building products & materials industry update - december 2016

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ DECEMBER 2016

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BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW

1

CONTENTS

WHAT WE’RE READING

PUBLIC MARKETS

PUBLIC COMPARABLES

M&A ACTIVITY

CONTACTS

Mike HoganManaging Director

[email protected]

+1 (804) 915-0104

Ryan NelsonManaging Director

[email protected]

+1 (804) 915-0121

Trey PackardVice President

[email protected]

+1 (804) 887-6016

INTRODUCTION

Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for December 2016. This report provides commentary andanalysis on current capital market trends and merger and acquisition dynamicswithin the global building products and materials industry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends and M&Aopportunities or our relevant industry experience.

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ DECEMBER 2016

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the building products and materialsindustry. Our significant experience covers a broad range of end markets,industries, and business models.

Aggregates

Aluminum

Asphalt

Bricks

Clay

Glass

Precast / Ready-Mix

Concrete

Steel

Stone

Acoustical

Cabinets and

Countertops

Carpet and Flooring

Gypsum / Wallboard

Electrical Fixtures

HVAC

Lumber

Plumbing Fixtures

Roofing

Siding

Tools and Hardware

Windows and Doors

Architectural and

Engineering

Installation and

Contracting

Lumber and

Hardware

Plumbing

Roofing and Siding

Site Development

Wallboard

Construction

MaterialsBuilding Products

Distribution &

Services

www.harriswilliams.com

Construction

Materials

Building

Products

Distribution &

Services has been acquired by

a portfolio company of

Select Atlanta,

Georgia

aggregates

assets of LaFarge

SA have been

acquired byhas been acquired by

a division of

has been acquired by





a subsidiary of





a portfolio company ofa portfolio company of







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mailto:[email protected]



http://www.harriswilliams.com/

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WHAT WE’RE READING

2

MODEST GROWTH FOR NONRESIDENTIAL CONSTRUCTION IN 2017

U.S. LUXURY HOME SALES CONTINUE TO POST GAINS

FMI NONRESIDENTIAL CONSTRUCTION INDEX (NRCI) DOWN IN THE FOURTH QUARTER 2016

RESIDENTIAL CONSTRUCTION EMPLOYMENT CONTINUES TO CLIMB

FMI 12/9/2016

The FMI Nonresidential Construction Index slipped just 0.4 points in the fourth quarter to 56.9, compared to 59.5 in thefourth quarter of 2015.

While the trend indicates a slower outlook for nonresidential construction, the index is still solidly in positive territory as ithas been since the first quarter of 2012.

Read the full article here.



OPTIMISM, CAUTION SET TO GREET REAL ESTATE IN 2017

ABC 12/1/2016

Associated Builders and Contractors (ABC) forecasts a slowdown of growth in the U.S. commercial and industrialconstruction industries in 2017, according to the association’s forecast for next year.

While contractors are vulnerable to rising commodity prices and potential interest rate increases in 2017, the middlingconsumer-led recover should still lead to modest growth in construction spending and employment.

Despite these headwinds, there is a collective awareness among American enterprises that they will need to replacemuch of their capital stock in future years, as the average age of all fixed assets, including structures such as factoriesand hospitals, stands at 23 years – the oldest on record tracing back to 1925.


Construction Dive 12/9/2016

Homebuilders and remodelers have added 120,000 jobs on a net basis in the last 12 months and have added 658,000positions since the Great Recession, according to an analysis of Bureau of Labor Statistics data from the NationalAssociation of Home Builders.

The NAHB said recent payroll gains build on a pickup this fall after softening earlier this year. The six-month movingaverage of new residential construction jobs has risen to 10,400 per month.


Forbes 12/13/2016

Depending on where you live, U.S. real estate markets endured an uneven year in 2016. While prices are set to seemodest gains again this year, some important real estate markets showed signs of slowing.

Mortgage rates have jumped by roughly half-a-percentage point since late October, reflecting expectations thatPresident-elect Trump’s pro-growth policies will drive up interest rates.

According to Jonathan Smoke, Chief Economist for Realtor.com, “The 2017 housing market will be a year of slowing,yet moderate growth, set against the backdrop of a changing composition of home buyers and a post-electioninterest rate jump that could potentially price some first-timers out of the market.”


