Can The U.S. Cement Industry Keep Up With The $1 Trillion Infrastructure Bill?
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- Опубликовано: 28 сен 2024
- Concrete is the foundation of just about everything. It's used to construct buildings, highways, bridges, roads and more. During the Covid-19 pandemic, concrete fell victim to the same phenomena affecting other essential materials and goods: snarled supply chains and labor shortages. And demand for concrete appears to have only increased after the Senate passed the $1 trillion infrastructure package. Watch the video above to learn more about the cement-concrete supply chain.
Concrete is the foundation of just about everything. It’s used to construct buildings, highways, bridges, roads and more.
During the Covid-19 pandemic, concrete fell victim to the same phenomena impacting other essential materials and goods: snarled supply chains and labor shortages. And demand for concrete - and its essential ingredient, cement - appears to have only increased, after the Senate passed the $1 trillion infrastructure package to upgrade America’s roads, bridges and tunnels.
“In the short-term, we continue to have the supply chain difficulties, particularly in certain markets, and so prices are rising,” Anirban Basu, chief economist for the national construction industry trade association Associated Builders and Contractors, told CNBC. “So right now, apparently, supply is not rising up to meet demand.”
The industry also faces labor shortages of skilled workers and truck drivers. And the recent housing boom means more demand for concrete and cement, putting more pressure on the industry to increase capacity.
On top of all of this, there’s also a push to reduce the amount of carbon emissions that come from the industry. A study published by the National Academy of Sciences in 2019 estimates that global cement production accounts for 8% of global carbon emissions, making it the largest single industrial emitter of carbon dioxide.
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Can The U.S. Cement Industry Keep Up With The $1 Trillion Infrastructure Bill?
There's no shortage of shortage videos.
HOW ARE YOU EVERYWHERE
And not enough overpopulation videos.
There's no shortage of youtube views.
True. It's just too bad they all seem to have an agenda other than educating.
Well. What do you think would happen sending 70% of the work force home and call everything Non-essential work? Your gonna have shortages and a lot of bankruptcy. I mean its not taught in Econ-101 but it should be E-common sense!
So basically we have a shortage of almost everything
Incuding good sense. The co^id scamdemic is still being touted by media.
Marxist logic
I used to hate being so short but now all of a sudden it's in fashion
That’s how companies get record high profits just like lumber and drywall and steel create a fake shortage then cash in.
Except for “LOVE”... LOVE has no limit to its supply - please ask Oprah & her very special friends !! Thank you. Have a nice day !!
$900 billion will go for permitting, and just a zest of concrete will ever be poured.
500 million for democrat friends.
@@aguyfromnothere and fluff the concrete will mud🤣
That the govt for you
“As more millennials buy their first homes” you think millennials can afford homes? Funny joke
As an “older” millennial I had a feeling the housing bubble would burst so I waited until 2009 and bought my first house (5 bed 3 bath) for $120k in a short sale. Got the $8k first time buyer tax credit, sold the house 5 years later for 310k.
@Dank Dank Just like Millenials
just bought my first home and know tons of people that bought homes. all born in the 90s.
why are you acting like millennials are 17
They call it the American dream because you have to be asleep to believe it
business: "we want more cheap laborers"
meanwhile: "everybody should go to college"
People forget trade work sucks and often doesn't pay that much for the amount of work you do. Sure union and specialties is compensated well, but why would you want to break your back pouring concrete when you can sit a desk doing real work 30% of the time. Even then you'll still never be able to afford a house or decent life.
@@halo3soap114 Need more adult immigrants for more labor. Their children are usually the most hardworking people you can find, and excell in school.
Afghan refugees.
@@LeeeroyJenkins Depend on countries look at pisa test USA succeed when most others fail so hard. and migrant are a - for them.
Go to college to make robots
CNBC: "Calcium carbonite"
Lol you mean calcium carbonate? I didn't know we were freezing Han Solo in limestone 😂
Jabba's Hutt Infrastructure Plan
Lol. A true rockstar.
@@nathanseago monster energy > rockstar
Good catch lol
@@helpconflict9851 🤣
Good thing most of this bill wont require any Concrete.
Exactly!!
Concrete won’t be needed to rebuild / build concrete roads?
@@NeonNotchConcrete roads?? Listen just go back to sleep it's OK really you're out of your depth.
