October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Study Era’s Defined (4 of 4) Phase 3 – 2020 to Present – Defined by the following factors: • COVID19 reshaping markets and expectations. • Slowing commodity market dynamics, inflation, global disruption, conflicts restriction ease of trade, not yielding as much market driven pressure for pipeline construction activity. • Biden policies focused on rule making through agencies and environmental group local actions prove highly effective at slowing and stopping pipeline activity. • Routine transmission, hazardous liquid, and gathering activity dropped precipitously from 14,000 to 2,500 miles annually. – Merit shop contractors largely retained workforce while union workforce fell. • Decline in union workforce from 11,000 to 10,000 or annualized CAGR growth of <2%>. • Growth in merit shop workforce from 33,000 to 35,000 or annualized CAGR growth of 2%. 37 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 2019 2021 2023 Mileage Workforce Size Gas T, HL, & Gath. Mileage Union Workforce Size Merit Workforce Size Phase 3 – 2020 to Present 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,
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