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Q3 2024MARKET CONDITIONSTexasTexas Message

TURNER CONSTRUCTION COMPANYMARKET CONDITIONS REPORT | Q3 2024 TABLE OFContentsContentsQ3 TEXAS SPOTLIGHT» A MESSAGE FROM TONI CROMER IN AUSTINNATIONAL / Q3 2024» MARKET CONDITIONS» SUPPLY CHAIN REPORTTEXAS / Q3 2024» AUSTIN MARKET CONDITIONS» DALLAS/ NORTH TEXAS MARKET CONDITIONS» HOUSTON MARKET CONDITIONS» SAN ANTONIO MARKET CONDITIONS» SUBCONTRACTOR SURVEY» UPCOMING BID OPPORTUNITIES Q3SPOTLIGHTIWelcome to Turner's Q3 2024 Market Conditions ReportA MESSAGE FROM... AUSTINConnectLET'STONI CROMERPreconstruction ManagerAustintcromer@tcco.com281.702.2033Toni CromerPRECONSTRUCTION MANAGER,AUSTINIn recent months, our industry has faced a range of challenges, including rapid inflation, severe weather, labor shortages, union strikes, port congestion, ongoing geopolitical conflicts, and the rise of new “mega” projects being planned and kicking-o across the country. These factors raise an important question: "How can the construction industry eectively tackle supply chain bolenecks?" A key concern is how these disruptions might impact prices, potentially driving inflation even higher. Additionally, labor rates are climbing due to increased market competition and higher union wage rates, which will inevitably trickle down and influence non-union open-shops as well. To address these supply chain challenges, here are some practical strategies: » Maintain an Updated Submial or Contract Items Log: Ensure every project has an up-to-date log to track materials, approvals, and drop-dead order deadlines eectively. » Proactive Communication with Trade Partners and Suppliers: Regularly engage with suppliers to monitor material shipment locations, anticipate freight cost increases, and assess port accessibility. » Collaborative Submial Review Process: Work closely with architects and owners to expedite submial reviews, enabling earlier orders for materials and equipment. » Expand Supplier Networks: Build a robust network of approved suppliers to provide flexibility when delays occur with current vendors. » Early Procurement and Strategic Sourcing: Secure materials and equipment early and consider strategic sourcing options to minimize cost increases. » Leverage SourceBlue Procurement Opportunities: Utilize SourceBlue to streamline procurement and mitigate risks.Turner combines the strategies above along with our in-house virtual supply chain tracking soware, oering real-time visibility into material availability, timelines, and potential delays. This enables our team to monitor materials and equipment closely, respond quickly to potential disruptions, and ensure all stakeholders remain informed and adaptive. In addition, Turner benefits from its leveraging SourceBlue. Since 2001, SourceBlue has worked directly with manufacturers, bypassing traditional distributor networks to streamline procurement. Its proprietary Mechanical/Electrical supply chain MEP Cost Index leverages data from relationships with over 400 leading manufacturers, oering valuable insights for cost forecasting and supply-demand analysis. This empowers our partners and clients to make informed, strategic decisions.While SourceBlue operates as a subsidiary of Turner, it functions as an independent entity oering direct material and equipment procurement. Traditionally, SourceBlue has focused on supporting Turner-led projects; however, its capabilities have expanded to oer direct-client services and procurement solutions for projects managed by other construction companies. This evolution positions SourceBlue as a versatile partner, providing value across a wide range of projects regardless of who is leading the construction. Its services have become a cornerstone in delivering high-quality results with eciency and cost-eectiveness for a broader client base.SourceBlue clients have the agility and market intelligence to overcome supply chain obstacles. Check out the Q3 SourceBlue MEP Cost Index or preview it on the next spread! Did you know?

TURNER CONSTRUCTION COMPANYMARKET CONDITIONS REPORT | Q3 2024 TABLE OFContentsContentsQ3 TEXAS SPOTLIGHT» A MESSAGE FROM TONI CROMER IN AUSTINNATIONAL / Q3 2024» MARKET CONDITIONS» SUPPLY CHAIN REPORTTEXAS / Q3 2024» AUSTIN MARKET CONDITIONS» DALLAS/ NORTH TEXAS MARKET CONDITIONS» HOUSTON MARKET CONDITIONS» SAN ANTONIO MARKET CONDITIONS» SUBCONTRACTOR SURVEY» UPCOMING BID OPPORTUNITIES Q3SPOTLIGHTIWelcome to Turner's Q3 2024 Market Conditions ReportA MESSAGE FROM... AUSTINConnectLET'STONI CROMERPreconstruction ManagerAustintcromer@tcco.com281.702.2033Toni CromerPRECONSTRUCTION MANAGER,AUSTINIn recent months, our industry has faced a range of challenges, including rapid inflation, severe weather, labor shortages, union strikes, port congestion, ongoing geopolitical conflicts, and the rise of new “mega” projects being planned and kicking-o across the country. These factors raise an important question: "How can the construction industry eectively tackle supply chain bolenecks?" A key concern is how these disruptions might impact prices, potentially driving inflation even higher. Additionally, labor rates are climbing due to increased market competition and higher union wage rates, which will inevitably trickle down and influence non-union open-shops as well. To address these supply chain challenges, here are some practical strategies: » Maintain an Updated Submial or Contract Items Log: Ensure every project has an up-to-date log to track materials, approvals, and drop-dead order deadlines eectively. » Proactive Communication with Trade Partners and Suppliers: Regularly engage with suppliers to monitor material shipment locations, anticipate freight cost increases, and assess port accessibility. » Collaborative Submial Review Process: Work closely with architects and owners to expedite submial reviews, enabling earlier orders for materials and equipment. » Expand Supplier Networks: Build a robust network of approved suppliers to provide flexibility when delays occur with current vendors. » Early Procurement and Strategic Sourcing: Secure materials and equipment early and consider strategic sourcing options to minimize cost increases. » Leverage SourceBlue Procurement Opportunities: Utilize SourceBlue to streamline procurement and mitigate risks.Turner combines the strategies above along with our in-house virtual supply chain tracking soware, oering real-time visibility into material availability, timelines, and potential delays. This enables our team to monitor materials and equipment closely, respond quickly to potential disruptions, and ensure all stakeholders remain informed and adaptive. In addition, Turner benefits from its leveraging SourceBlue. Since 2001, SourceBlue has worked directly with manufacturers, bypassing traditional distributor networks to streamline procurement. Its proprietary Mechanical/Electrical supply chain MEP Cost Index leverages data from relationships with over 400 leading manufacturers, oering valuable insights for cost forecasting and supply-demand analysis. This empowers our partners and clients to make informed, strategic decisions.While SourceBlue operates as a subsidiary of Turner, it functions as an independent entity oering direct material and equipment procurement. Traditionally, SourceBlue has focused on supporting Turner-led projects; however, its capabilities have expanded to oer direct-client services and procurement solutions for projects managed by other construction companies. This evolution positions SourceBlue as a versatile partner, providing value across a wide range of projects regardless of who is leading the construction. Its services have become a cornerstone in delivering high-quality results with eciency and cost-eectiveness for a broader client base.SourceBlue clients have the agility and market intelligence to overcome supply chain obstacles. Check out the Q3 SourceBlue MEP Cost Index or preview it on the next spread! Did you know?