The one they passed 2 months ago was supposed to be infrastructure...and it was just pork for democratic friends. This will be the same. Just paying off interest groups and supporters.
@@aguyfromnothere That sounds like a blatant lie. Do you have a credible source to substantiate that claim?
It’s 2021 and we still gotta repave roads every 2-3 years
Can’t someone invent a roadway that won’t crack over time 🙄
If there’s no endless traffic and construction on the road. Then I don’t want to drive! - America
We only repave the roads because everyone wants the smoothest road possible with no blemishes. You don't need to repave a brick road but most people don't like driving on brick roads. Also, if we've constantly repaving and repairing, it supports a lot of jobs around the country. If you make something that doesn't need to be replaced, that job will become obsolete
@@listen1st267 who cares about jobs
They’ll find other work
AI and robots will soon take over anyways and that’ll be less stress for us
Roads are repaved all the time cause they’re made from asphalt, if they were made of concrete they wouldn’t have that issue
But most roads must be built with asphalt because it would be outrageously expensive to pave all roads in the US with concrete
Asphalt just breaks down quicker
Yes but bit cheaply
Civil engineer here. Props for clarifying the difference between concrete and cement. Too many trendy videos don't make this clear
Calcium carbonite (chalk) is in egg shells, sea shells and bones. Egg shells can be collected from restaurants and curb side collecting, sea shells (from clams or oysters ) sea food restaurants, bones from rendering plants or butcher shops. Burning converts the shells, egg shells and bones into a material called calcium oxide or quicklime.
I'd be interested to know how many eggs go in a mile of freeway.
Creating shortages to generate max profits is the name of the game.
who created shortages, you seem to not understand economics
@@truck6280 what greed, having no shortages and selling more goods would make more money
Demand is high! Shortages aren't made artificially, they happen when there is more demand then production resources. All my relatives and their friends who work in construction say that they are overflooded with orders for new houses. They apready have risen the prices that offer, so that they could at peast earn well in this period. But customers still keep coming, despite the price being already high. People who had limited resources and wanted a house, wilp have to wait another 10 years until things normalize.
@@deesus1085 because consumers will leave your products
@@TheDimanoid999 In my country, ranch owners throw vegetables and fruits when price is very low so the price go 3x higher to ship.
I doubt it..I worked in construction for 30 years..in the early 2000's there was a cement shortage because our products were being shipped to China for a bridge project that almost shut our construction down
*Despite the economic crisis, this is Still a good time to invest in Gold and Crypto*
The rich spend less and invest more
@Sammy Hagarye You're right I think Gold and Crypto are the best to invest right now☺️
Gold's are good but crypto is better
I wanted to trade crypto but got confused by the fluctuation in price
@@abrahamsaheed1435 That won't bother you if you trade with a professional like Mr Steven Harrison
I have worked from 2003 to 2007 with a compressor spares and service company and their main customers were cement industries. There are lot of improvements that can be done and it is possible to save a lot of energy.
Currently im working on 5 different highway projects at texas all of them are struggling with truck drivers. Every batch plant is shorthanded, and the ones that remain work crazy hours. Sometimes we wait up to 4 hours for drivers to be free and get concrete to the jobsite.
Its because y’all aren’t paying enough . Pay higher and I guarantee the truckers will come
@@truck6280 they don't work for me, they work for the batch plants, i dont know what kind of wages they are getting. I'm just saying that once all this gets signed the batch plants would have a hard time keeping up since they are struggling already.
I would’ve like to hear more about what could be done to reduce CO2 emissions from concrete production.
Nothing don't worry about it
The concrete business has been doing everything “big oil” has been accused of for decades. People are just ignorant of it because they don’t buy it all the time.
It kills me when any report talks about any kind of shortage, as I remember watching t.v. shows ten years ago that showed all the surplus we have, and said if production of goods stopped today, we'd have enough surplus supply in all these goods to last us up to three years. These shortages are self driven, and a lot of the surplus supply is being allocated to give to whom ever us controlling all the water... thats whats really happening.
Ten years ago, a lot of industry was just finishing up the change to just-in-time processing. It's more efficient when done right, because it saves on storage costs and wastage, but it's also very susceptible to disruption.
We wouldn't have such a shortage of labor if we stopped disparaging laborers and paid them adequately. Instead of budgeting correctly for labor, executives are buying second yachts and third mansions.
