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	<title>Todd Sullivan's ValuePlays</title>
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		<title>Total Construction Spend Rises</title>
		<link>https://www.valueplays.net/2026/03/26/total-construction-spend-rises/</link>
		
		<dc:creator><![CDATA[Davidson]]></dc:creator>
		<pubDate>Thu, 26 Mar 2026 22:55:25 +0000</pubDate>
				<category><![CDATA[Articles]]></category>
		<category><![CDATA[ALTG]]></category>
		<category><![CDATA[bldr]]></category>
		<category><![CDATA[CMT]]></category>
		<category><![CDATA[cnm]]></category>
		<category><![CDATA[construction employment]]></category>
		<category><![CDATA[construction spending]]></category>
		<category><![CDATA[INTT]]></category>
		<category><![CDATA[mye]]></category>
		<category><![CDATA[ocan]]></category>
		<category><![CDATA[qxo]]></category>
		<guid isPermaLink="false">https://www.valueplays.net/?p=45797</guid>

					<description><![CDATA[&#160; Total Construction Spend rises with months prior revised higher, Power, Residential and Public lead, Manufacturing lags. This data continues to be in the right direction for reshoring supply lines, the AI spend and a Residential recovery. Power site construction is out pacing Manufacturing likely due to the completion of earlier supply line initiatives while the greenfield-manufacturing [&#8230;]]]></description>
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<p>&nbsp;</p>
<div>Total Construction Spend rises with months prior revised higher, Power, Residential and Public lead, Manufacturing lags. This data continues to be in the right direction for reshoring supply lines, the AI spend and a Residential recovery. Power site construction is out pacing Manufacturing likely due to the completion of earlier supply line initiatives while the greenfield-manufacturing sites(site clearing and prep work) which have been spurred by tariff policy have yet to ramp to the more expensive stage of actual construction. It can take more than 1yr to acquire sites to manufacture post Trump’s tariff-policy, develop and gain approvals for site plans before even the site clearing and prep work begin. But, we do see the ramp in Construction Employment even with implementation of deportations for illegal workers that have been part of this report.</div>
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<div>All in all, reshoring and tariff policy should continue to boost these numbers, Real Personal Income and Retail Sales 3yr-5yr in my estimation.</div>
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<div>Alta Equip Grout(ALTG), InTest(INTT), Builder First Source(BLDR), QXO(QXO), Core and Main(CNM), Exponent(EXPO), XPO(XPO), RXO(RXO), GXO(GXO), OceanDigital(OCAN), Myers Inds(MYE), Core Molding Tech(CMT) and others will benefit from the trends shown.</div>
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<div><img fetchpriority="high" decoding="async" class="alignnone size-large wp-image-45798" src="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.51.05-PM-597x420.png" alt="" width="580" height="408" srcset="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.51.05-PM-597x420.png 597w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.51.05-PM-300x211.png 300w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.51.05-PM-768x540.png 768w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.51.05-PM-1200x844.png 1200w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.51.05-PM.png 1246w" sizes="(max-width: 580px) 100vw, 580px" /> <img decoding="async" class="alignnone size-large wp-image-45799" src="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.50.57-PM-586x420.png" alt="" width="580" height="416" srcset="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.50.57-PM-586x420.png 586w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.50.57-PM-300x215.png 300w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.50.57-PM-768x551.png 768w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.50.57-PM-1200x860.png 1200w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-26-at-6.50.57-PM.png 1230w" sizes="(max-width: 580px) 100vw, 580px" /></div>
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		<title>Durable Goods and Real Personal Income Revised Higher</title>
		<link>https://www.valueplays.net/2026/03/19/durable-goods-and-real-personal-income-revised-higher/</link>
		
		<dc:creator><![CDATA[ToddSullivan]]></dc:creator>
		<pubDate>Thu, 19 Mar 2026 16:45:41 +0000</pubDate>
				<category><![CDATA[Articles]]></category>
		<category><![CDATA[durable goods]]></category>
		<category><![CDATA[real personal income]]></category>
		<guid isPermaLink="false">https://www.valueplays.net/?p=45791</guid>

					<description><![CDATA[&#160; Durable Goods Orders revised higher, Real Personal Income revised higher. Motor Vehicle and Manufacturing Machinery each saw higher revisions indicating continued economic strength in the manufacturing sector. Real Personal Income saw several months of higher revisions. US economic expansion continues.]]></description>
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<p>&nbsp;</p>
<div>Durable Goods Orders revised higher, Real Personal Income revised higher. Motor Vehicle and Manufacturing Machinery each saw higher revisions indicating continued economic strength in the manufacturing sector. Real Personal Income saw several months of higher revisions.</div>
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<div>US economic expansion continues.</div>
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<div><img decoding="async" class="alignnone size-large wp-image-45792" src="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.45.32-PM-589x420.png" alt="" width="580" height="414" srcset="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.45.32-PM-589x420.png 589w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.45.32-PM-300x214.png 300w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.45.32-PM.png 642w" sizes="(max-width: 580px) 100vw, 580px" /></div>
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		<title>Subs: More Expansion</title>
		<link>https://www.valueplays.net/2026/03/19/subs-more-expansion/</link>
		