MARKET CONDITIONS REPORT | Q3 2024 TURNER CONSTRUCTION COMPANY Q3 NATIONALIWHAT IS IN THIS REPORT? Among the information included in this publication and of special importance, is the Turner Building Cost Index. The Turner Cost Index, an industry recognized index now for over half a century, is determined by several factors considered on a nationwide basis, including labor rates and productivity, material prices and the competitive condition of the marketplace. The index does not necessarily conform to other published indices because others do not generally take all of these factors into account. Our mission in publishing this report is to share thoughtful insight with professionals we engage with in our industry regarding trends and their potential impacts. * Bureau of Labor Statistics 1 Turner Construction Company 2 Dodge Report 3 Census BureauGraphic representation of tables to the left:• MATERIAL - Total Inputs to Construction Material PPI• LABOR - Construction Employment Cost Index• CONSTRUCTION PRICE - Final Demand Construction PPIOver the 12 month period from Sept 2023 to Sept 2024, the Total Inputs to Construction Material PPI increased +0.9%, the Employment Cost Index increased +2.7%, and the Final Demand Construction PPI increased +1.2%.1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23 www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐3.0‐1.01.03.05.07.09.0Feb24Mar24Apr24May24Jun24Jul24Aug24Sept24MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.‐‐‐‐Material Producer Price Index *. The selling price in processed goods used or bought for construction.In Sept 2024, total material inputs to construction increased +0.2% since June 2024 and increased +0.9% since Sept 2023.Material PPI Qtr YrInputs to Construction 0.2% 0.9%Ready Mix Concrete 1.6% 4.5%Steel Mill Products -6.9% -12.3%Flat Glass 1.7% 3.1%Aluminum Mill Shapes -2.5% 2.7%Sheet Metal Products -0.6% 1.1%Gypsum Building Materials 0.1% 5.1%Diesel Fuel -6.9% -36.1%Construction Machinery & Equip. 0.0% 2.0%MATERIALConstruction Producer Price Index *. Change in Producer Price Index for Final Demand Construction for all non-residential construction and key sub-categories. Includes material costs, labor costs, and contractor overhead and profits.In Sept 2024, final demand pricing for all new non-residential construction increased +0.8% from June 2024 and +1.2% since Sept 2023.Construction PPI Qtr YrNon-Residential 0.8% 1.2%Office Building 1.3% 2.3%School Building 1.5% 1.8%Healthcare Building 0.5% 0.3%Industrial Building 0.0% 0.2%CONSTRUCTION PRICEConstruction Employment Cost Index *. The cost to employers for wages and salaries, employer share of benefits, and legally required payments such as unemployment and workers’ compensation.Through Sept 2024, construction wages and salaries decreased -0.2% for the quarter and +2.7% for the year*. (*Based on BLS data through June 2024)Construction Employment Cost Index Qtr YrTotal Compensation 0.1% 2.8%Wages & Salary -0.2% 2.7%Construction Employment *. The employment rate in construction, not seasonally adjusted.Through Sept 2024, construction employment increased by 70,000 jobs (+0.85%) since June 2024. Construction Employment Jobs %3-month change 70,000 0.85%LABORConstruction Spending - Value of Work in Place. 3 Percentage change in private, non-Residential work in place in the last 1-month and 12-month periods.Over the 12 month period from Sept 2023 to Sept 2024, total non-residential construction spending increased +5.2%.Non-Residential - 8/24 Mo YrTotal 0.1% 5.2%Office Building -0.1% 1.9%Commercial -0.5% -13.4%Healthcare 0.1% 2.8%Educational -0.2% 5.4%Manufacturing 0.1% 18.3%1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐15‐11‐7‐315913172125293337414549Jan24Feb24Mar24Apr24May24June24July24Aug24Total Office Comm Health Education Manuf.‐‐‐‐CONSTRUCTION SPENDINGMATERIAL, LABOR, & CONSTRUCTION PRICINGThe Architecture Billings Index (ABI) is a leading economic indicator that leads nonresidential construction activity by approximately 9-12 months. A score of 50 equals no change from the previous month. Above 50 shows increase; below 50 shows decrease. 3-month moving average.405060Oct-24Jun-24Feb-24Oct-23The Turner Building Cost Index. Determined by the following factors considered on a nationwide basis: labor rates and productivity, material prices and the competitive condition of the marketplace.The Q3 2024 index value of 1432 is a +0.77% quarterly increase from the Q2 2024 index value. The yearly increase from Q3 2023 is 3.69%.TURNER BUILDING COST INDEX 1AIA ARCHITECTURAL BILLINGS INDEX1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2 ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.5.59.510.67.76.3‐8.4‐4.01.62.24.14.44.64.95.05.65.51.8 1.98.06.0‐10.0‐5.00.05.010.015.020042005200620072008200920102011201220132014201520162017201820192020202120222023%ChangeTURNER COST INDEX - PERCENT CHANGEYear to Year 3.69%Quarter Index Δ%Q3 2024 1432 0.77Q2 2024 1421 0.92Q1 2024 1408 0.93Q4 2023 1395 1.01Year Avg Index Δ%2023 1373 6.02022 1295 8.02021 1199 1.92020 1177 1.82019 1156 5.52018 1096 5.62017 1038 5.02016 989 4.92015 943 4.62014 902 4.42013 864 4.12012 830 2.22011 812 1.61Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345 ‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2 ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.‐‐‐‐70080090010001100120013002023202120192017201520132011200920072005TURNER COST INDEX - AVERAGE INDEX1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.‐‐‐‐1000105011001150120012501300135014001450Q4Q2Q4Q2Q4Q2Q4Q2Q4Q22020 2021 2022 2023 2024TURNER COST INDEX - QUARTERLY INDEXWest:47.6Midwest:46.9South:52.1Northeast:45.6MEP COST INDEX Q3

