Insulation Job Quotes. Sound Familiar?
2/17
Highway Bill Hits Expected Road Bumps; More Detours Ahead
2/13
Chinese, European Composite Feedback Lackluster - Expect Cautious Language out of OC
2/10
Enthusiasm For Rental Persists; Feedback From The Rental Show
1/30
2012 Year of Dragon, Not Highway Bill
1/30
December TX Cement Volumes Slip 8.3% YOY
1/27
AWI Marketing Feedback
1/12
ARRA and Aggregate Rail Data Year End Summary
1/4
AWI- $50MM Special Dividend From JV, Mgt. Increases FCF Guidance
1/3
All Quiet on the Wallboard Front: Big Jan Price Increase a "Go"

2011

12/22
MLM & VMC - More Lawsuits But The Reality Is Unchanged
12/20
VMC's Meager Attempt At Staving The Bleeding
12/9
Strong Sunbelt Results; Another Incremental Positive for the Rental Industry
12/5
USG price increase not as high as market but still above our forecast
12/2
Another Blue Christmas without a Highway Bill
12/1
Waiting for USG's big announcement, Reiterate Buy Rating on EXP and USG
12/1
Building Materials - October TX Cement Volumes Decrease 6.8% YOY
11/17
House Transportation Bill? Not yet.
11/17
House GOP to Present Transportation Bill Today
10/26
Building Materials - September TX Cement Volumes Increase 18.5% YOY
10/21
Senate EPW to Markup Highway Bill November 9
10/17
More Wallboard Support for Ending Price Protection
10/13
MLM Announces Asset Swap With Lafarge N.A.
10/13
TXI Suspending Dividend to Conserve Capital
10/4
Change in GOP sentiment on highway spending. Really?
10/3
Wallboard Industry: A Game Changing Strategy In Play
9/28
August TX Cement Volumes Increase 3.5% YOY; TXI Up 12% YOY for Q1'12
9/26
Distributor Feedback About EXP's Wallboard Announcement
9/22
House Bill Seeks To Ease Cement Emission Regs
9/22
Feedback From the Elkhart RV Open House
9/21
EXP Shaking Up the Wallboard Industry Again - Drawing the Line in the Sand with Price Protection
9/21
Analysis of the ABI; One Piece of Puzzle
9/19
Surface Transportation Extension Funding at Reduced Levels
9/13
THO Management Structure Change
9/12
OC - Composite Feedback Isn't Great But Downside Valuation Still Ok
9/12
Surface Reauthorization is "Not a Pocketbook Issue"
9/2
Loan Covenant Analysis - Who's At Risk in Construction Equipment and E&C?
8/30
July TX Cement Volumes Increase 9.3% YOY
8/30
Loan Covenant Analysis - Who's At Risk in Building Materials & Products?
8/23
What's the real story with roofing inventories?
8/2
June TX Cement Volumes Increase 2.7% YOY, TXI Completes Another Asset Swap
7/22
EPW Transportation Reauthorization Hearing
7/19
THO Announces Management Resignations
7/18
Q2'11 Wallboard Shipments Decline 7.0% YOY
7/14
ARRA Quarterly Spending and Aggregate Rail Data
7/11
Wallboard Pricing Saga Continues - USG A Wet Blanket on August Increase
7/8
A Two-Timing Highway Bill
6/29
May TX Cement Demand Continues Softness
6/24
Roofing Demand Is The Real Deal: Post BECN Marketing Takeaways
6/24
Senate EPW to Present Highway Reauthorization Bill Week of July 11
6/22
National Gypsum Announces 3rd Price Increase
6/17
NeoCon Yields Positive Non-res R&R Feedback
6/16
Sunbelt Results Snapshot
6/3
A Weak Market Today Is an Opportunity for OC, AWI - Buy on Weakness
5/27
April TX Cement Data Takes A Turn For The Worse
5/19
EME Announces Acquisition of USM Services
5/13
D.C. Visit Provides Update on Surface Reauthorization
5/13
THO Settles SEC Fraud Case
5/9
Important WGO Dealer Shutting Doors
5/2
March 2011 TX Cement Data Relatively Better
4/25
May Wallboard Price Increase Likely to be Pushed Out
4/21
PPG Today Reminds Us Why We Like OC
4/19
AWI Announces More Layoffs; Multi-Family Housing Numbers Surge, Another Positive for AWI
4/18
China Fiberglass Forecast Prospective for OC
4/14
ARRA Weekly Spending and Aggregate Rail Data
4/6
March Wallboard Volumes Improve With Price Increase; Ceilings Momentum Continues
4/1
Government Shutdown Looms - DOT Impact Limited
3/29
February 2011 TX Cement Data
3/25
Wallboard Increase #2 Hits the Streets
3/23
MHK Announces 2nd Flooring Price Increase in 2011
3/22
OC Composite Plant Expansion A Confirmation Of Our Bullish Composite, OC Thesis
3/15
Building Products Coverage Exposure to Japan Quite Small
3/10
ARRA Weekly Spending and Aggregate Rail Data
3/9
Building Products - Roofing Price Increase Flowing Through, Expectations for Another Increase
3/8
Building Products - March Wallboard Price Increase Has Legs
3/7
January 2011 TX Cement Data
3/4
OC Additional Composite Opportunity in China
3/3
EXP Light Weight Wallboard is Important After All...
3/2
House Passes Highway Bill CR Extension
2/14
House Appropriations Budget Cuts
2/10
ARRA Weekly Spending and Aggregate Rail Data
2/3
D.C. Highway Bill Update
1/31
December 2010 TX Cement Data
1/27
ARRA Weekly Spending and Aggregate Rail Data
1/26
SOTU Lacks Infrastructure Spending Detail
1/25
President Obama to Call for Increased Infrastructure Spending Tonight
1/13
ARRA Weekly Spending and Aggregate Rail Data
1/6
November 2010 TX Cement Data
1/5
New House Rules Pass the Caucus
1/3
WGO Completes Acquisition of SunnyBrook RV for $5.7MM
1/3
Republican Leaders Urge Rule Change to Potentially Impact Highway Funding