Construction Dive 12/13/2016

Despite a growing sense that activity at the higher end of the housing market is showing signs of easing, sales ofhomes priced above $600,000 have increased in 37 of 43 counties surveyed by research firm John Burns Real EstateConsulting, according to a report in The Wall Street Journal.

For the markets surveyed, home sales in that price range rose 10% in the last 12 months but only 5% in the third quarterfrom the year-ago period, suggesting a slight slowdown throughout the year.


http://www.fminet.com/news/NRCIQ4_2016

http://www.nxtbook.com/ygsreprints/ABC/abc_ce_december2016/#/18

http://www.constructiondive.com/news/residential-construction-employment-continues-to-climb/432056/

http://www.forbes.com/sites/troymcmullen/2016/12/13/optimism-caution-set-to-greet-real-estate-in-2017/#554507255a6e

http://www.constructiondive.com/news/report-us-luxury-home-sales-continue-to-post-gains/432260/

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6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

9.6x

10.2x

9.8x

Construction Materials

Building Products Distributors

Building Products

6.6%

1.0%

3.1%



Building Products

PUBLIC MARKETS



3

MEDIAN TEV / 2016E EBITDA

MEDIAN REVENUE GROWTH (2016E – 2017P)

MEDIAN EBITDA MARGIN (2012 – 2016E) MEDIAN EBITDA MARGIN (2016E – 2017P)

MEDIAN CAPEX / 2016E REVENUE

MEDIAN REVENUE GROWTH (2012 – 2016E)

HISTORICAL STOCK PRICES (DECEMBER 20, 2011 – DECEMBER 20, 2016)

HISTORICAL MEDIAN TEV / NTM EBITDA (DECEMBER 20, 2011 – DECEMBER 20, 2016)

100

140

180

220

260

300

340 Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

9.0%

8.1%

7.7%



Building Products

10.4%

8.8%

6.0%



Building Products

19.0%

6.6%

16.3%



Building Products

14.9%

4.9%

12.7%



Building Products

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PUBLIC COMPARABLES

4

BUILDING PRODUCTS



As of December 20, 2016

Building Products

Stock Performance

Current % of 2016E TEV / EBITDA EBITDA

($ in millions except per share data) Price LTM High Mkt. Cap TEV Rev. EBITDA Current 2016E 2017P

Windows & Doors

Masonite International Corp. $64.60 88.8% $1,863 $2,438 $1,979 $250 12.6% 9.8x 8.5x

Ply Gem Holdings, Inc. 16.45 97.3% 854 1,993 1,891 227 12.0% 8.8x 7.7x

Tyman Plc 3.31 73.0% 749 751 558 93 16.6% 8.1x 7.1x

Quanex Building Products Corporation 21.08 96.3% 715 958 928 110 11.9% 8.7x 8.7x

PGT, Inc. 11.35 90.9% 556 792 459 77 16.8% 10.3x 8.8x

Median 90.9% $928 $110 12.6% 8.8x 8.5x

Roofing, Decking & Siding

Kingspan Group Plc $26.01 88.2% $4,675 $5,121 $3,238 $419 13.0% 12.2x 11.6x

USG Corporation 29.76 92.3% 3,538 5,657 3,146 624 19.9% 9.1x 8.6x

Trex Company, Inc. 65.88 91.2% 1,176 1,918 477 126 26.4% 15.2x 13.5x

Continental Building Products, Inc. 23.58 95.1% 729 1,184 460 132 28.6% 9.0x 8.6x

Median 91.7% $1,812 $276 23.1% 10.6x 10.1x

Cabinets, Plumbing / HVAC

Masco Corporation $32.39 86.6% $10,518 $12,617 $7,366 $1,228 16.7% 10.3x 9.4x

Fortune Brands Home & Security, Inc. 54.79 85.0% 8,875 9,944 5,002 780 15.6% 12.7x 11.1x

