Group 1 - DEME has signed a contract for the reinforcement of the Lekdijk in the Netherlands [1] - The project involves collaboration with Heijmans and GMB in the Lekensemble consortium [1] - The reinforcement aims to protect hundreds of thousands of residents from high water as part of the Dutch Flood Protection Program [1]

Traffic Performance of VINCI Autoroutes - In August 2025, light vehicle traffic increased by 0.7% compared to August 2024, while heavy vehicle traffic decreased by 1.6% due to one fewer working day [4] - For the year-to-date (YTD) ending August 2025, overall traffic rose by 1.7%, with light vehicles up by 1.9% and heavy vehicles up by 0.3%, despite having three fewer working days than in 2024 [2][4] Traffic Performance of VINCI Airports - VINCI Airports experienced a 5.2% increase in passenger traffic in August 2025 compared to August 2024, contributing to a 4.6% increase over the summer period (July-August) [5][6] - Year-to-date passenger traffic at VINCI Airports rose by 5.8% by the end of August 2025, with notable increases in various regions, including a 15% rise in Japan and 11% in Cabo Verde [5][7] - The United States saw a significant decline in passenger traffic, with a decrease of 12% in August 2025 compared to the previous year [5]

Core Viewpoint - Aecon Group Inc. plans to release its third quarter 2025 financial results on October 29, 2025, after market close, with a live webcast and conference call scheduled for October 30, 2025, at 9 a.m. Eastern Time [1] Group 1 - The financial results will be available on the company's website after market close on October 29, 2025 [3] - A live webcast of the conference call can be accessed through a provided link, and participants must pre-register to receive dial-in details and a unique access code [2] - A replay of the conference call will be available within one hour after the live event [3] Group 2 - Aecon Group Inc. is a North American construction and infrastructure development company, offering integrated solutions across various sectors including Civil, Urban Transportation, Nuclear, Utility, and Industrial [4] - The company also provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment [4]

Core Idea - The article emphasizes the investment philosophy of Thomas W. Phelps, particularly his book "100 to 1 in the Stock Market," which advocates for buying exceptional companies early, holding them with discipline, and allowing compounding to generate wealth [1][4][6]. Phelps's Investment Framework - Phelps's framework focuses on identifying companies with durable advantages, such as network effects, proprietary know-how, and advantageous cost structures [8]. - The importance of verifying a large addressable market that allows for long-term compounding without hitting a wall is highlighted [8]. - Present-tense profitability is essential; Phelps preferred companies that generate cash rather than speculative ventures [8]. - The article suggests buying companies when their narratives are still forming, favoring modest valuations over those priced for perfection [8]. - A strategy of doing less is recommended, as holding onto winning investments can lead to tax deferral and reduced errors [8]. Current Investment Candidates - The article lists 25 companies that fit Phelps's criteria, categorized by how they create competitive advantages rather than by index labels [9]. - Companies in the construction and infrastructure sector, such as EMCOR Group and Quanta Services, are noted for their execution capabilities and ability to convert backlog into cash [10][11]. - Precision manufacturers like Celestica and Fabrinet are recognized for their high returns on capital and asset-light models [12]. - In network infrastructure, Arista Networks and Super Micro Computer are highlighted for their strong positions in high-speed switching and AI hardware, respectively [13]. - Companies in the materials sector, such as Martin Marietta Materials, are noted for their pricing power and local monopolies [14]. - Engineering firms like WSP Global are recognized for their expertise and customer relationships in regulated markets [15]. - Consumer brands like e.l.f. Beauty and Academy Sports are mentioned for their market share growth and operational efficiency [16]. - Specialty finance companies like FirstCash and software firms like Agilysys are noted for their cash generation and growth potential [17]. - Internationally, utilities like Sabesp and fintechs like StoneCo are highlighted for their governance and profitability improvements [18]. - UK companies like Spectris and Halma are recognized for their consistent acquisition strategies and operational excellence [19]. Conclusion - The article concludes that the focus should be on finding real engines of growth and sizing investments appropriately to endure market volatility, allowing time to enhance value [22].

This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Pre-apprenticeship initiatives were critical pathways into skilled trade careers across Illinois in recent years, helping to address ongoing labor shortages in the construction industry. That’s according to a recently released study by the Illinois Economic Policy Institute. The report focused on Illinois’ two major pre-apprenticeship initiatives — the High ...

