October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Study Era’s Defined (3 of 4) Phase 2 – 2008 to 2019 – Defined by the following factors: • 2008/2009 financial crisis reshaping markets. • Hydraulic fracking revolution opened new and reinvigorated existing basins - growth in gathering systems favored merit shop contractors. • Long-haul, big inch, and transmission system expansion favored large union contractors. – 2008/2009 peak mileage primarily captured by union contractors. • Union capacity limitations and the geographic location of gas/liquid system capacity issues addressed by 36 transmission and station work pushed activity toward merit shop contractors who beyond 2010 captured the majority of spending growth. – 2014, 2017, and 2019 peak mileage primarily captured by merit shop contractors. • Decline in union workforce from 25,000 to 16,000 or annualized CAGR growth of <4%> • Growth in merit shop workforce from 19,000 to 40,000 or annualized CAGR growth of 7%. Interpretive Note: Union and Merit Shop Workforce size lines are not stacked. Source: Propriety Continuum analysis and modeling of workforce size; Propriety Continuum analysis of PHMSA raw data, 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2007 2009 2011 2013 2015 2017 2019 Mileage Workforce Size Gas T, HL, & Gath. Mileage Union Workforce Size Merit Workforce Size Phase 2 – 2008 to 2019
RkJQdWJsaXNoZXIy MjE3MDU=