@@vylbird8014 Exactly. Number crunchers determined that keeping things in stock for as short of time as possible was a good way to increase profits. But they created issues with filling orders on time when any portion of the supply chain is disrupted. Normally this would drive customers away, but everyone is doing it now. As such, they don't have to worry too much about customer loyalty issues.
Are we going to run out of dirt next? 😲
isnt there a sand shortage already? haha
We’re running out of water
I’m running out of time
Saudi Arabia is running out of sand. Look it up!
Sand is in short supply.
@@frankd8957 yes there's an excellent doc on here called Sand Wars
Most of the cement is imported from overseas. Last year alone, cement import amounted to over 17 million meters tons value at 1.43 billion dollars.
6:40 The WHOLE POINT of a price system in a free market is to communicate resource stress so that end consumers make informed decisions to adapt consumption. Those "frustrated home buyers" can assuage themselves by taking any basic course in economic theory.
People need to understand some basic economics, shortage caused prices increases will spike and as supply catches up go down again. Bubble caused prices will grow and then crash dramatically. Inflation price increases will continue to grow and not come down. This is why serious discussions about covid/covid spending are so concerned about inflation but not concerned about the blip in lumber prices for example.
Quit paying slave wages!!!!
Also, quit disrespecting workers and introduce technology to make construction work more ergonomic.
Also a real sickening thing is people encouraging others to get into trade work so they can have cheap services, but not encouraging their own children to.
i heard that and it made me mad too.
so said the man sitting at a comfy desk. If he thinks shoveling rocks and paid peanuts for it is so great. why isnt he shoveling the rocks himself. and im not gonna kid , anyone that has done conszruction know project hardly ever on finish on time. a large part is getting ragged on by customers, fomen, etcetc. go faster and cheaper. its no fun that.
This is really what i feel too, but couldn't express due to language barrier. Thank you for putting my emotions into words.
Slaves don't get wages🤔 that is what china does we pay people enough to be in the top ten percent of the world right now so it's a matter on how you look at it we do need more cheap labor that is not evil if the work isn't worth 20 a hour among 15 guys throwing concrete the job would cost alot more and it would be harder to get for normal people who need concrete poured. The reason the dollar is less valuable then 60 years ago is the government printing more and taking out loans to pay for things to keep people voting for them. Just imagine slave wages here makes you a king in some other countries 🤯🇺🇲🇺🇲🇺🇲🇺🇲
Oh yeah the bill doesn't actually have a trillion for "infrastructure" more like 1/4 the rest is just bailouts for people who can't balance there budgets like grownups
@@swampliger8770 what's the difference of paying you in food rations or paying you so little you are able to only buy food? Both are slavery
Yall stressing me out every week … what do we got ? 😂
And that’s why the water 💧 cycle is so messed up for trees 🌲 and other plants because of the concrete jungle we have created blocking the water.
Do you realize the water goes into gutters and ditches and streams, lakes, rivers and the ocean? It is called The Cycle OF Life. You are claiming the 🌲🌲🌲trees 🌲🌲 in the forests have no water 💧 due to concrete in the Cities. FIY the Concrete is not in the 🌲🌲🌲Forests🌲🌲🌲 to hinder them from getting rain water. The 🌲threes in the suburbs and cities get watered by people with hoses that give water from the city water supply that comes from recycled water and also water form the gutters and from the rivers, lakes and sometimes desalinization of ocean water.
They just charged a libtard College Professor for starting up to 10 fires in California.
Appears he wanted to try to force people to panic over Climate Change. Well that would be Leftist Forced Climate Fires as he created a Climate of Fires that were Man Made because he thought the Climate was not doing it fast enough.
How much of the USA do you think is covered by buildings? Only 1.1%
0.15% of the world is Paved.
You think less than 1.15% of the world rain is being blocked? NOPE!
In the USA about 68% of the roads are paved.
Of the roads paved most have run off into grasslands, ditches or ponds.
Surely you do not think less than 1% water loos is having such a devastating affect on trees. If you look at the 65 million year Earth Temperature Graph you will see the earth is overall cooling and for hundreds of thousands of years the climate cycles have been getting more and more erratic. Long before humans. Search for 6.5 Million Year Earth Temperature Graph and click on Images to find it.
