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 70,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Construction Unemployment % Union vs Merit Workforce Split &Miles Union Workforce Size Merit Workforce Size Gas T, HL, & Gath. Mileage Construction Unemployment % Combined Union and Merit Workforce Size 40 Interpretive Note: Union and Merit Shop Workforce size lines are stacked. Source: Propriety Continuum analysis of survey, interview, and industry data to develop and algorithm to estimate pipeline workforce size. The total workforce down from 50,000 to 45,000 trades from ‘00 to ‘23 – Peak is 58,000 trades – Average is 47,000. The merit workforce laid early in 2008/2009 financial crisis; Union workforce was retained longer; true of all downturns. 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.

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