MARKET CONDITIONS REPORT | Q3 2024 TURNER CONSTRUCTION COMPANY Q3 NATIONALIWHAT IS IN THIS REPORT? Among the information included in this publication and of special importance, is the Turner Building Cost Index. The Turner Cost Index, an industry recognized index now for over half a century, is determined by several factors considered on a nationwide basis, including labor rates and productivity, material prices and the competitive condition of the marketplace. The index does not necessarily conform to other published indices because others do not generally take all of these factors into account. Our mission in publishing this report is to share thoughtful insight with professionals we engage with in our industry regarding trends and their potential impacts. * Bureau of Labor Statistics 1 Turner Construction Company 2 Dodge Report 3 Census BureauGraphic representation of tables to the left:• MATERIAL - Total Inputs to Construction Material PPI• LABOR - Construction Employment Cost Index• CONSTRUCTION PRICE - Final Demand Construction PPIOver the 12 month period from Sept 2023 to Sept 2024, the Total Inputs to Construction Material PPI increased +0.9%, the Employment Cost Index increased +2.7%, and the Final Demand Construction PPI increased +1.2%.1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23 www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐3.0‐1.01.03.05.07.09.0Feb24Mar24Apr24May24Jun24Jul24Aug24Sept24MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.‐‐‐‐Material Producer Price Index *. The selling price in processed goods used or bought for construction.In Sept 2024, total material inputs to construction increased +0.2% since June 2024 and increased +0.9% since Sept 2023.Material PPI Qtr YrInputs to Construction 0.2% 0.9%Ready Mix Concrete 1.6% 4.5%Steel Mill Products -6.9% -12.3%Flat Glass 1.7% 3.1%Aluminum Mill Shapes -2.5% 2.7%Sheet Metal Products -0.6% 1.1%Gypsum Building Materials 0.1% 5.1%Diesel Fuel -6.9% -36.1%Construction Machinery & Equip. 0.0% 2.0%MATERIALConstruction Producer Price Index *. Change in Producer Price Index for Final Demand Construction for all non-residential construction and key sub-categories. Includes material costs, labor costs, and contractor overhead and profits.In Sept 2024, final demand pricing for all new non-residential construction increased +0.8% from June 2024 and +1.2% since Sept 2023.Construction PPI Qtr YrNon-Residential 0.8% 1.2%Office Building 1.3% 2.3%School Building 1.5% 1.8%Healthcare Building 0.5% 0.3%Industrial Building 0.0% 0.2%CONSTRUCTION PRICEConstruction Employment Cost Index *. The cost to employers for wages and salaries, employer share of benefits, and legally required payments such as unemployment and workers’ compensation.Through Sept 2024, construction wages and salaries decreased -0.2% for the quarter and +2.7% for the year*. (*Based on BLS data through June 2024)Construction Employment Cost Index Qtr YrTotal Compensation 0.1% 2.8%Wages & Salary -0.2% 2.7%Construction Employment *. The employment rate in construction, not seasonally adjusted.Through Sept 2024, construction employment increased by 70,000 jobs (+0.85%) since June 2024. Construction Employment Jobs %3-month change 70,000 0.85%LABORConstruction Spending - Value of Work in Place. 3 Percentage change in private, non-Residential work in place in the last 1-month and 12-month periods.Over the 12 month period from Sept 2023 to Sept 2024, total non-residential construction spending increased +5.2%.Non-Residential - 8/24 Mo YrTotal 0.1% 5.2%Office Building -0.1% 1.9%Commercial -0.5% -13.4%Healthcare 0.1% 2.8%Educational -0.2% 5.4%Manufacturing 0.1% 18.3%1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐15‐11‐7‐315913172125293337414549Jan24Feb24Mar24Apr24May24June24July24Aug24Total Office Comm Health Education Manuf.‐‐‐‐CONSTRUCTION SPENDINGMATERIAL, LABOR, & CONSTRUCTION PRICINGThe Architecture Billings Index (ABI) is a leading economic indicator that leads nonresidential construction activity by approximately 9-12 months. A score of 50 equals no change from the previous month. Above 50 shows increase; below 50 shows decrease. 3-month moving average.405060Oct-24Jun-24Feb-24Oct-23The Turner Building Cost Index. Determined by the following factors considered on a nationwide basis: labor rates and productivity, material prices and the competitive condition of the marketplace.The Q3 2024 index value of 1432 is a +0.77% quarterly increase from the Q2 2024 index value. The yearly increase from Q3 2023 is 3.69%.TURNER BUILDING COST INDEX 1AIA ARCHITECTURAL BILLINGS INDEX1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2 ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.5.59.510.67.76.3‐8.4‐4.01.62.24.14.44.64.95.05.65.51.8 1.98.06.0‐10.0‐5.00.05.010.015.020042005200620072008200920102011201220132014201520162017201820192020202120222023%ChangeTURNER COST INDEX - PERCENT CHANGEYear to Year 3.69%Quarter Index Δ%Q3 2024 1432 0.77Q2 2024 1421 0.92Q1 2024 1408 0.93Q4 2023 1395 1.01Year Avg Index Δ%2023 1373 6.02022 1295 8.02021 1199 1.92020 1177 1.82019 1156 5.52018 1096 5.62017 1038 5.02016 989 4.92015 943 4.62014 902 4.42013 864 4.12012 830 2.22011 812 1.61Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345 ‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2 ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.‐‐‐‐70080090010001100120013002023202120192017201520132011200920072005TURNER COST INDEX - AVERAGE INDEX1Material PPI Qtr Yr2 ‐ ‐ ‐ ‐ ‐ ‐ ‐345‐678910‐ ‐ ‐ ‐ ‐ ‐ ‐1Construction PPI Qtr Yr23‐4561Construction Employment Cost IndexQtrYr‐ ‐ ‐ ‐ ‐ ‐ ‐23www.bls.gov/news.release/eci.toc.htm1Construction EmploymentJobs %‐2 70,000 https://www.bls.gov/webapps/legacy/cesbtab1.htm  ‐  ‐‐    ‐1  2.3 4.5 ‐1.22  2.1 4.2 ‐1.33  2.4 4.2 ‐1.04  2.7 4.2 ‐1.05  1.8 4.2 ‐0.76  1.2 2.7 1.37  1.0 2.7 1.28  0.9 2.7 1.2             1Non-Residential - 8/24 Mo Yr       ‐     2https://www.census.gov/econ/currentdata/?programCode=VIP&startYear=2021&endYear=2023&categories34567Total Office Comm Health Education Total Office Comm Health Education1 1,206,831 100,928 130,717 69,830 126,055 223,1042 1,208,252 101,494 129,883 68,311 127,164 224,4193 1,211,846 100,272 129,401 69,936 127,842 225,7484 1,213,820 100,234 127,087 67,516 127,204 231,5835 1,215,061 98,620 126,084 67,793 127,896 235,8106 1,220,340 99,466 125,371 68,091 128,102 238,3657 1,219,640 100,518 125,235 66,695 127,324 237,9188 1,220,507 100,440 124,616 66,742 127,073 238,2621YeartoYear 3.69%2ΔYear Qtr Index3 Q32024 1432 0.77 Q4 11774 Q22024 1421 0.922020Q1 11895 Q12024 1408 0.93Q2 11776 Q42023 1395 1.01Q3 1171Q4 11712021Q1 1172Q2 11871 ΔQ3 120722023 1373 6.0Q4 123032022 1295 8.02022Q1 125542021 1199 1.9Q2 128352020 1177 1.8Q3 131162019 1156 5.5Q4 133272018 1096 5.62023Q1 134982017 1038 5.0Q2 136592016 989 4.9Q3 1381102015 943 4.6Q4 1395112014 902 4.42024Q1 1408122013 864 4.1Q2 1421132012 830 2.2Q3 1432142011 812 1.6152010 799 ‐4.0162009 832 ‐8.4172008 908 6.3182007 854 7.7192006 793 10.6202005 717 9.5212004 655 5.5Non-Residential - Sept 2024Construction Spending Construction EmploymentConstruction Employment Cost IndexLaborConstruction PriceConstruction PPI - Sept 2024Material PPI - Sept 2024Material                          ‐           Material, Labor & Construction Pricing       ‐                           Quarterly Index            ‐    Turner Cost Index                                                       ‐‐MaterialPPI(%Y‐Y)Wages(%Y‐Y)Non‐ResidentialBldgConstructionPPI(%Y‐Y)‐‐‐‐Total Office Comm Health Education Manuf.‐‐‐‐1000105011001150120012501300135014001450Q4Q2Q4Q2Q4Q2Q4Q2Q4Q22020 2021 2022 2023 2024TURNER COST INDEX - QUARTERLY INDEXWest:47.6Midwest:46.9South:52.1Northeast:45.6MEP COST INDEX Q3

