Hi, I wanted your thoughts on the construction sector as a target industry for a search fund. I don't often see this sector as a target industry, and I was wondering why?

From my perspective, it is a large, fragmented, and growing industry, and while cyclical, some niche subindustries can be considered resilient. I am thinking of the roofing contractors, the framing contractors, the road-building contractors. Most of them enjoy margins above 15% and have excellent growth prospects. There are also very few technological obsolescences and plenty of targets in the size range.

Any thoughts?