Lennox International Inc. 157.12 95.5% 5,580 7,875 3,625 525 14.5% 15.0x 13.3x

American Woodmark Corporation 75.50 84.3% 1,186 1,052 1,019 123 12.0% 8.6x 7.7x

Median 85.8% $4,314 $653 15.0% 11.5x 10.3x

Hardware

ASSA ABLOY AB $18.47 82.0% $23,452 $23,117 $7,627 $1,342 17.6% 17.2x 15.2x

Simpson Manufacturing Co., Inc. 45.10 93.2% 1,645 1,962 857 175 20.4% 11.2x 10.3x

Richelieu Hardware Ltd 19.57 87.6% 1,044 1,134 632 70 11.1% 16.2x 14.8x

Median 87.6% $857 $175 17.6% 16.2x 14.8x

Glass / Building Systems

Owens Corning $52.34 89.2% $5,451 $8,138 $5,600 $1,041 18.6% 7.8x 7.5x

NCI Building Systems, Inc. 16.35 90.3% 1,165 1,524 1,685 166 9.9% 9.2x 8.3x

Apogee Enterprises, Inc. 51.44 99.8% 1,130 1,416 1,089 157 14.4% 9.0x 7.3x

Median 90.3% $1,685 $166 14.4% 9.0x 7.5x

Flooring

Mohawk Industries, Inc. $201.01 92.8% $14,001 $17,632 $8,926 $1,714 19.2% 10.3x 9.7x

Armstrong World Industries, Inc. 43.15 88.7% 2,532 3,146 1,240 317 25.6% 9.9x 9.3x

Interface, Inc. 18.63 93.3% 1,261 1,312 970 135 13.9% 9.7x 8.6x

Median 92.8% $1,240 $317 19.2% 9.9x 9.3x

Overall Median 90.6% $1,463 $201 16.1% 9.8x 8.8x

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PUBLIC COMPARABLES

5

BUILDING PRODUCTS DISTRIBUTORS





Stock Performance



Wolseley plc $6.05 95.5% $13,984 $16,746 $18,737 $1,525 8.1% 11.0x 10.7x

HD Supply Holdings, Inc. 42.46 99.4% 5,257 12,528 7,434 921 12.4% 13.6x 12.5x

Beacon Roofing Supply, Inc. 48.20 98.4% 2,520 4,013 4,127 347 8.4% 11.6x 10.6x

Builders FirstSource, Inc. 11.59 82.3% 1,216 3,262 6,318 369 5.8% 8.8x 7.3x

BMC Stock Holdings, Inc. 19.65 91.4% 1,094 1,712 3,107 194 6.2% 8.8x 7.5x

Hardwoods Distribution Inc. 13.31 86.5% 217 352 586 35 5.9% 10.2x 8.1x

CanWel Building Materials Group Ltd. 4.32 78.2% 146 387 744 39 5.3% 9.8x 8.4x

Huttig Building Products, Inc. 6.89 98.4% 95 237 710 21 3.0% 11.3x 8.8x

Goodfellow Inc. 6.60 70.6% 66 138 452 17 3.8% 8.1x 7.6x


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PUBLIC COMPARABLES

6

CONSTRUCTION MATERIALS





Stock Performance



Aggregates and Cement

LafargeHolcim Ltd. $51.59 86.8% $30,430 $52,469 $26,879 $5,461 20.3% 9.6x 9.1x

CRH Plc 33.40 93.1% 23,708 36,306 29,888 3,361 11.2% 10.8x 9.8x

HeidelbergCement AG 89.96 87.4% 15,437 29,280 15,978 3,046 19.1% 9.6x 8.1x

Vulcan Materials Company 126.14 91.3% 12,647 18,881 3,661 1,003 27.4% 18.8x 14.9x

Martin Marietta Materials, Inc. 226.71 95.9% 8,807 16,154 3,575 976 27.3% 16.5x 13.7x

Eagle Materials Inc. 100.74 97.7% 3,402 5,273 1,198 413 34.4% 12.8x 10.8x

Summit Materials, Inc. 24.07 98.2% 1,197 3,385 1,493 368 24.6% 9.2x 8.0x

Median 93.1% $3,661 $1,003 24.6% 10.8x 9.8x

Heavy Construction Materials

James Hardie Industries PLC $15.32 88.5% $6,122 $7,330 $1,906 $470 24.7% 15.6x 13.4x