MARKET CONDITIONS REPORT | Q3 2024 Structural Steel• Lead times continue to run at pre-pandemic levels, subject to project location and specs. • Steel pricing is flat to decreasing depending on category.• Scrap prices have continued to decrease.• Plate prices have decreased as a result of ample supply and a strong import market.Curtainwall / Glass • Demand for Curtainwall has decreased overall with the industry shift away from office buildings.• As a result of business strategy, some manufacturers are reporting increases in costs while others are reporting decreases. Please be sure to cast a wide net when soliciting bids. • Raw material and components pricing and availability remain stable.• Aluminum pricing increased and remains forecast for volatility due to China and Russia controlling the majority of supply.Drywall / Steel Studs & Related Products• Pricing for drywall remained stable.• Long lead times for mineral wool insulation continue are not anticipated to resolve soon.• Related accessory categories increased between 10 & 12%, with additional increases anticipated in Q3 across all components.Roofing• Anticipate continued stability, availability, and minor fluctuations in pricing for 2024.• Isolated manufacturers are reporting increases in costs.• Lead times at pre-pandemic levels, ‘standard’ delivery timing.Mechanical & Electrical• The SourceBlue Cost Index remained steady at 209 and is not projected to increase in Q3.• Demand remains high, and lead times for most have remained stable or declined slightly.• New manufacturers are entering the US market to aid in the demand for MEP equipment due to data center demand.Doors / Frames / Hardware• Unchanged pricing across all categories and continued market stabilization. • Products that include electronic components remain impacted by longer lead times.Cement • Current pricing increased by 6% to $140.00/ton.• Forecast projections indicate increases of 5% to 6% annually over the next 5 years.Oil• Per barrel cost decreased by 5% in Q2 2024 to $82.30/bbl• Forecast to increase in Q4 2024 back to $87/bbl. Transportation• All US Ports are operating with no, or minimal delays. • Ongoing commercial shipping attacks in the Red Sea and Panama Canal extreme drought conditions continue to cause increases in costs and delays.SUPPLY CHAIN REPORTTurner’s Supply Chain Report (TSCR) provides both recent trends and forecasts for future changes to the market for material pricing, supply chain issues, and impacts to lead times. This TSCR indicates continued stabilization, some improvements in availability of materials, and slowing to flat inflation across almost all categories. (Note: some variance by region based on market conditions) Q3NATIONALITrending UpFrom Q1 2024Same AsQ1 2024Trending DownFrom Q1 2024STATUS KEYTURNER CONSTRUCTION COMPANY

MARKET CONDITIONS REPORT | Q3 2024 Structural Steel• Lead times continue to run at pre-pandemic levels, subject to project location and specs. • Steel pricing is flat to decreasing depending on category.• Scrap prices have continued to decrease.• Plate prices have decreased as a result of ample supply and a strong import market.Curtainwall / Glass • Demand for Curtainwall has decreased overall with the industry shift away from office buildings.• As a result of business strategy, some manufacturers are reporting increases in costs while others are reporting decreases. Please be sure to cast a wide net when soliciting bids. • Raw material and components pricing and availability remain stable.• Aluminum pricing increased and remains forecast for volatility due to China and Russia controlling the majority of supply.Drywall / Steel Studs & Related Products• Pricing for drywall remained stable.• Long lead times for mineral wool insulation continue are not anticipated to resolve soon.• Related accessory categories increased between 10 & 12%, with additional increases anticipated in Q3 across all components.Roofing• Anticipate continued stability, availability, and minor fluctuations in pricing for 2024.• Isolated manufacturers are reporting increases in costs.• Lead times at pre-pandemic levels, ‘standard’ delivery timing.Mechanical & Electrical• The SourceBlue Cost Index remained steady at 209 and is not projected to increase in Q3.• Demand remains high, and lead times for most have remained stable or declined slightly.• New manufacturers are entering the US market to aid in the demand for MEP equipment due to data center demand.Doors / Frames / Hardware• Unchanged pricing across all categories and continued market stabilization. • Products that include electronic components remain impacted by longer lead times.Cement • Current pricing increased by 6% to $140.00/ton.• Forecast projections indicate increases of 5% to 6% annually over the next 5 years.Oil• Per barrel cost decreased by 5% in Q2 2024 to $82.30/bbl• Forecast to increase in Q4 2024 back to $87/bbl. Transportation• All US Ports are operating with no, or minimal delays. • Ongoing commercial shipping attacks in the Red Sea and Panama Canal extreme drought conditions continue to cause increases in costs and delays.SUPPLY CHAIN REPORTTurner’s Supply Chain Report (TSCR) provides both recent trends and forecasts for future changes to the market for material pricing, supply chain issues, and impacts to lead times. This TSCR indicates continued stabilization, some improvements in availability of materials, and slowing to flat inflation across almost all categories. (Note: some variance by region based on market conditions) Q3NATIONALITrending UpFrom Q1 2024Same AsQ1 2024Trending DownFrom Q1 2024STATUS KEYTURNER CONSTRUCTION COMPANY

