October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Market Size Driver: Demand Housing starts and capacity constraints are drivers of transmission construction activity. – 2002 and 2018 transmission expansion cycles are closely related to accelerating housing starts. 62 Source: Propriety Continuum analysis of PHMSA raw data, St. Louis Fed raw data on housing starts. 0 500 1,000 1,500 2,000 2,500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Housing Starts (000's) New Transmission Mileage Gas Transmission Housing Starts
RkJQdWJsaXNoZXIy MjE3MDU=