DAVY VIEW

The value of US highway contracts awarded by state departments of transportation (DOTs) rose 33% year-on-year (yoy) even as the US shut down. April’s contracts showed the largest yoy dollar increase in more than two years. This likely reflects early-year planning so awards could slow with a lag. However, at the very least they show the rude health of the state bidding season pre-COVID. Meanwhile, last week’s results from Home Depot and Lowes provided some interesting read-through for CRH’s US products business. The group is a leading supplier of masonry, pavers, patio and garden products to the two groups. Both retailers recorded strong sales growth, with Lowes going so far as to name-check CRH’s Oldcastle business for its flexibility and responsiveness through the crisis.