You can also look at the NASA 850,000 Year Earth Temperature Graph and click on Images to find it. You see it was hotter 125,000 years ago and hotter before that cycle also. It also was colder several times in the past than it is now and also about the average temperature, so same as it is now. They are called the Milankovitch Cycles. They are caused by the changing earth orbit, changing position of earth to the sun and changing sun cycles and moon orbits. Those have 99% of the effects on earth climate. Not humans. Human Co2 is just 0.009% of the earths atmosphere. The Co2 is 0.0413% of the Atmosphere. The Co2 is 413 PPM which is 0.0413% and Nitrogen is 79% and Oxygen is 21% of the earth atmosphere. This is real earth science and can easily be verified.
The greater threat is the horrible modern diet.
The plastics contamination of the soil, rivers, lakes and oceans.
The micro plastics contamination in drinking water or all species on earth.
The pharmaceutical contamination of all the drinking waters on earth.
The contamination of foods and soils by Monsanto Corporation.
The delusional education system on earth that is rejecting science and stable traditions.
Stable Traditions used by Humans, Honey Bees, Ants and other Colonizing Species.
I'm a bulk driver for a major ready mix company. Currently, loads are on assignment only. It's getting crazy
The US schooling system hammers in that going to college is the best but dont realize some people are more hand on learners. They also don’t realize that people in the trades make 65k-90k as a regular worker and 90-130k as a top worker or foreman. These kids end up going to college and go for a year or two or worse they get a degree that is worth nothing because they were steered in that direction instead of learning a trade.
College shouldn't have tuition. And people shouldn't be educated purely to make money
Not to mention it is cheaper to go to trade school and if you have a union you have further support
@@ndaatweg00 Trade work is important. But less and less of it will be needed over time with technology getting more and more reliable and replacing humans
@@veganpotterthevegan 100%
There was at one time a swath or gypsum that stretched from western Georgia 50 miles wide, to west Texas 500 miles wide.
"it turns into a material called klinker"... and then the fleeb is cut from the plumbus
It'll get more expensive, there's a fresh batch of 1 trillion dollars 🤑 Good time to be a construction manager
Actually, potable water is supplied either through Ductile Iron Pipe (DIP) or Asbestos Concrete pipe (AC). Storm water is typically carried through Precast Concrete Cylinder Pipe (PCCP). Sanitary sewer is carried through plastic pipe, typically SDR-35, SDR-36, or C-900. C-900 can also carry potable water as well.
Thank you for your insights
"We're running out of rocks,... um...& drivers. It's awful we have to raise concrete prices"
(hey, worked for the lumber industry) gimmy
"We want more college grads but need more skilled trade labor".
"College guarantees you a better job, the massive debt is worth it!"
"We want to pay workers less so we need more immigrant labor".
"Don't want to break your back doing labor? Get a better job wageboi".
"Why are young people so lazy and not taking these body-destroying jobs?".
"Automation is terrible and people lose their jobs to it, btw we are in a labor shortage".
"We are in a labor shortage because no one wants to work, totally not because of stagnating wages and rising cost of living".
Don't worry....there's very little actual infastructure in the "infastructure bill"
As a former President of one of the largest chapters of the American Concrete Institute (ACI), I have no dought that the industry will step up to meet the demands as we always have. Concrete has been used for over 3,000 years to build the foundations and major structures of the world. Which, by the way, has an abundance of the raw resources for it's never ending demand. We merely change its composition to advance our cavillation. There is NO other material as versatile, durable and as economical as concrete!
They need to talk to Versarien (VRS). They make graphene enhanced concrete which is 40% stronger and 4 x less water ingress. Adding a small amount of graphene allows you to use up to use 30% LESS CONCRETE for any given project.
This is one of the many reasons Govt action pushes prices higher
“The process is still the same “ 😂
They forgotten to talk about the werry special type of sand that is needed, and also controbuting to unsafer shorelines, and increase in water related catastrophes
considering there is very little actual infrastructure in the bill sure
Best comment so far!
Only in America we have automobile shortages where dealers lots are packed to the gills with new and used autos! Shortages, shortages, get your shortages here......
We need a better alternative to concrete. During summer floors get hot to where you can burn yourself and it's heating the air up more.