		<dc:creator><![CDATA[ToddSullivan]]></dc:creator>
		<pubDate>Thu, 19 Mar 2026 13:46:53 +0000</pubDate>
				<category><![CDATA[Premium Articles]]></category>
		<category><![CDATA[kmi]]></category>
		<category><![CDATA[permian]]></category>
		<guid isPermaLink="false">https://www.valueplays.net/?p=45794</guid>

					<description><![CDATA[The demand for natural gas is accelerating&#8230;.. somebody&#8217;s got to get it to market&#8230;. Kinder Morgan has filed with FERC for the Texas Access Project, a pipeline expansion designed to move up to 1.3 billion cubic feet per day of Texas gas into the southwest Louisiana LNG corridor, including deliveries to Woodside’s planned LNG terminal. [&#8230;]]]></description>
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<p>The demand for natural gas is accelerating&#8230;.. somebody&#8217;s got to get it to market&#8230;.</p>
<p><b><strong>Kinder Morgan has filed with FERC for the Texas Access Project, a pipeline expansion designed to move up to 1.3 billion cubic feet per day of Texas gas into the southwest Louisiana LNG corridor, including deliveries to Woodside’s planned LNG terminal.</strong></b></p>
<p>(P&amp;GJ) — Kinder Morgan Louisiana Pipeline (KMLP) has filed with the Federal Energy Regulatory Commission for approval to build the Texas Access Project, a natural gas pipeline expansion intended to move more Texas supply into the southwest Louisiana LNG corridor, including service to Woodside’s planned LNG terminal.</p>
<p>“Growing LNG export demand in Southwest Louisiana has resulted in increased utilization of existing pipeline infrastructure,” the filing said.</p>
<p>According to the March 6 application, the project would allow Kinder Morgan to transport up to 1.3 billion cubic feet per day of natural gas from new receipt points in southeast Texas into delivery points on its existing Louisiana system. The company said the project would create a new west-to-east supply path into an increasingly constrained LNG market.</p>
<p>“The Texas Access Project is designed to provide additional access to natural gas supply in Texas and deliver that supply into the Southwest Louisiana market,” the company said in its FERC application.</p>
<p>The proposed project includes about 3.05 miles of 48-inch pipeline from Jefferson County, Texas, into Cameron Parish, Louisiana, including a 0.99-mile horizontal directional drill beneath the Sabine-Neches Waterway. It also includes connector segments, pigging facilities, metering modifications and a new interconnect for Woodside’s LNG terminal in Calcasieu Parish, Louisiana.</p>
<p>Kinder Morgan said the project does not increase the certificated design capacity of its system. Instead, it would extend the paths through which existing capacity can access new Texas gas supplies and deliver them into southwest Louisiana.</p>
<p>The filing identifies Woodside as the anchor shipper behind the project. Kinder Morgan said Woodside executed a binding precedent agreement for 1,000,000 Dth/d of firm transportation service, providing what the company described as strong commercial support for the project.</p>
<p>“Woodside Louisiana LNG has executed a binding precedent agreement with KMLP for 1,000,000 Dth/d of firm transportation service,” the company said in the filing.</p>
<p>The transportation package includes 500,000 Dth/d from the proposed TIP receipt point, 350,000 Dth/d from Kinder Morgan’s existing interconnection with NGPL enabled by metering changes, and 150,000 Dth/d of previously unsubscribed capacity reserved for the project. All of it would be delivered to the Woodside interconnect.</p>
<p>Kinder Morgan said it designed the project to help meet growing gas demand from LNG facilities in southwest Louisiana, where pipeline congestion has increased as export capacity expands. The filing points specifically to rising flows tied to Venture Global’s Plaquemines LNG terminal as evidence of tightening market conditions in the region.</p>
<p>The company estimated the total project cost at about $112 million and asked FERC to issue a certificate order by Feb. 5, 2027. Kinder Morgan said that timeline would allow construction to begin as early as April 2027, with part of the project entering service by Jan. 1, 2028, and the remainder by April 1, 2028.</p>
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		<title>Industrial Production and Manufacturing Capacity Revised higher</title>
		<link>https://www.valueplays.net/2026/03/18/industrial-production-and-manufacturing-capacity-revised-higher-2/</link>
		
		<dc:creator><![CDATA[Davidson]]></dc:creator>
		<pubDate>Wed, 18 Mar 2026 16:45:16 +0000</pubDate>
				<category><![CDATA[Articles]]></category>
		<category><![CDATA[industrial production]]></category>
		<category><![CDATA[manufacturing capacity]]></category>
		<guid isPermaLink="false">https://www.valueplays.net/?p=45788</guid>

