Vulcan Materials Company (NYSE: VMC) is the largest producer of construction aggregates in the United States by sales. Aggregates include gravel, sand, and crushed rock and are used to make composite building materials like asphalt and concrete. The construction aggregates produced by VMC are used in projects as diverse as constructing airports, highways, and home foundations. The company focuses on areas with above-average population and aggregates demand growth. The company earned $2.5 billion in revenue and $31 million in net income in 2009.^[1]

Public construction projects, such as bridges, dams and roads are responsible for almost 50% of the company's business.^[2] These projects tend to be less dependent on economic factors and provide a degree of revenue stability. That said, approximately 19% of the company's revenue come from sales related to the residential construction market. The slumping U.S. Housing Market has cause the demand for some of the company's products to fall. However, limited competition has resulted in greater pricing power for companies like VMC. As such, in spite of the drop in sales volume, VMC has been able to keep revenue flat by increasing its average prices.

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