Boral Limited 3.95 75.2% 3,444 4,090 3,128 463 14.8% 8.8x 8.6x

Headwaters Incorporated 23.65 98.6% 1,253 2,486 975 190 19.5% 13.1x 10.2x

U.S. Concrete, Inc. 66.00 94.7% 783 1,457 1,176 157 13.4% 9.3x 7.4x

Median 91.6% $1,541 $326 17.1% 11.2x 9.4x

Cabinets, Plumbing / HVAC

Weyerhaeuser Company $30.57 91.9% $15,304 $31,029 $6,643 $1,665 25.1% 18.6x 15.9x

West Fraser Timber Co. Ltd. 36.78 87.8% 3,118 3,248 3,337 474 14.2% 6.9x 5.9x

Louisiana-Pacific Corporation 19.83 93.7% 2,575 3,063 2,215 330 14.9% 9.3x 6.5x

Canfor Corporation 11.64 75.9% 2,093 2,041 3,163 395 12.5% 5.2x 4.9x

Norbord Inc. 26.29 96.1% 1,657 2,938 1,732 362 20.9% 8.1x 7.8x

Universal Forest Products, Inc. 105.84 95.4% 1,387 2,215 3,086 206 6.7% 10.8x 8.9x

Boise Cascade Co. 23.78 79.4% 991 1,258 3,912 160 4.1% 7.9x 6.6x

Median 91.9% $3,163 $362 14.2% 8.1x 6.6x


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M&A TRANSACTIONS

7



Announced

DateTarget Vertical Business Description Acquirer

12/20/2016 East Haven Landscape

Products

Building Products

Distribution

Distributor of nursery, hardscapes and landscape supplies. SiteOne Landscape Supply,

Inc.

12/16/2016 BJ Supply Building Products

Distribution

Distributor of roofing and related building products. Beacon Roofing Supply,

Inc.

12/16/2016 O&S Doors Building Products Manufacturer of made-to-measure kitchen doors. Sun Capital Partners, Inc.

12/15/2016 Tectum, Inc. Building Products Manufacturer of acoustical ceiling, wall and structural solutions for

commercial building applications.

Armstrong World Industries

12/15/2016 Rmax Operating Building Products US-based market leader in the production of polyiso insulation products

for complete Building Envelope solutions (roofing and wall systems).

Sika

12/14/2016 Sotawall, Inc. Building Products Designer and fabricator of curtainwall systems for commercial

construction projects.

Apogee Enterprises

12/12/2016 Ray L Hellwig Plumbing &

Heating

Building Products Designer and installer of plumbing systems. Total Facility Solutions

12/7/2016 SGI, Inc. (door and drywall

div isions)

Building Products Interior Products Supply Drywall Div ision and Interior Products Supply

Door Div ision of SGI, Inc.

Clio

12/7/2016 Rosboro Construction Materials Manufacturer of forest products. GMS Inc.

12/6/2016 Top Master Building Products Leading regional countertop manufacturer. Wynnchurch Capital, LLC

12/6/2016 ConTech Lighting Building Products Manufacturer of high-performance and sustainable lighting solutions

and fixtures.

Lev iton

12/5/2016 Bassi Construction Ltd. Building Products Prov ider of construction serv ices. Mosaic Capital

Corporation

12/5/2016 ES Windows Building Products

Distribution

US-based distributor of architectural glass, windows, and aluminum

products.

Tecnoglass S.A.

12/2/2016 Xella Building Products World's largest manufacturer of aerated concrete blocks, calcium-

silicate units, and high-performance boards.

Lone Star Funds

12/2/2016 Drossbach Inc. Building Products US-based manufacturer of corrugated flexible tubing. Delfingen Industry, S.A.

11/28/2016 Cemex S.A. (Concrete

Pipe Manufacturing

Business)

Construction Materials Mexico-based supplier of reinforced concrete pipe, concrete box and

culvert.

The Quikrete Companies,

Inc.

11/21/2016 Guardian Industries Corp. Building Products Manufacturer of float glass and fabricated glass products. KGIC Merger Corp. / Koch

Industries

11/21/2016 Headwaters, Inc. Building Products US-based manufacturer and distributor of building products and

construction materials.

