TRG | The Bottom Line – 12/29

As we look forward to 2024, TRG revisited our investing themes from 2023. Overall, the prediction that investors would focus on 2024 early, proved to be true as stocks ripped in 2H’23 with the possibility of rates stabilizing or even being lowered. Residential against this backdrop was predictably tepid, as consumers cooled their heels. Non-res was a mixed bag, with mega projects ruling the day as TRG industry contacts had predicted, while light non-res cooled as the year progressed. Public end markets were the strongest of the three end markets, with strong visibility and building momentum throughout 2023.

Stay tuned for more TRG thoughts going into 2024. We will be kicking off our monthly TRG 2024 Fireside Chat Series in January, highlighting public and private companies in our space. Moreover, we will be back in NYC in late January with one of our valued private heavy materials companies, providing insights on resi, non-res and public end markets for one of the hottest growth states, Texas. TRG thanks our valued clients and industry relationships and look forward to a productive 2024!