2010

12/28
USG Amended Credit Agreement
12/15
Building Materials - November Wallboard Shipments Improve YOY, Sequentially
12/13
USG Announces Additional Cost Cutting Initiative
12/13
Building Materials - Build America Bonds Set To Expire December 31st
12/9
ARRA Weekly Spending and Aggregate Rail Data
12/3
OC Throws Cold Water on December Insulation Price Increase
11/30
October 2010 TX Cement Data Benefits From Easy Weather Comps
11/18
ARRA Weekly Spending and Aggregate Rail Data
11/11
ARRA Weekly Spending and Aggregate Rail Data
10/29
September 2010 TX Cement Data
10/22
ARRA Weekly Spending and Aggregate Rail Data
10/20
September ABI Climbs Past 50 For First Time Since January 2008
10/7
ARRA Weekly Spending and Aggregate Rail Data
10/7
GP Wallboard Capacity Closure in NJ
9/29
August 2010 TX Cement Data
9/24
ARRA Weekly Spending and Aggregate Rail Data
9/17
THO Announces Acquisition of Heartland RV
9/16
ARRA Weekly Spending and Aggregate Rail Data
9/15
Building Materials - August Wallboard Shipments Improve YOY, Sequentially
9/10
ARRA Weekly Spending and Aggregate Rail Data
9/2
ARRA Weekly Spending and Aggregate Rail Data
8/30
July 2010 TX Cement Data
8/20
ARRA Weekly Spending and Aggregate Rail Data
8/13
ARRA Weekly Spending and Aggregate Rail Data
8/02
June Construction Spending Data Release
8/02
June 2010 TX Cement Data
7/29
ARRA Weekly Spending and Aggregate Rail Data
7/26
Senate Transportation-Appropriations Subcommittee Approved Fiscal 2011 Spending Bill
7/21
Building Materials - June ABI Shows Sequential Drop
7/20
Building Materials - USG Announces 3rd Wallboard Price Increase
7/16
ARRA Weekly Spending and Aggregate Rail Data
7/14
June 2010 Gypsum Wallboard Shipments Decrease 11.5%
7/14
TXI - Earnings Release Rescheduled
7/08
ARRA Weekly Spending and Aggregate Rail Data
7/02
Highway Funding Boosted by 10% with House Transportation Appropriations Bill
7/02
ARRA Weekly Spending and Aggregate Rail Data
7/02
GVA Awarded $47.7MM UDOT Project
6/30
May 2010 TX Cement Data
6/28
Building Materials - CertainTeed Announces August Wallboard Price Increase
6/25
ARRA Weekly Spending and Aggregate Rail Data
6/18
ARRA Weekly Spending and Aggregate Rail Data
6/16
Building Materials - May 2010 Gypsum Wallboard Shipments Increase 3.0%
6/11
ARRA Weekly Spending and Aggregate Rail Data
6/04
ARRA Weekly Spending and Aggregate Rail Data
5/27
ARRA Weekly Spending and Aggregate Rail Data
5/26
April TX Cement Data
5/20
ARRA Weekly Spending and Aggregate Rail Data
5/14
ARRA Weekly Spending and Aggregate Rail Data
5/14
April 2010 Gypsum Wallboard Shipments INCREASE 6.6%
5/7
USG New England Travel Focuses on Distribution, Pricing
5/6
VMC/MLM Post Conference Call Wrap Up
5/6
ARRA Weekly Spending and Aggregate Rail Data
5/5
EPA Announces Coal Ash Regulation Proposal
5/3
EPA Coal Combustion Decision Near
4/30
ARRA Weekly Spending and Aggregate Rail Data
4/29
PCA Spring Forecast Report
4/29
March TX Cement Data
4/22
Key Aggregate Data Points Growing
4/16
March 2010 Gypsum Wallboard Shipments Increase 4.4%
4/15
Shamrock Activist Fund Liquidating, TXI Impact
4/14
BECN Announces FL Acquisition
4/8
ARRA Weekly Spending and Aggregate Rail Data
4/7
Prediction of Further Wallboard Price Increases Playing Out
4/7
Busiest Construction Spending Season in Ohio History
4/5
ARRA Weekly Spending and Aggregate Rail Data
4/1
February Construction Spending
4/1
EPA Coal Combustion Update
4/1
Expansion in the RV Industry
3/22
ARRA Weekly Spending and Aggregate Rail Data
3/4
ARRA Weekly Spending (Spring Letting Hints) and Aggregate Rail Data (First up YOY comp in 66 weeks)
2/26
ARRA Weekly Spending and Aggregate Rail Data
2/19
Coal Combustion Regulation, OMB Extension
2/18
ARRA Weekly Spending and Aggregate Rail Data
2/10
Jobs Bill in Focus
2/3
ARRA Weekly Spending and Aggregate Rail Data
1/26
Senate Democrats to Propose $80B Jobs Bill
1/22
Mass. Election and the Heightened Focus on Transportation Funding
1/15
ARRA Weekly Spending and Aggregate Rail Data
1/7
D.C. Update and Dem Retirements Portends Altered Political Landscape