Martin Marietta CEO thinks the rebuilding of the infrastructure damaged during Helene in western North Carolina will take 10 years. Story in Triangle Business Journal. I live in NC and have heard that NC has the second highest number of miles of state highways in the country, after Texas. Many highways and bridges were destroyed by the storm.
>>>>>Weeks after super storm Helene ripped through Western North Carolina, one of the state’s biggest quarry companies is working on a restoration plan.
“Will there be rebuilding? Yes,” said Ward Nye, CEO of Raleigh-based rock crusher Martin Marietta Materials (NYSE: MLM), during a third quarter earnings call Wednesday. Martin Marietta supplies gravel, concrete and other aggregate materials for the construction industry.
Nye said it could take the better part of a decade to complete road and highway repairs in the mountains after historic flooding brought widespread devastation.
Nye said the North Carolina Department of Transportation estimates Helene recovery expenses will between $5 billion and $6 billion, and that the federal government typically reimburses between 60 and 65 percent of those costs, making the state’s share of the burden about $2 billion.
Nye said Martin Marietta is in position to help, with operations west of Hickory, “getting into the Appalachians with our North Carolina operations.” And its $2 billion buy of 20 aggregates operations out of Blue Water Industries earlier this year gave it sites in Eastern Tennessee — meaning it can help from the east and west.
Martin Marietta doesn’t expect to lose out on other NCDOT projects in the process, as it’s been told “it’s going to be business as usual in terms of construction and maintenance activity outside of the work for Helene,” Nye said.
“So we’re not going to see other parts of the state not continuing to advance,” he said.
Nye said one of the reasons the company wants to be in places like North Carolina that are in good fiscal condition is “because when these types of things happen, we need to be in places, states that can manage that.”<<<<<<<
>>>>>Weeks after super storm Helene ripped through Western North Carolina, one of the state’s biggest quarry companies is working on a restoration plan.
“Will there be rebuilding? Yes,” said Ward Nye, CEO of Raleigh-based rock crusher Martin Marietta Materials (NYSE: MLM), during a third quarter earnings call Wednesday. Martin Marietta supplies gravel, concrete and other aggregate materials for the construction industry.
Nye said it could take the better part of a decade to complete road and highway repairs in the mountains after historic flooding brought widespread devastation.
Nye said the North Carolina Department of Transportation estimates Helene recovery expenses will between $5 billion and $6 billion, and that the federal government typically reimburses between 60 and 65 percent of those costs, making the state’s share of the burden about $2 billion.
Nye said Martin Marietta is in position to help, with operations west of Hickory, “getting into the Appalachians with our North Carolina operations.” And its $2 billion buy of 20 aggregates operations out of Blue Water Industries earlier this year gave it sites in Eastern Tennessee — meaning it can help from the east and west.
Martin Marietta doesn’t expect to lose out on other NCDOT projects in the process, as it’s been told “it’s going to be business as usual in terms of construction and maintenance activity outside of the work for Helene,” Nye said.
“So we’re not going to see other parts of the state not continuing to advance,” he said.
Nye said one of the reasons the company wants to be in places like North Carolina that are in good fiscal condition is “because when these types of things happen, we need to be in places, states that can manage that.”<<<<<<<