Sun heats up everything in the summer, even the most reflective and uneven surfaces, for example Sand
Maybe you should plant grass over your floors🤣🤣
You could fix the heating problem with a simple color change. But people don't want that. Do you want to paint the roof of your house white? Even if you did, would the neighbours stand for it? Local government might even get involved with a building regulation that mandates certain roof colors.
I mean there’s a reason why the material has literally been used for 2,000+ years
@@brian2440 to what extent? Too much of it is used today.
@@prefersoxygen9373 not to the extent it does concrete and it's everywhere.
How's 3D printed properties coming along? That would help the situation on so many levels.
properties?
@Ayn Rand This isn't sci fi mate. ruclips.net/video/XHSYEH133HA/видео.html
@@KRYMauL
ахах. точно. это не фантастика. это полная хуита. лол
@@ogrelg4131 Yes that it is.
My solution to fix truck driver and skilled workers shortage is to simply hire and train young boys and girls from overseas countries such as the Caribbean. The Caribbean have so many young folks who is interested in working with heavy equipment and as skilled workers. The problem in the smaller Caribbean islands are that workers and equipment out way the total amount of work available. So, the US tapping into this market and giving young Caribbean teen Boys and Girls an opportunity to train and work in the US will benefit both the US and the Caribbean on a whole.
That's not a real solution. All you will do is lower wages of American workers so now they go from making a livable wage with good benefits to making minimum wage. Just look at what happened to the farm labor industry. Eventually no one will want to work in the field as a result so you will need to import even cheaper labor. Nothing will happen but immigrants being taken advantage of and Americans losing jobs.
Capital, Labor, Commodity needs to be understood more in depth
As if the infrastructure bill will be spent on infrastructure
When demand is steady supply will follow. But it will take same time.
Another terrific video by CNBC. I love you guys
Ash Grove was the last American-owned cement company and it was bought out in 2018 by CRH, an Irish firm.
Modern concrete-used in everything from roads to buildings to bridges-can break down in as few as 50 years
Masonry is one of the most durable components of a home. Chimneys, fireplaces, and brick veneers can last a lifetime, and brick walls have an average life expectancy of more than 100 years.
copied and pasted
There are a lot of alternatives that can replace the concrete and the harmful effects of concrete cement. There are plastic infused and mud, silicon for water proof structures recyclable products, sources, environment friendly ones and infrastructures. SME General practices, practitioners all fields of studies are efficient, orderly, and well coordinated with one another respectively.
Why would any one enter trades to risk there life, being cheap labour, pound out there body, get poisoned from all the chemicals and high risk.....NOT WORTH IT
Corporations have made record profits, pay little tax, and still do not want to give anyone else a seat at the table to eat!
The skilled trades biggest issue by far is managing dust. So that means either producing better smelling masks or figuring out ways to eliminate dust in the working environment.
Don't worry about it the dust has been there since the beginning and now it's a problem.
Covid didnt cause disruptions. Government reactions and incompetant policies in response of covid did. Get it right.
Let's just ignore that $3.5T is what the size that the infrastructure plan should be...
Don't let the price tag of the infrastructure fool you. Only a small portion of that money is going to concrete projects. And even a smaller amount of that the money paying for cement. Most the the trillion dollars are going to special democratic interests.
The truck drivers, quarry workers and construction workers are the people who worked throughout the pandemic, so where is the shortage?
Makes me wanna drive ready mix trucks again.
The process of making cement is almost as old as the format of the video.
How about RECYCLING THE FXKING CONCRETE WE DON’T USE 🤦🏾♂️
Why are we using concrete and asphalt? Thought we are worried about the enviroment?
Hemp cement 😌
Problem Solved to effectively do they won’t do it
Structures should last longer. Preferably passively like rocks have stood in places for years and will do so for years to come. If not enough with that then with automation.
I rather live with nature, thank you for the cements home.
It won’t be an issue due to the fact the “infrastructure bill” has little to do with actual infrastructure enhancement
Bingo
Use building materials that are more sustainable. You only need to use concrete on skyscrapers, parking lots, etc. You don't need concrete for houses or multi-family homes. You can use rammed earth which uses only 10-20% concrete.
Yes because the infustructure bill isn't close to a trillion dollars for infustructure. This bill is more pork than anything else.
I am not going to demand as much as the average person. I plan on living in a 500 square foot tuff shed.
Just get it from China.
