Reindustrialization fuels multi-year growth beyond tech: Thompson Research CEO
December 23, 2025 • 5m 12s
Frank Holland (Anchor)
00:00.070
alright
so
you're
looking
at
the
I
I
J
A
that
big
infrastructure
bill
you
say
was
about
three
hundred
billion
about
one
seventy
has
been
spent
in
over
one
thirty
to
grow
and
you
said
that's
tantamount
to
really
a
big
tailwind
for
the
material
sector
Kathryn Thompson (Partner & CEO)
00:12.150
yeah
you
know
in
in
what
i'd
say
frank
is
i
look
at
it
in
three
buckets
so
the
public
you're
right
it
is
we've
got
incredibly
positive
outlook
even
though
the
bill
expires
in
september
only
fifty
percent
of
the
dollars
have
even
been
spent
another
really
big
bucket
to
watch
Kathryn Thompson (Partner & CEO)
00:27.110
which
i
think
is
misunderstood
is
the
non
res
bucket
most
people
think
about
that
with
like
your
your
mall
your
office
space
and
and
lighter
construction
but
what
is
driving
the
the
the
modern
re
industrialization
of
mega
projects
so
it's
data
centers
we've
been
talking
a
lot
Kathryn Thompson (Partner & CEO)
00:46.670
about
data
centers
but
it's
also
the
energy
build
out
it's
not
just
office
space
but
it's
also
but
you
look
in
our
backyard
of
of
nashville
tennessee
where
we're
based
the
oracle
headquarters
are
being
built
it's
going
to
be
over
a
billion
dollar
headquarter
to
be
built
and
it
Kathryn Thompson (Partner & CEO)
01:04.160
only
starts
next
year
and
so
that's
another
great
market
so
really
the
only
end
market
that's
kind
of
has
a
mad
look
at
going
into
next
year
is
residential
so
we're
incredibly
strong
outlook
as
we
think
about
that
construction
phase
the
modern
industrial
base
it's
res
it's
non
Kathryn Thompson (Partner & CEO)
01:23.400
res
and
public
that
are
underpinning
it
all
right
you're
Frank Holland (Anchor)
01:25.960
hitting
on
something
i
wanted
to
talk
to
you
about
i
speak
to
a
lot
of
transport
ceos
and
they
say
that
their
customers
are
telling
them
to
expect
to
see
more
onshoring
coming
up
in
twenty
twenty
six
and
also
more
greenfield
development
it
sounds
like
that's
what
you're
talking
Frank Holland (Anchor)
01:36.720
about
with
the
oracle
headquarters
what
stocks
benefit
directly
from
that
if
we
do
really
see
more
onshore
in
the
idea
of
new
buildings
coming
up
because
companies
have
to
bring
more
of
their
operations
here
Kathryn Thompson (Partner & CEO)
01:47.390
yeah
so
we
circle
before
we
circle
around
and
see
no
ten
bombs
for
the
holiday
season
a
couple
of
stocks
for
people
to
think
about
first
bucket
are
basic
materials
so
what
you
talked
about
initially
one
thing
that
you
need
for
every
single
construction
project
are
crushed
rock
Kathryn Thompson (Partner & CEO)
02:03.190
cement
concrete
and
asphalt
so
some
of
those
names
to
keep
an
eye
out
would
be
martin
marietta
vulcan
materials
and
CRH
there's
some
smaller
name
tunes
names
too
that
have
underperformed
like
knife
river
sake
enough
but
you've
also
got
great
names
and
construction
partners
and
Kathryn Thompson (Partner & CEO)
02:23.710
granite
construction
so
that's
like
one
bucket
another
bucket
that
you
can
focus
on
is
distributors
you
know
and
what
i
would
say
is
not
all
distributors
are
created
the
same
think
value
add
those
those
companies
can
take
on
really
big
projects
so
two
of
them
will
highlight
Kathryn Thompson (Partner & CEO)
02:42.550
today
are
on
the
water
infrastructure
side
ferguson
and
coramain
but
don't
discount
companies
like
a
wesco
which
is
one
of
the
electrical
side
that's
another
terrific
name
to
think
about
with
distributors
and
then
finally
the
last
bucket
is
what's
these
what's
these
projects
are
Kathryn Thompson (Partner & CEO)
03:02.790
finished
up
got
to
maintain
them
and
so
two
great
names
for
that
would
be
APG
and
tic
all
right
catherine
Frank Holland (Anchor)
03:10.350
we
always
love
that
you
always
come
with
the
picks
so
a
number
of
different
picks
and
different
phases
i
want
to
talk
to
you
about
a
note
that
came
out
from
raymond
james
earlier
saying
that
they
need
to
see
economic
data
that
supports
a
cyclical
rally
mentioning
materials
is
Frank Holland (Anchor)
03:22.350
one
of
the
areas
why
have
we
seen
materials
kind
of
lag
as
we
continue
to
see
not
recently
obviously
but
just
in
previous
years
as
we
continue
to
see
the
AI
build
out
the
idea
of
not
only
onshoring
but
near
shoring
in
mexico
that
was
a
very
big
trend
do
you
see
a
big
catalyst
Frank Holland (Anchor)
03:38.310
for
a
rally
going
into
next
year
or
do
you
see
investors
maybe
going
back
to
the
trade
that
worked
this
year
for
most
of
the
year
the
AI
trade
Kathryn Thompson (Partner & CEO)
03:44.390
yeah
you
know
the
thing
is
with
AI
you
can
pick
certain
winners
but
if
you're
buying
if
you're
buying
the
if
you're
investing
stocks
in
the
industrial
sector
you
it
is
tantamount
to
investing
in
the
reindustrialization
of
america
so
you
don't
have
to
pick
a
winner
so
really
you
Kathryn Thompson (Partner & CEO)
04:02.310
need
to
focus
if
i
were
if
i
were
investors
let's
say
where
is
the
growth
coming
it's
in
the
southeast
and
southwest
what
are
the
biggest
material
players
based
in
the
southeast
and
southwest
and
names
like
martin
marietta
and
CRH
and
vulcan
materials
are
going
to
bubble
to
the
Kathryn Thompson (Partner & CEO)
04:16.990
top
so
instead
of
picking
you
know
a
single
horse
in
tech
you
get
to
invest
in
an
entire
trend
with
these
stocks
Frank Holland (Anchor)
04:26.390
speaking
of
trends
obviously
rate
cuts
can
be
a
catalyst
for
cyclical
sectors
including
materials
you
gave
us
a
couple
buckets
heavy
materials
distributors
also
testing
an
inspection
which
one
of
those
buckets
benefits
the
most
if
we
continue
to
see
rate
cuts
Kathryn Thompson (Partner & CEO)
04:38.750
it's
going
to
be
heavy
materials
and
here's
why
the
heavy
materials
is
the
one
sector
that
has
a
greater
tie
to
residential
it's
mid
teens
type
in
terms
of
the
market
depending
on
the
company
but
if
we
have
any
type
of
rally
even
modest
and
residential
that'll
be
a
big
boost
to
Kathryn Thompson (Partner & CEO)
04:56.670
to
basic
materials
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