"We are in the early innings of a construction market recovery," said Hill. "We are an acquisition driven company and the deal flow has been very good."
Hill said residential construction, which drives the concrete business, is on the upswing. He noted that the Portland Cement Association, or PCA, forecasts total housing starts to accelerate to 1.53 million in the U.S. by 2019, 38% higher than in 2015.
Nonresidential construction spending has also begun to bounce back, in his view. In 2015, it rose 8.7%, after averaging a negative 0.6% annual growth since the recession. This year, it is expected to rise another 8.2%, according to the American Institute of Architects' Consensus Construction Forecast.
Government spending on public-works projects received a major boost last year with the passing of the FAST Act, the first long-term transportation bill in a decade. It will increase transportation funding by 5.1% in 2016 and in line with inflation afterward. As such, the PCA is expecting spending on public infrastructure to grow approximately 12% from 2014 to 2017.
Hill pointed out that state governments have also committed billions in new funding to roads. For example, last November, voters in Texas passed Proposition 7, which dedicates up to $2.5 billion of the state's sales and use tax revenue to the state's highway fund beginning in 2018, and 35% of any excess revenue over $5 billion generated from the motor vehicles sales tax beginning in 2020.
"States are passing gas taxes and sales taxes to raise money for infrastructure," said Hill. "The states are not waiting for federal funds to bail them out. They are being really active."
Earlier this month, the Denver-based construction materials company posted an adjusted loss of 42 cents per share, narrower than the loss of 48 cents analysts had projected. Revenue came in at $228.4 million, above Wall Street's expectations of $217.8 million.
Summit also announced in early May the acquisition of Sierra Ready Mix, a vertically integrated aggregates and ready-mix concrete business located in Las Vegas, Nev.