@@mrbears34 china alone is pouring 60 percent of the world cement, in 2011-2013 it pour more cement than US in 20th century (1900-2000)
So short stock of concrete and cement or buy stock
No worries.
Only a very small fraction of that 1 trillion dollars will be used to build anything of substance.
This fact not withstanding, the material fearmongering will not be wasted. Money will be made.
Don’t worry. They won’t be spending it all on cement. Let’s be honest 😏
These are such interesting videos. Keep it up!!
no, it cannot, that is why the two largest companies in the concrete industry in Mexico are going to provide such material ... these companies are Cemex and GCC Grupo Cementos de Chihuahua.
You know you could fix that whole skilled workers shortage problem by making college free. Maybe get rid of some of these artificial barriers that are a legacy of Classism, Racism and Slavery.
College is the reason there is a labor shortage. Concrete pouring and trucking are trades that they don’t teach in college and people who go to college don’t work in this field. You don’t need a degree to pour concrete.
Heck don't stop with free college , what else would you like for free.
Is there a college degree for working with concrete? Using a rake? Shovel? Screed? Float? How to construct forms? No
The best training is in the field, getting hands on experience.
Stop begging for free stuff and I'm not sure what those artificial barriers have to do with anything in the real world. Time to shake them from your headspace and let's all make the world better.
@@jeremymyers5643 pizza and steak for free for me! Haha
@@jeremymyers5643 A life worth living. Is that too much to ask?
I need to know what is blurred out at 1:35 !!
Should be asking how many millions of tons of carbon will be spewed into the atmosphere to accomplish this. That industry is one of the worst!
Every video complains about a shortage in the trades and trucking but don't actually try to figure out WHY THERE IS A SHORTAGE. Most people in or who just left the industry knows well how we got here.
There are no shortages, only intential low supply to artificially inflate prices.
Given the availability of the new way to manufacture cement, we should be able to make the first synthetic limestone to supply this industry.
They didn't build the empire state building with high inflation. They built the empire state building with low prices.
What are some tickers that can profit from this?
This was like what the plumbis add was based off of.
I’m pretty sure it can since majority of the bill isn’t even about infrastructure
Sonoma ca lost 5000 houses and cement companies crashed.
400 billion how many workers I guarantee you they could afford to pay people more the problem is corporations don't want to pay no one nothing.
There is end line of every development even marxist economics comes and later on when class relation with private property is abolished,there is no longer same state
North Africa has sand.
USA: Looks like North Africa needs freedom.
Too bad the I my sand we can use is the one in beaches. Africa is saved…for now
@@inter5123 dude, in order to make concrete/brikes we need sand js
@@EastlakeRasta7 dude, the sand in the desert is too fine to use in concrete and is hard to bind together for concrete. Only sands in beaches run through with water are capable of this. js
@@inter5123 cool I didn't know that part
People didn't starve during the depression because there was no food
There will be no shortage of electricians especially in the Cleveland area. Here it's the be all and end all of the building trades.
Tree shortage, rock shortage, oils shortage, labor shortage, meat shortage, supplies shortage etc…. Everything went up and pay are still the same.
Not if everyone stays on the extended and boosted unemployment....
They've ended that months ago for many in the US.
They've ended that months ago for many in the US.
Has anyone noticed there is a shortage on anyting where someone has to get up and go to a full-time job and produce it? In America there are more people consuming products than there are people producing products. America's General laziness and economic mismanagement is beginning to affect people.
They can raise 3 - 5 Trillion dollars then they can give us another $ 2000 Dollars. And are they going to make sure we get our 7 Percent cost-of-living Social Security increase ? Due to Cabronavirus many are forced to retire earlier and go on Social Security disability.
what about the demand for energy
The question you should ask why are most concrete companies foreigned owned….
Doesn't matter if they are foreign owned the raw materials comes locally. Except the cement, most of the cement comes from Mexico.
Nice video designed to raise the price of concrete by 200%
Considering most of the bill doesn’t involve anything to do with concrete (roads, bridges etc) I’m sure it will be fine. Follow the money.
The problem is still getting worse, even with builders stop building
Dont forget to do a video on shortages of clean air. The air we breathe are being posioned by the rich.
Props for the guy with the white headphones for being fan of West ham and Chelsea
Yes it can because only 500 billion is going to actual infrastructure and a lot of it is going to infrastructure companies.