MARKET CONDITIONS REPORT | Q3 2024 TURNER CONSTRUCTION COMPANY Q3TEXASIDALLASLabor costs continue to rise steadily, driven by wage demands and the increasing cost of living. Labor availability shows mixed trends—some sectors report growth in available workers, while others face shortages of skilled labor, especially in specialized trades like roofing, mechanical, electrical, plumbing, and fire protection. Workloads remain steady or busy, with companies selectively pursuing projects, though some note a need for more work. Market forecasts indicate uncertainty, fueled by political elections and interest rates, has delayed some major projects. While material costs vary, glass and labor costs have risen significantly. Overall, businesses are steady but remain cautious about potential market volatility.Variance from Q2 2024Material↗Labor↔Market Conditions↔Overall↗Local Escalation SurveyTop Market SegmentsAutomobileCommericalData CenterEducationHotel/MotelIndustrial / WarehouseMedicalMulti-FamilyRetailSportsTop 10 Market SegmentsEducation $144.11M (21.5%)$116.98M (17.45%)Multi-Family $109.58M (16.35%)Medical $72.42M (10.8%)$39.91M (5.95%)$39.2M (5.85%)$38.23M (5.7%)$37.75M (5.63%)Automobile $18.24M (2.72%)Recreation, C… $15.92M (2.38%)Data CenterHotel/MotelSportsCommericalIndustrial / WarehouseTop 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by County$0.0bn$0.1bn$0.2bn$0.3bn$0.4bnCountyTarrant Collin Dallas$406.09M$141.48M$84.95M$115M$139.11M$23.85M$64.74M$96.51M$39.2M$0.0bn$0.1bn$0.2bn$0.3bn$0.4bnLocal Escalation TrendLaborMaterialMarketConstruction Activity - North Texas Metro Areas050010001500North Texas Metro AreasDALLAS,TXTARRANT,TXCOLLIN,TXDENTON,TXGRAYSO…TXELLIS, TX KAUFM…TX16051101776531201177109125178958336710313873Previous Quarter Current QuarterQuarterl050010001500$ MillionsPrevious QuarterUSAA Plano CampusProject CompletionConstruction Activity - Austin Metro Area05001000$ MillionsPrevious Quarter05001000Austin Metro AreasTRAVIS, TX WILLIAMSO…TXHAYS, TX BASTROP, TX CALDWELL,TX117769614043221002329872411Previous Quarter Current QuarterAutomobileCommericalEducationFitoutFood & BeverageMedicalRecreation, Communit…RetailShellSiteworkTop 10 Market Segments$47.91M (47.01%)Education $38.05M (37.33%)Shell $7.9M (7.76%)$3.35M (3.29%)CommericalFood & BeverageTop 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by County$0M$20M$40M$60M$80M$100MCountyWilliamson Travis Hays$93.51M$7.16M$1.25M$45.37M$38.05M$7.59MTop Mark$0M$20M$40M$60M$80M$100MAustin's third-quarter survey indicates a continued flaening of the cost curve, with smaller gains compared to the second quarter. Material costs remain stable overall, though glass and mechanical equipment have seen moderate price increases. Labor availability also remains steady, but a shortage of skilled workers necessitates additional training and has prompted some wage increases in order for companies to retain experienced talent. The market remains balanced, allowing contractors to be selective about the types of projects they pursue.Variance from Q2 2024Material↔Labor↔Market Conditions↔Overall↔Local Escalation SurveyWe are excited to share that two of Austin’s standout projects, Austin State Hospital, and the University Co-op Renovation, were honored at this year’s ABC Central Texas Excellence in Construction (EIC) Awards. These achievements reflect the dedication and expertise of our project teams and the invaluable collaboration with our valued clients, trade partners, and design partners. It’s a privilege to work together on projects that create meaningful impact in our community. Thank you to everyone involved in these successes—let’s continue raising the bar and building a beer future!ABC Central Texas Contractor AwardsProject ExceenceProject Exceence Local Escalation Trend0%1%2%3%4%5%6%7%8%LOCAL ESCALATION TRENDLaborMaterialMarketQ3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Material 1.60% 1.15% 0.52% 0.47% 0.27% 0.68% 0.47% 0.47% 0.25% 0.70%Labor 1.44% 1.18% 0.51% 0.55% 0.40% 0.43% 0.44% 0.57% 0.37% 0.76%Market 0.60% 0.52% 0.18% 0.19% 0.14% 0.14% 0.29% 0.18% 0.16% 0.32%Total 3.63% 2.85% 1.21% 1.20% 0.81% 1.25% 1.20% 1.22% 0.78% 1.78%Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Labor 1.17% 0.62% 0.79% 0.60% 0.68% 0.60% 0.54% 0.27% 0.33% 0.62%Material 0.70% 0.76% 0.62% 0.65% 0.09% 0.22% 0.26% 0.48% 0.62% 0.47%Market 0.32% 0.19% 0.21% 0.17% 0.14% 0.17% 0.15% 0.18% 0.03% 0.17%Total 2.19% 1.57% 1.62% 1.41% 0.92% 0.98% 0.95% 0.93% 0.99% 1.27%0%1%2%3%4%5%6%7%Our most recent successful project completion at the USAA Campus in Plano included 19,000 SF of kitchen and servery space. Aer more than five separate projects, USAA's Plano facility now boasts all-new campus security control rooms, CBRE oce spaces, a modern amenity marketplace and coee shop, seating areas, conference rooms, a game room, a commercial catering kitchen, and a large campus servery. USAA has been an excellent client who hopes to continue to work with Turner in Dallas and across the country. Great work and congratulations to the entire project team! AUSTIN

MARKET CONDITIONS REPORT | Q3 2024 TURNER CONSTRUCTION COMPANY Q3TEXASIDALLASLabor costs continue to rise steadily, driven by wage demands and the increasing cost of living. Labor availability shows mixed trends—some sectors report growth in available workers, while others face shortages of skilled labor, especially in specialized trades like roofing, mechanical, electrical, plumbing, and fire protection. Workloads remain steady or busy, with companies selectively pursuing projects, though some note a need for more work. Market forecasts indicate uncertainty, fueled by political elections and interest rates, has delayed some major projects. While material costs vary, glass and labor costs have risen significantly. Overall, businesses are steady but remain cautious about potential market volatility.Variance from Q2 2024Material↗Labor↔Market Conditions↔Overall↗Local Escalation SurveyTop Market SegmentsAutomobileCommericalData CenterEducationHotel/MotelIndustrial / WarehouseMedicalMulti-FamilyRetailSportsTop 10 Market SegmentsEducation $144.11M (21.5%)$116.98M (17.45%)Multi-Family $109.58M (16.35%)Medical $72.42M (10.8%)$39.91M (5.95%)$39.2M (5.85%)$38.23M (5.7%)$37.75M (5.63%)Automobile $18.24M (2.72%)Recreation, C… $15.92M (2.38%)Data CenterHotel/MotelSportsCommericalIndustrial / WarehouseTop 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by County$0.0bn$0.1bn$0.2bn$0.3bn$0.4bnCountyTarrant Collin Dallas$406.09M$141.48M$84.95M$115M$139.11M$23.85M$64.74M$96.51M$39.2M$0.0bn$0.1bn$0.2bn$0.3bn$0.4bnLocal Escalation TrendLaborMaterialMarketConstruction Activity - North Texas Metro Areas050010001500North Texas Metro AreasDALLAS,TXTARRANT,TXCOLLIN,TXDENTON,TXGRAYSO…TXELLIS, TX KAUFM…TX16051101776531201177109125178958336710313873Previous Quarter Current QuarterQuarterl050010001500$ MillionsPrevious QuarterUSAA Plano CampusProject CompletionConstruction Activity - Austin Metro Area05001000$ MillionsPrevious Quarter05001000Austin Metro AreasTRAVIS, TX WILLIAMSO…TXHAYS, TX BASTROP, TX CALDWELL,TX117769614043221002329872411Previous Quarter Current QuarterAutomobileCommericalEducationFitoutFood & BeverageMedicalRecreation, Communit…RetailShellSiteworkTop 10 Market Segments$47.91M (47.01%)Education $38.05M (37.33%)Shell $7.9M (7.76%)$3.35M (3.29%)CommericalFood & BeverageTop 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by County$0M$20M$40M$60M$80M$100MCountyWilliamson Travis Hays$93.51M$7.16M$1.25M$45.37M$38.05M$7.59MTop Mark$0M$20M$40M$60M$80M$100MAustin's third-quarter survey indicates a continued flaening of the cost curve, with smaller gains compared to the second quarter. Material costs remain stable overall, though glass and mechanical equipment have seen moderate price increases. Labor availability also remains steady, but a shortage of skilled workers necessitates additional training and has prompted some wage increases in order for companies to retain experienced talent. The market remains balanced, allowing contractors to be selective about the types of projects they pursue.Variance from Q2 2024Material↔Labor↔Market Conditions↔Overall↔Local Escalation SurveyWe are excited to share that two of Austin’s standout projects, Austin State Hospital, and the University Co-op Renovation, were honored at this year’s ABC Central Texas Excellence in Construction (EIC) Awards. These achievements reflect the dedication and expertise of our project teams and the invaluable collaboration with our valued clients, trade partners, and design partners. It’s a privilege to work together on projects that create meaningful impact in our community. Thank you to everyone involved in these successes—let’s continue raising the bar and building a beer future!ABC Central Texas Contractor AwardsProject ExceenceProject Exceence Local Escalation Trend0%1%2%3%4%5%6%7%8%LOCAL ESCALATION TRENDLaborMaterialMarketQ3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Material 1.60% 1.15% 0.52% 0.47% 0.27% 0.68% 0.47% 0.47% 0.25% 0.70%Labor 1.44% 1.18% 0.51% 0.55% 0.40% 0.43% 0.44% 0.57% 0.37% 0.76%Market 0.60% 0.52% 0.18% 0.19% 0.14% 0.14% 0.29% 0.18% 0.16% 0.32%Total 3.63% 2.85% 1.21% 1.20% 0.81% 1.25% 1.20% 1.22% 0.78% 1.78%Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Labor 1.17% 0.62% 0.79% 0.60% 0.68% 0.60% 0.54% 0.27% 0.33% 0.62%Material 0.70% 0.76% 0.62% 0.65% 0.09% 0.22% 0.26% 0.48% 0.62% 0.47%Market 0.32% 0.19% 0.21% 0.17% 0.14% 0.17% 0.15% 0.18% 0.03% 0.17%Total 2.19% 1.57% 1.62% 1.41% 0.92% 0.98% 0.95% 0.93% 0.99% 1.27%0%1%2%3%4%5%6%7%Our most recent successful project completion at the USAA Campus in Plano included 19,000 SF of kitchen and servery space. Aer more than five separate projects, USAA's Plano facility now boasts all-new campus security control rooms, CBRE oce spaces, a modern amenity marketplace and coee shop, seating areas, conference rooms, a game room, a commercial catering kitchen, and a large campus servery. USAA has been an excellent client who hopes to continue to work with Turner in Dallas and across the country. Great work and congratulations to the entire project team! AUSTIN

