Construction is booming in New Zealand, supported by a reasonable economy, strong net migration, tight supply and low interest rates. Infrastructure activity is particularly strong, with a good pipeline of government projects expected to support activity in the medium term. Overall, there is a sense that the cycle should continue for some time, given it’s supported by sound fundamentals. While this strong demand is positive for building materials companies, can they leverage this into earnings growth that will exceed expectations? (VIEW LINK)