Christopher Flavelle, THE NEW YORK TIMES
The state’s insurance regulator endorsed proposals that could reshape the real estate market, the latest sign of climate shocks hitting the economy.
At the start of wildfire season, California’s insurance regulator has backed sweeping changes to discourage home building in fire-prone areas, including looking at cutting off new construction in those regions from what is often their only source of insurance — the state’s high-risk pool.
The proposals, many of which would require approval by the State Legislature, could remake the real estate market in parts of California and are the latest sign of how climate change is beginning to wreak havoc with parts of the American economy.
On Friday, the insurance commissioner, Ricardo Lara, endorsed proposals that include halting state funding for infrastructure in certain areas prone to fire, leaving vacant lots undeveloped and the expansion of more stringent building codes.
“These ideas are going to be challenging,” Mr. Lara said at the beginning of a meeting of the Climate Insurance Working Group, which he established and which recommended the changes. “We are really going into uncharted territory.”
Read more at https://www.nytimes.com/2021/06/04/climate/climate-California-wildfires-insurance.html?searchResultPosition=3
Jeff Quackenbush, NORTH BAY BUSINESS JOURNAL
Petaluma-based Shamrock Materials, started six decades ago and one of the largest suppliers of concrete and paving materials to North Bay contractors, has been sold to giant Alabama-based construction-materials company.
With Shamrock, Vulcan Materials (NYSE: VMC) picked up concrete, rock, sand and gravel facilities in Sonoma, Napa and Marin counties, company spokeswoman Atisthan Roach said. That includes ready-mix plants in San Rafael, Petaluma, Santa Rosa, Cloverdale and Napa; building-materials sites in Cotati and San Rafael; and a materials depot on Landing Way along the Petaluma River.
The Shamrock deal, signed March 20, was one of three acquisitions in California and Tennessee that Birmingham, Ala.-based Vulcan closed in the first quarter of this year for $185.1 million, according to Roach and regulatory filings. Further financial details weren’t disclosed.
“This acquisition has provided us a way to get into ready-mix right there in California,” Roach said about Shamrock.
Vulcan is the nation’s largest producer of aggregate rock for construction and California’s largest asphalt supplier. The company also is a major player in supplying ready-mixed concrete in Arizona, Georgia, Maryland, New Mexico, Texas, Virginia, Washington, D.C., and the Bahamas.
Read more at: Shamrock Materials sold to Vulcan | The North Bay Business Journal