MARKET CONDITIONS REPORT | Q3 2024 TURNER CONSTRUCTION COMPANY Q3TEXASISAN ANTONIOSan Antonio experienced a 1.09% escalation in the third quarter (Q3) of 2024, primarily driven by the growing demand for skilled labor. This trend is largely influenced by the planning and development of data centers slated for the coming years in the San Antonio area. Electrical trades in San Antonio are increasingly oering incentive pay to retain talent and ensure project continuity. The city’s unemployment rate remained steady at 3.7%, while overall employment growth slowed to 0.8%. However, construction employment growth remained robust, surging to 5.9% during the reporting period.Variance from Q2 2024Material↔Labor↔Market Conditions↔Overall↗Local Escalation SurveyPower BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Top 10 Market SegmentsPower BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Top 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by CountyPower BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MCountyBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MTCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Power BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Local Escalation Trend0%5%1 0%1 5%2 0%2 5%Q2 22Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24LOCAL ESCALATION TREND CUMULATIVESeries3Series2Series1LaborMaterialMarketConstruction Activity - San Antonio Metro Areas05001000San Antonio Metro AreasBEXAR, TX GUADALUPE, TX COMAL, TX WILSON, TX90110696161263642Previous Quarter Current Quarter05001000$ MillionsPrevious QuarterConstruction Activity - Houston Metro Area0K1K2K$ MillionsHARRIS, TXPrevious QuarterQuarterlHARRIS, TX CHAMBE…TXFORTBEND, TXMONTGO…TXWALLER, TX LIBERTY, TX224832327327050111966173200233408Previous Quarter Current QuarterTop Market SegmentsAviationCommericalEducationFitoutFood & BeverageIndustrial / WarehouseMedicalMulti-FamilyMunicipalShellHOUSTONTop 10 Market SegmentsEducation $199.13M (25.58%)Commerical $165.42M (21.25%)Shell $114.16M (14.67%)$85.47M (10.98%)$44.8M (5.76%)$41.74M (5.36%)Fitout $24.35M (3.13%)Municipal $21.77M (2.8%)Medical $19.14M (2.46%)Recreation, C… $10.77M (1.38%)Industrial / WarehouseAviationMulti-FamilyTop Market SegmentsHOUSTONTop 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by CountyCountyHarris Fort Bend$601.67M$130.77M$44.8M$100.64M$64.78M$199.13M$65.98M$41.74M$114.16MTop Market SegmentsHOUSTON$0.0bn$0.1bn$0.2bn$0.3bn$0.4bn$0.5bn$0.6bnTop Market SegmentsHOUSTONVariance from Q2 2024Material↗Labor↗Market Conditions↔Overall↑Local Escalation SurveyElectrical materials, particularly copper and equipment, continue to see price increases, with labor costs expected to rise next quarter. Fire Protection is raising wages to retain workers, while Plumbing faces challenges in securing labor due to market saturation and higher labor costs. Glass is projected to increase 2-3% next quarter, with aluminum following a similar trend. The cost of interior finishes have stabilized, with firms remaining selective about projects. The market is cautiously awaiting election results but anticipates a busy 2025 with potential cost increases.This 300,000 SF expansion of our Confidential Client’s existing regional distribution center will feature high-bay racking specifically designed for lower-turnover product supply. The structure will incorporate deep foundations, conventional steel, and a shrink-compensating slab on grade. Additionally, the project includes extending utilities from the existing Central Utility Plant to the site.Confidential ClientLow-Velocity ExpansionOur Houston oce proudly earned 1st Place in the Industrial Category at the 2024 ABC Greater Houston Excellence in Construction Awards for the Axiom Space Headquarters project! This honor highlights the dedication and hard work of our outstanding team, whose commitment to excellence brought this project to life. We sincerely thank Axiom Space, Jacobs, Grin Partners, and our valued trade partners for their contributions and support.ABC Greater Houston EIC AwardsAxiom Space - 1st Place!Project ExceenceProject Exceence Located at the Houston Spaceport, Axiom Space Headquarters is the world's first commercial space station. Phase 1 of the project included two cuing-edge facilities: Annex A, a 14,000 SF pre-engineered metal building, and West Building Phase 1, a 93,000 SF structure featuring tilt-up walls and a storefront. These facilities house oces, astronaut training spaces, mission control, engineering labs, and high-bay areas for assembling space station modules.MarketLocal Escalation Trend0%2%4%6%8%10%12%LaborMaterialQ3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Labor 0.89% 0.53% 0.30% 0.48% 0.41% 0.41% 0.07% 0.58% 0.70% 0.49%Material 0.55% 0.45% 0.53% 0.47% 0.52% 0.52% 0.38% 0.50% 0.54% 0.50%Market -0.02% -0.18% 0.06% 0.16% 0.13% 0.13% 0.27% 0.09% 0.11% 0.08%Total 1.42% 0.80% 0.89% 1.11% 1.06% 1.06% 0.72% 1.17% 1.35% 1.06%Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Labor 2.07% 0.42% 0.63% 0.36% 0.16% 0.37% 0.49% 0.43% 0.31% 0.98%Material 0.67% 0.45% 0.40% 0.44% 0.28% 0.37% 0.33% 0.27% 0.42% 0.54%Market 0.14% 0.18% 0.29% 0.11% 0.29% 0.01% 0.20% 0.30% 0.20% 0.24%Total 2.88% 1.04% 1.32% 0.91% 0.73% 0.75% 1.02% 1.01% 0.93% 1.75%HOUSTON