					<description><![CDATA[&#160; Industrial Production(IndPro) has finally pulled the PMI, a sentiment indicator, higher after more than 3yrs of pessimism. Mfg Capacity continues to reflect the reshoring theme by moving higher. Both series have been revised higher vs recent reporting. These trends are positive for US industrial sector, Real Personal Income, Vehicle Sales, Home buying and Retail [&#8230;]]]></description>
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<p>&nbsp;</p>
<div>Industrial Production(IndPro) has finally pulled the PMI, a sentiment indicator, higher after more than 3yrs of pessimism. Mfg Capacity continues to reflect the reshoring theme by moving higher. Both series have been revised higher vs recent reporting.</div>
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<div>These trends are positive for US industrial sector, Real Personal Income, Vehicle Sales, Home buying and Retail Sales.</div>
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<div><img loading="lazy" decoding="async" class="alignnone size-large wp-image-45789" src="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.43.40-PM-621x420.png" alt="" width="580" height="392" srcset="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.43.40-PM-621x420.png 621w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.43.40-PM-300x203.png 300w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-18-at-12.43.40-PM.png 683w" sizes="auto, (max-width: 580px) 100vw, 580px" /></div>
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		<title>Delinquency Rates Fall Again</title>
		<link>https://www.valueplays.net/2026/03/04/delinquency-rates-fall-again/</link>
		
		<dc:creator><![CDATA[Davidson]]></dc:creator>
		<pubDate>Wed, 04 Mar 2026 15:17:09 +0000</pubDate>
				<category><![CDATA[Articles]]></category>
		<category><![CDATA[credit card]]></category>
		<category><![CDATA[delinquency rates]]></category>
		<guid isPermaLink="false">https://www.valueplays.net/?p=45781</guid>

					<description><![CDATA[In the credit markets it is not about how much debt there is but how well we are paying for it that matters. And, in a consumer economy, it is consumer delinquencies which matter most. If consumers are comfortable handling debt i.e., credit cards and consumer loans, then lenders will keep lending. Once lenders fear [&#8230;]]]></description>
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<div>In the credit markets it is not about how much debt there is but how well we are paying for it that matters. And, in a consumer economy, it is consumer delinquencies which matter most. If consumers are comfortable handling debt i.e., credit cards and consumer loans, then lenders will keep lending. Once lenders fear consumer defaults, the lending can nearly cease till lenders reassess, and tighten lending standards before extending additional credit.</div>
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<div><b>Credit Card Debt</b> and <b>Consumer Loans</b> are both trending lower and well below their respective economic levels that signaled fragile consumer finances in the past.</div>
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<div>In the US, consumers are healthy financially and economic expansion is expected to continue.</div>
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<div><img loading="lazy" decoding="async" class="alignnone size-large wp-image-45782" src="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.16.59-AM-583x420.png" alt="" width="580" height="418" srcset="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.16.59-AM-583x420.png 583w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.16.59-AM-300x216.png 300w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.16.59-AM-768x553.png 768w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.16.59-AM-1200x865.png 1200w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.16.59-AM.png 1496w" sizes="auto, (max-width: 580px) 100vw, 580px" /></div>
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		<title>Construction Spending Holding at Highs</title>
		<link>https://www.valueplays.net/2026/03/03/construction-spending-holding-at-highs/</link>
		
		<dc:creator><![CDATA[Davidson]]></dc:creator>
		<pubDate>Tue, 03 Mar 2026 15:16:20 +0000</pubDate>
				<category><![CDATA[Articles]]></category>
		<category><![CDATA[ALTG]]></category>
		<category><![CDATA[construction spending]]></category>
		<category><![CDATA[INTT]]></category>
		<guid isPermaLink="false">https://www.valueplays.net/?p=45778</guid>

					<description><![CDATA[&#160; Total Construction Spend is holding near cycle highs with some slumps in Non-Residential and Manufacturing. Alta Equip Group(ALTG), a construction equipment rental company, saw a sudden increase in business in December 2025. InTest(INTT), a manufacturing equipment company, saw a similar sudden burst in sales for December. Both management teams saw rising backorders and forecasted decently [&#8230;]]]></description>
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<div>Total Construction Spend is holding near cycle highs with some slumps in Non-Residential and Manufacturing. Alta Equip Group(ALTG), a construction equipment rental company, saw a sudden increase in business in December 2025. InTest(INTT), a manufacturing equipment company, saw a similar sudden burst in sales for December. Both management teams saw rising backorders and forecasted decently improved 2026 financials having experienced a near 2yr inventory destocking period by customers.</div>
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<div>It appears by many measures that 4Q25 represented a turn higher for a number of manufacturing businesses.</div>
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<div><img loading="lazy" decoding="async" class="alignnone size-large wp-image-45779" src="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.13.59-AM-575x420.png" alt="" width="575" height="420" srcset="https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.13.59-AM-575x420.png 575w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.13.59-AM-300x219.png 300w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.13.59-AM-768x561.png 768w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.13.59-AM-1200x876.png 1200w, https://valueplays.net/wp-content/uploads/Screenshot-2026-03-03-at-10.13.59-AM.png 1488w" sizes="auto, (max-width: 575px) 100vw, 575px" /></div>
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