APCA Research - Market Penetration Study

October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 10,000 20,000 30,000 40,000 50,000 60,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Construction Unemployment % Merit Workforce Size & Mileage Merit Workforce Size Gas T, HL, & Gath. Mileage Construction Unemployment % Merit Workforce Size The merit workforce decreased from 45,000 to 35,000 trades from ‘00 to ‘23 – Peak year is 50,000 trades – Average size is 34,000. The merit workforce was laid off earlier in the 2008/2009 financial crisis. Post 2010, the merit workforce has lost less trades, percentage wise, versus the union workforce, in each downturn and has continued to grow in the face of shrinking pipeline mileage since 2019. 39 Interpretive Note: Merit shop data includes some union distribution contractor workforce and equivalent merit shop pipeline and station supervision and field positions. The workforce is predominately associated with capital work; Workforce largely or exclusively performing maintenance work are not fully included in the workforce size estimate, nor is the full gathering industry workforce incorporated. Gathering line work is nearly 100% merit shop and would boost the workforce size substantially. Source: Propriety Continuum analysis of survey, interview, and industry data to develop and algorithm to estimate pipeline workforce size.

RkJQdWJsaXNoZXIy MjE3MDU=