MARKET CONDITIONS REPORT | Q3 2024 TURNER CONSTRUCTION COMPANY Q3TEXASISAN ANTONIOSan Antonio experienced a 1.09% escalation in the third quarter (Q3) of 2024, primarily driven by the growing demand for skilled labor. This trend is largely influenced by the planning and development of data centers slated for the coming years in the San Antonio area. Electrical trades in San Antonio are increasingly oering incentive pay to retain talent and ensure project continuity. The city’s unemployment rate remained steady at 3.7%, while overall employment growth slowed to 0.8%. However, construction employment growth remained robust, surging to 5.9% during the reporting period.Variance from Q2 2024Material↔Labor↔Market Conditions↔Overall↗Local Escalation SurveyPower BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Top 10 Market SegmentsPower BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Top 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by CountyPower BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MCountyBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MTCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Power BI Desktop2024 (Year) + Qtr 3 (Quarter)Sitework $117.02M (31.75%)Commerical $105.77M (28.7%)$33.2M (9.01%)$32.09M (8.71%)Shell $31.58M (8.57%)Fitout $19.11M (5.19%)Garage $9.04M (2.45%)Multi-FamilyMunicipal$0M$50M$100M$150M$200M$250M$300M$350MBexar$365.94M$105.77M$33.2M$32.09M$31.58M$117.02MCommericalEducationFitoutFoundation OnlyGarageMulti-FamilyMunicipalRetailShellSiteworkSitework accounted for 31.75% of Construction Value. Bexar in Top Market Segments Sitework made up 31.98% of Construction Value. Local Escalation Trend0%5%1 0%1 5%2 0%2 5%Q2 22Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24LOCAL ESCALATION TREND CUMULATIVESeries3Series2Series1LaborMaterialMarketConstruction Activity - San Antonio Metro Areas05001000San Antonio Metro AreasBEXAR, TX GUADALUPE, TX COMAL, TX WILSON, TX90110696161263642Previous Quarter Current Quarter05001000$ MillionsPrevious QuarterConstruction Activity - Houston Metro Area0K1K2K$ MillionsHARRIS, TXPrevious QuarterQuarterlHARRIS, TX CHAMBE…TXFORTBEND, TXMONTGO…TXWALLER, TX LIBERTY, TX224832327327050111966173200233408Previous Quarter Current QuarterTop Market SegmentsAviationCommericalEducationFitoutFood & BeverageIndustrial / WarehouseMedicalMulti-FamilyMunicipalShellHOUSTONTop 10 Market SegmentsEducation $199.13M (25.58%)Commerical $165.42M (21.25%)Shell $114.16M (14.67%)$85.47M (10.98%)$44.8M (5.76%)$41.74M (5.36%)Fitout $24.35M (3.13%)Municipal $21.77M (2.8%)Medical $19.14M (2.46%)Recreation, C… $10.77M (1.38%)Industrial / WarehouseAviationMulti-FamilyTop Market SegmentsHOUSTONTop 10 Market Segments - Q3 2024 Top 10 Market Segments Permitted by CountyCountyHarris Fort Bend$601.67M$130.77M$44.8M$100.64M$64.78M$199.13M$65.98M$41.74M$114.16MTop Market SegmentsHOUSTON$0.0bn$0.1bn$0.2bn$0.3bn$0.4bn$0.5bn$0.6bnTop Market SegmentsHOUSTONVariance from Q2 2024Material↗Labor↗Market Conditions↔Overall↑Local Escalation SurveyElectrical materials, particularly copper and equipment, continue to see price increases, with labor costs expected to rise next quarter. Fire Protection is raising wages to retain workers, while Plumbing faces challenges in securing labor due to market saturation and higher labor costs. Glass is projected to increase 2-3% next quarter, with aluminum following a similar trend. The cost of interior finishes have stabilized, with firms remaining selective about projects. The market is cautiously awaiting election results but anticipates a busy 2025 with potential cost increases.This 300,000 SF expansion of our Confidential Client’s existing regional distribution center will feature high-bay racking specifically designed for lower-turnover product supply. The structure will incorporate deep foundations, conventional steel, and a shrink-compensating slab on grade. Additionally, the project includes extending utilities from the existing Central Utility Plant to the site.Confidential ClientLow-Velocity ExpansionOur Houston oce proudly earned 1st Place in the Industrial Category at the 2024 ABC Greater Houston Excellence in Construction Awards for the Axiom Space Headquarters project! This honor highlights the dedication and hard work of our outstanding team, whose commitment to excellence brought this project to life. We sincerely thank Axiom Space, Jacobs, Grin Partners, and our valued trade partners for their contributions and support.ABC Greater Houston EIC AwardsAxiom Space - 1st Place!Project ExceenceProject Exceence Located at the Houston Spaceport, Axiom Space Headquarters is the world's first commercial space station. Phase 1 of the project included two cuing-edge facilities: Annex A, a 14,000 SF pre-engineered metal building, and West Building Phase 1, a 93,000 SF structure featuring tilt-up walls and a storefront. These facilities house oces, astronaut training spaces, mission control, engineering labs, and high-bay areas for assembling space station modules.MarketLocal Escalation Trend0%2%4%6%8%10%12%LaborMaterialQ3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Labor 0.89% 0.53% 0.30% 0.48% 0.41% 0.41% 0.07% 0.58% 0.70% 0.49%Material 0.55% 0.45% 0.53% 0.47% 0.52% 0.52% 0.38% 0.50% 0.54% 0.50%Market -0.02% -0.18% 0.06% 0.16% 0.13% 0.13% 0.27% 0.09% 0.11% 0.08%Total 1.42% 0.80% 0.89% 1.11% 1.06% 1.06% 0.72% 1.17% 1.35% 1.06%Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Avg.Labor 2.07% 0.42% 0.63% 0.36% 0.16% 0.37% 0.49% 0.43% 0.31% 0.98%Material 0.67% 0.45% 0.40% 0.44% 0.28% 0.37% 0.33% 0.27% 0.42% 0.54%Market 0.14% 0.18% 0.29% 0.11% 0.29% 0.01% 0.20% 0.30% 0.20% 0.24%Total 2.88% 1.04% 1.32% 0.91% 0.73% 0.75% 1.02% 1.01% 0.93% 1.75%HOUSTON