Germany's concrete road crossings are in a sorry state and require billions of investment, writes @chrismbryant (via @opinion) https://t.co/3gYcuaHGMP ...

Economic Impact of Tariffs - The implementation of tariffs is raising costs for U.S. businesses, which could lead to a reduction in GDP by approximately 0.5% in the long run [6][13] - The unpredictability of tariff rates creates chaos for businesses, making investments riskier and potentially leading to poor financial outcomes [7][8] - Tariffs are primarily affecting inputs into U.S. manufacturing, thereby increasing operational costs for companies [12][13] Labor Market and Immigration - The reduction of immigrant labor due to immigration policies is negatively impacting productivity and living standards for native-born workers [5][4] - The construction industry, heavily reliant on immigrant labor, is facing challenges that could further drive up housing costs [2][4] Auto Industry Dynamics - The North American auto industry is highly integrated, and tariffs on steel and aluminum are increasing production costs without effectively bringing manufacturing jobs back to the U.S. [15][16] - The pressure on manufacturers to automate due to rising costs may not translate into job creation for U.S. workers [16][17] Revenue Generation and Fiscal Policy - Tariffs function as a sales tax on imported goods, which could theoretically help reduce the deficit, but the actual revenue generated may not be substantial [19][20] - The potential increase in tariff rates could lead to higher revenue, but the effectiveness of this approach in addressing the deficit remains uncertain [21] Long-term Trade Relations - The current administration's approach to tariffs is likely to damage U.S. credibility in international trade agreements, making future negotiations more challenging [22][23] - The violation of established trade agreements could have lasting repercussions on the U.S.'s role in the global trading system [22][23]

Labor Market Overview - The August jobs report indicates a significant slowdown in hiring, with only 22,000 jobs added, falling short of expectations of 75,000 to 78,000 [2][3] - The unemployment rate has risen to its highest level since 2021, reflecting a concerning trend in the labor market [1][3] Economic Implications - The weak job growth has led to increased expectations for Federal Reserve rate cuts, with a strong likelihood of a quarter-point cut in September and potential cuts in October and December [4][10] - The overall economic outlook appears to be stalling, raising concerns about the potential for a recession [5][6] Sector Performance - There is notable weakness in goods-producing sectors, particularly manufacturing and construction, which have seen job losses in recent months [7][16] - Conversely, healthcare and social assistance sectors have shown strength, adding 46,800 jobs, driven by an aging population requiring more services [15][16] Market Reactions - The market's response to the jobs report has been mixed, with investors uncertain about the implications of weak job growth on the economy and Fed policy [4][5] - Investors are advised to be cautious in their reactions to job reports, as market volatility can occur following significant economic news [17][18]

Core Insights - Primoris Services Corporation (PRIM) is focusing on the growing data center market, positioning itself as a key partner in this sector [1][2] - The company has identified a $1.7 billion pipeline of potential data center projects, with $400-$500 million already shortlisted for contracts by year-end [2][9] - Primoris is expanding its service offerings beyond data centers, including site preparation, power generation, utility infrastructure, and fiber construction [2][3] Company Strategy - Most data center projects will be incremental to the existing business plan, allowing Primoris to scale without major resource redeployment [3] - The company’s industrial workforce is well-suited for this type of work, providing flexibility in scaling operations [3] - Demand for services extends beyond data centers, with significant opportunities in utilities and renewable energy projects, including a pipeline exceeding $2.5 billion [3] Financial Performance - Primoris has reported record second-quarter results, showcasing double-digit revenue growth and increased profitability in its Utilities segment [4] - The integrated model across energy, utilities, and communications is expected to enhance backlog and margin growth [4] Competitive Landscape - Competitors like Quanta Services, Inc. and MasTec, Inc. are also experiencing growth, with strong backlogs in power delivery and clean energy infrastructure [5][6] - Quanta emphasizes its self-perform model, while MasTec highlights long-term opportunities in communications and energy transition [5][6] Market Positioning - Primoris shares have increased by 66.5% over the past three months, outperforming the industry growth of 27.1% [7] - The company trades at a forward price-to-earnings ratio of 23.17, above the industry average of 21.89 [11] - Earnings estimates for 2025 and 2026 indicate year-over-year growth of 24.8% and 13.9%, respectively, with recent increases in EPS estimates [13]

Core Viewpoint - Primoris Services (PRIM) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - For the fiscal year ending December 2025, Primoris Services is expected to earn $4.83 per share, with a recent 8.9% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - The upgrade of Primoris Services to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].