Deputy Seminar, Denver, CO

Natural Gas: Henry Hub Spot (Source: US Energy Information Administration)

10 12 14 16

0 2 4 6 8

Jul-02

Jul-13

Oct-99

Apr-05

Oct-10

Apr-16

Jan-97

Jun-03

Jan-08

Jun-14

Mar-06

Feb-07

Mar-17

Feb-18

Dec-97

Nov-98

Sep-00

Aug-01

Dec-08

Nov-09

Sep-11

Aug-12

May-04

May-15

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018

Construction Cost w/o Energy (Source: BLS PPI & ABC)

-2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

M/M Y/Y

Iron and Steel

Prepared Asphalt

Softwood Lumber

Concrete Products

Steel Mills Products

Inputs to Construction

Inputs to Nonres Construct

Nonferrous Wire and Cable

Plumb Fixtures and Fittings

Fabric Struct Metal Products

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018