MARKET CONDITIONS REPORT | Q3 2024 THANK YOU TO THESE TRUSTED PARTNERS FOR CONTRIBUTING TO THIS SURVEYThank you!Thank you!QUARTERLYSUBCONTRACTORSURVEYWages Labor Nd Material Market Price ImpactAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioConcrete↗↗ ↗↗ ↗↗ ↗↗ ↗↗ ↔↔ ↗↗ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↘↘ ↔↔ ↑↑ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔Steel↗↗ ↔↔ ↗↗ ↗↗ ↔↔ ↔↔ ↗↗ ↗↗ ↔↔ ↗↗ ↔↔ ↗↗ ↔↔ ↔↔ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↔↔Glass↗↗ ↗↗ ↑↑ ↑↑ ↗↗ ↔↔ ↗↗ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↑↑ ↗↗ ↗↗ ↔↔ ↗↗ ↔↔ ↗↗ ↗↗Drywall↗↗ ↑↑ ↑↑ ↑↑ ↔↔ ↔↔ ↔↔ ↗↗ ↗↗ ↑↑ ↑↑ ↗↗ ↔↔ ↑↑ ↓↓ ↔↔ ↗↗ ↑↑ ↑↑ ↗↗Elevator↗↗ ↔↔ ↔↔ ↑↑ ↗↗ ↔↔ ↗↗ ↗↗ ↗↗ ↔↔ ↔↔ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↗↗ ↔↔ ↔↔ ↗↗Mechanical↗↗ ↑↑ ↗↗ ↗↗ ↔↔ ↔↔ ↔↔ ↗↗ ↗↗ ↑↑ ↗↗ ↔↔ ↔↔ ↑↑ ↔↔ ↑↑ ↗↗ ↑↑ ↗↗ ↗↗Electrical↗↗ ↑↑ ↑↑ ↑↑ ↗↗ ↔↔ ↗↗ ↗↗ ↗↗ ↑↑ ↑↑ ↑↑ ↗↗ ↑↑ ↑↑ ↑↑ ↗↗ ↑↑ ↑↑ ↑↑WALL SYSTEMSTRINITYTEXASI Q3AUSTINDALLASSAN ANTONIOHOUSTONTURNER CONSTRUCTION COMPANY

MARKET CONDITIONS REPORT | Q3 2024 THANK YOU TO THESE TRUSTED PARTNERS FOR CONTRIBUTING TO THIS SURVEYThank you!Thank you!QUARTERLYSUBCONTRACTORSURVEYWages Labor Nd Material Market Price ImpactAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioAustinDallasHoustonSan AntonioConcrete↗↗ ↗↗ ↗↗ ↗↗ ↗↗ ↔↔ ↗↗ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↘↘ ↔↔ ↑↑ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔Steel↗↗ ↔↔ ↗↗ ↗↗ ↔↔ ↔↔ ↗↗ ↗↗ ↔↔ ↗↗ ↔↔ ↗↗ ↔↔ ↔↔ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↔↔Glass↗↗ ↗↗ ↑↑ ↑↑ ↗↗ ↔↔ ↗↗ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↑↑ ↗↗ ↗↗ ↔↔ ↗↗ ↔↔ ↗↗ ↗↗Drywall↗↗ ↑↑ ↑↑ ↑↑ ↔↔ ↔↔ ↔↔ ↗↗ ↗↗ ↑↑ ↑↑ ↗↗ ↔↔ ↑↑ ↓↓ ↔↔ ↗↗ ↑↑ ↑↑ ↗↗Elevator↗↗ ↔↔ ↔↔ ↑↑ ↗↗ ↔↔ ↗↗ ↗↗ ↗↗ ↔↔ ↔↔ ↗↗ ↔↔ ↔↔ ↔↔ ↔↔ ↗↗ ↔↔ ↔↔ ↗↗Mechanical↗↗ ↑↑ ↗↗ ↗↗ ↔↔ ↔↔ ↔↔ ↗↗ ↗↗ ↑↑ ↗↗ ↔↔ ↔↔ ↑↑ ↔↔ ↑↑ ↗↗ ↑↑ ↗↗ ↗↗Electrical↗↗ ↑↑ ↑↑ ↑↑ ↗↗ ↔↔ ↗↗ ↗↗ ↗↗ ↑↑ ↑↑ ↑↑ ↗↗ ↑↑ ↑↑ ↑↑ ↗↗ ↑↑ ↑↑ ↑↑WALL SYSTEMSTRINITYTEXASI Q3AUSTINDALLASSAN ANTONIOHOUSTONTURNER CONSTRUCTION COMPANY

Q3 TEXASUPCOMINGBID OPPORTUNITIESDALLASHOUSTONSAN ANTONIOAUSTINL E T ' S CONNECTAUSTINTONI CROMERPreconstruction Managertcromer@tcco.com281.702.2033DALLASJOSEPH STRUBPreconstruction Managerjstrub@tcco.com469.550.4924SAN ANTONIOJED HEUBERGERPreconstruction Managerjheuberger@tcco.com210.243.5973HOUSTONLINDA MCCLUREPreconstruction Managerlmcclure@tcco.com281.779.5018TURNER CONSTRUCTION COMPANY » City of Waxahachie City Hall Addition & Renovation » Confidential Lewisville Lab Relocation » UT Dallas LabFor additional upcoming bid opportunities in the Dallas area, please email:Joe Strubjstrub@tcco.com » Aramco Industrial Services » JPM Wealth Town & CountryFor additional upcoming bid opportunities in the Houston area, please email:Linda McClurelmcclure@tcco.com » UT DKR Deferred Maintenance » Procore Pioneer Interior Renovation » Austin Convention Center » Confidential Lab RenovationFor additional upcoming bid opportunities in the Austin area, please email:Toni Cromertcromer@tcco.comStephen Ankenbauersankenbauer@tcco.comFor upcoming bid opportunities in the San Antonio area, please email:Jed Heubergerjheuberger@tcco.com

Q3 TEXASUPCOMINGBID OPPORTUNITIESDALLASHOUSTONSAN ANTONIOAUSTINL E T ' S CONNECTAUSTINTONI CROMERPreconstruction Managertcromer@tcco.com281.702.2033DALLASJOSEPH STRUBPreconstruction Managerjstrub@tcco.com469.550.4924SAN ANTONIOJED HEUBERGERPreconstruction Managerjheuberger@tcco.com210.243.5973HOUSTONLINDA MCCLUREPreconstruction Managerlmcclure@tcco.com281.779.5018TURNER CONSTRUCTION COMPANY » City of Waxahachie City Hall Addition & Renovation » Confidential Lewisville Lab Relocation » UT Dallas LabFor additional upcoming bid opportunities in the Dallas area, please email:Joe Strubjstrub@tcco.com » Aramco Industrial Services » JPM Wealth Town & CountryFor additional upcoming bid opportunities in the Houston area, please email:Linda McClurelmcclure@tcco.com » UT DKR Deferred Maintenance » Procore Pioneer Interior Renovation » Austin Convention Center » Confidential Lab RenovationFor additional upcoming bid opportunities in the Austin area, please email:Toni Cromertcromer@tcco.comStephen Ankenbauersankenbauer@tcco.comFor upcoming bid opportunities in the San Antonio area, please email:Jed Heubergerjheuberger@tcco.com

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