Boral Ltd.

11/18/2016 International Chimney

Corp.

Building Products Prov ider of chimney construction and maintenance serv ices. Beroa Corporation

11/14/2016 Koroseal Interior Products Building Products Manufacturer and distributor of decorative, industrial transit and office

products.

Sangetsu Corporation

PAGE |

M&A TRANSACTIONS

8



Announced


11/9/2016 Halex Corporation Building Products Manufacturer of flooring installation products. GCP Applied Technologies

11/8/2016 Mesker Door Building Products Designer and manufacturer of hollow metal doors, frames and

assemblies.

Dorma + Kaba Holding AG

11/4/2016 Giant Cement Holding,

Inc.

Construction Materials Manufacturer of concrete, cement, and aggregates. Elementia S.A.

11/3/2016 B.R. Johnson Inc. Building Products

Distribution

Distributor and contractor specializing in windows, doors, hardware,

and specialty products.

Lorraine Capital; Regional

Brands, Inc.

10/29/2016 Alpha Insulation and

Waterproofing, Inc

Building Products US-based provider of commercial insulation, waterproofing,

fireproofing, and fire stopping serv ices.

Installed Building Products

10/20/2016 MI Windows and Doors Building Products Manufactures v inyl and aluminum windows and doors. Management

10/18/2016 US Floors Building Products Manufacturer of wood-plastic composite (WPC) flooring in the LVT

category, as well as cork, bamboo and hardwood products.

Shaw Industries Group

10/17/2016 East Coast Insulators Inc. Building Products Prov ider of residential, commercial and industrial insulation. Installed Building Products,

Inc.

10/11/2016 Granite Source Northern

VA

Building Products US-based provider of granite countertops. Clio Holdings, LLC

10/11/2016 Princess Marble Co Building Products Manufacturer of cultured marble vanity tops, bathtubs, shower bases

and window sills.

Clio Holdings, LLC

10/06/2016 Henry Company LLC Building Products Manufacturer of roof coatings and cement products. American Securities LLC

10/04/2016 United Building Materials,

Inc.

Building Products

Distribution

Distributor of building material such as drywall, metal framing, acoustical

ceilings and insulation to professional contractors.

Gypsum Management and

Supply, Inc.

10/03/2016 Low's Ready Mix Construction Materials Manufacturer of ready mixed concrete. Clements Concrete Co.

9/30/2016 The Dicor Corporation Building Products Manufacturer and distributor of air conditioning, heating, ventilating

and related appliances.

Airxcel, Inc.

9/30/2016 American Bath Group, LLC Building Products Designer and manufacturer of fiberglass reinforced plastic, sheet

molded compounds, acrylic bathtubs, and showers.

Lone Star Funds

9/21/2016 All Glass & Windows, Inc. Building Products

Distribution

Installer and distributor of impact-resistant glass and glass-related

products for general contractors and builders.

Prospect Partners, LLC

9/20/2016 United Copper Industries,

Inc

Building Products Manufacturer of copper building wires for the electrical distribution

market.

Southwire Company, LLC

9/16/2016 Polycor Inc. Construction Materials Manufacturer of granite, marble, limestone, recycled glass, karmstone

and soapstone products.

Torquest Partners Inc.

9/16/2016 Swenson Granite

Company LLC

Construction Materials Engages in quarrying and cutting granite. Polycor Inc.

9/16/2016 Groom Energy Solutions

LLC

Building Products Prov ider of commercial and industrial energy solutions including

consulting, designing, building, maintaining and financing energy

projects.

DK Energy US LLC

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M&A TRANSACTIONS

9



Announced


9/14/2016 Fortiline Building Products

Distribution

Wholesale distributor of underground water, sewer and storm utility

products.

MORSCO

9/7/2016 M.B. Roofing Systems Building Products Specializes in re-roofing commercial properties with low sloped roofing

systems.

Tecta America

9/7/2016 US Impact Systems Building Products Fabricator of storefront window and door products. PGT Industries, Inc.

9/7/2016 Solarfective Products

Limited

Building Products Manufacturer of of roller shades, skylights, and projection screens. Legrand SA

9/6/2016 Fabcon Construction Materials Manufacturer of precast, pre-stressed concrete wall panels for

nonresidential construction applications.

