Vulcan Materials is the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). Its largest markets include Texas, California, Virginia, Tennessee, Georgia, Florida, North Carolina, and Alabama. In 2023, Vulcan sold 234.3 million tons of aggregates, 13.4 million tons of asphalt mix, and 7.5 million cubic yards of ready-mix. As of Dec. 31, 2022, the company had nearly 16 billion tons of aggregates reserves.

The major benchmarks are mixed after an in-line consumer price index. The headline CPI increased 0.2% in July, in line with the consensus. The year-over-over-year figure was 2.9%, below the 3.0% consensus. Core CPI (excluding food and energy) was a bit higher at 3.2%, with the overall number benefiting from easing energy prices. Inflation is making slow progress toward the Federal Reserve's 2% goal, and we note the latest year-over-year figure was the first sub-3% reading since early 2021, which could enable the Fed to ease interest rates in September.

COMPANY DESCRIPTION Vulcan Materials is the nation's largest supplier of construction aggregates, and a major producer of asphalt mix and ready-mixed concrete. The company operates primarily in the U.S., with operations in 20 states, as well as in Mexico, Columbia, Canada, and Honduras. Founded in 1909, Vulcan Materials has approximately 11,000 employees. VMC shares are a component of the S&P 500.

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