Platinum Equity

9/6/2016 Wilson Parker Homes Building Products Wilson Parker homes focuses on the construction and development of

housing properties

D.R. Horton Inc.

9/2/2016 Olympia Building Supplies Construction Materials Leading supplier of wallboard and related construction products

including steel studs, joint compound, finishing products, insulation and

other specialty products to the South Florida market.

GMS Inc.

8/29/2016 L&W Supply Construction Materials L&W is one of the largest distributors of gypsum wallboard and

suspended ceiling tiles.

ABC Supply

8/29/2016 Dauenhauer Plumbing Building Products Dauenhauer Plumbing is the leading provider of maintenance and new

installation plumbing serv ices in Kentucky.

Trivest

8/29/2016 CEMEX (certain assets in

Texas and New Mexico)

Construction Materials The assets being sold by mainly consist of CEMEX’s cement plant in

Odessa, Texas, two cement terminals and the building materials business

in El Paso, Texas and Las Cruces, New Mexico.

Grupo Cementos de

Chihuahua (GCC)

8/22/2016 IDS Specialty Building

Products

Building Products Full line insulation and specialty serv ices contractor. United Subcontractors

8/22/2016 Riobel Building Products Riobel manufactures plumbing faucets and fixtures. Fortune Brands

8/18/2016 HeidelbergCement, Select

Assets

Construction Materials HeidelbergCement, through its subsidiaries Essroc Corp. and Lehigh

Hanson, Inc., has entered into a definitive agreement with Argos USA

LLC, a subsidiary of Cementos Argos, to sell its Martinsburg, West Virginia

cement plant and eight related terminals.

Cementos Argos

8/16/2016 Southern Insulators &

Specialties

Building Products Southern Insulators & Specialties is an installer of fiberglass insulation and

spray foam insulation.

Installed Building Products

8/15/2016 Tecta America Building Products Prov ider of commercial roofing serv ices in the US offering installation,

replacement and repair serv ices.

ONCAP

8/11/2016 Absolute Coatings, Inc. Building Products Prov ides wood floor installation serv ices. Huron Capital Partners

8/10/2016 Jenna Concrete Corp. Construction Materials Produces ready-mix concrete. U.S. Concrete, Inc.

8/9/2016 SensoCrete, Inc. Construction Materials Prov ides ready mix concrete serv ices. The firm's technology Verifi

system that monitors and controls the final stages of the manufacturing

process while the concrete is in transit and before it is poured.

GCP Applied Technologies,

Inc.

8/9/2016 Griplock Systems Building Products Designs and markets adjustable cable suspension systems primarily for

the linear fluorescent lighting and theatrical rigging industries.

Spell Capital Partners

8/8/2016 AquiSense Technologies Building Products Manufactures UV-C LED systems to disinfect water, air, and surfaces

without the use of chemicals or Mercury.

Nikkiso America, Inc.

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

20








has been acquired by has been acquired by



Select Atlanta, Georgia aggregates assets of LaFarge SA have been acquired

by


has purchased certain assets of






a subsidiary of


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a subsidiary of





has sold certain assets to







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a division of

have been acquired by

The Wichita, Kansas aggregates, concrete,

asphalt, and paving assets

of LaFarge SA


has completed a balance sheet

restructuring and recapitalization

transaction

Strategic

Industries, LLC

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DISCLOSURES

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Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

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Bloomberg

Builder Online

Building Design & Construction

Building-Products.com

Bureau of Economic Analysis

Business Insider

CityLab

CNBC

CNN

Concrete Construction

Conference Board

Construction Dive

Dodge Data & Analytics

Eurostat

Federal Reserve

Floor Daily

FMI Consulting

Fortune

Freedonia

Global Industry Analysts

IBIS

NAHB

New York Times

PNC Economic Outlook

Remodeling

S&P Leveraged Commentary & Data

The Wall Street Journal

Thomson Financial – SDC Database

Thomson Reuters

U.S. Census Bureau

U.S. Energy Information Administration

U.S. Geological Survey

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building products & materials industry update - december 2016

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