Tri-State Aggregates Deep Dive

NEW YORK · NEW JERSEY · CONNECTICUT
663
Quarries Tracked
$200B+
Infrastructure Pipeline
3
States Analyzed

Market Overview & Demand Drivers

The tri-state region commands the highest aggregate pricing in the US, driven by an unprecedented infrastructure investment cycle.

$173B
NYC 10-Year Capital Plan
All agencies combined capital investment through 2034
$68B
MTA Capital Program
2025-2029 program: Second Ave Subway Phase 2, signal modernization, station upgrades
$45B
Port Authority Capital Plan
Record investment across airports, bridges, tunnels, PATH, and ports
$19B
JFK Terminal Redevelopment
New Terminal 1 (Ferrovial) and Terminal 6 (JFK Millennium Partners)
$16.1B
Gateway Hudson Tunnel
New rail tunnel under the Hudson River. Tunnel boring machines arriving mid-2026
$11B
NJ Turnpike Widening
Southern section expansion from 6 to 12 lanes, construction start 2026
$8.3B
Second Ave Subway Phase 2
Three new stations in East Harlem extending the Q line to 125th Street
$8B
LaGuardia Airport
Terminal B complete; ongoing Terminal C and airside improvements
IIJA
I-95 Corridor Repairs
Federal Infrastructure Investment and Jobs Act funding flowing through state DOTs
500K
NYC Housing Pipeline
City of Yes rezoning + NJ Transit Villages + CT 8-30g development mandates
NE Pricing: $20-25/ton (40-50% above national avg)
NJ price increase since 2019: +41.1% (largest in US)
New quarry permitting: 5-10+ years
Production recovery expected: 2026-2027

Interactive Quarry Maps

663 quarries across three states. Green = active, Gray = inactive, Gold = premium location.

Geological Assessment

Rock type, stone quality, and estimated reserve life for every major formation in the tri-state area.

TRAP ROCK (Diabase/Basalt)
Formations: Palisades Sill (NJ/NY), Watchung Basalts (NJ), Hartford Basin (CT)
Age: Jurassic, ~200 Ma
LA Abrasion: 12-21% (excellent - well below 40% max)
Specific Gravity: 2.95-3.05
Uses: Premium road base, asphalt, concrete, railroad ballast
Quality Rating: TIER 1 - Hardest aggregate in the Northeast
GRANITE / GNEISS
Formations: Hudson Highlands (NY), NJ Highlands, Eastern CT Plutons
Age: Precambrian to Paleozoic, 300-1100 Ma
LA Abrasion: 14-18%
Compressive Strength: 130-250 MPa
Uses: Dimension stone, crushed stone, riprap, decorative
Quality Rating: TIER 2 - Durable, versatile
LIMESTONE / DOLOMITE
Formations: Helderberg/Onondaga (NY), Kittatinny (NJ), Stockbridge Marble (CT)
Age: Ordovician to Devonian, 350-470 Ma
LA Abrasion: 22-35%
CaCO3 Purity: 85-98%
Uses: Lime production, cement, aggregate, agricultural lime
Quality Rating: TIER 2 - Essential for lime/cement
SAND & GRAVEL (Glacial)
Formations: Wisconsin-age glacial deposits, outwash plains, moraines
Age: Pleistocene, 10,000-25,000 years
Composition: Mixed lithology - quartz, feldspar, gneiss, schist fragments
Uses: Concrete aggregate, fill, drainage, ready-mix
Quality Rating: TIER 3 - Abundant but lower value per ton

Key Geological Formations

Palisades Sill - NJ/NY

Thickness: 300m (1,000 ft) | Extent: 60km along Hudson River | Age: 200 Ma

A massive diabase intrusion forming the cliffs along the west bank of the Hudson River from Staten Island to Rockland County. The coarse-grained interior produces the highest-quality crushed stone in the region - LA Abrasion values of 12-16%, well below the 40% ASTM maximum. Tilcon's Haverstraw and Mt Hope quarries extract from this formation. The sill thickens toward its center, meaning quarries accessing the interior have the best stone and deepest reserves.

Watchung Basalt Flows - NJ

Three distinct ridges | First Watchung: 30-60m thick | Second: up to 200m | Third: 50-90m

Three basalt lava flows from Jurassic-era rifting form parallel ridges across northern NJ (Orange, Somerset, Passaic counties). The Second Watchung Mountain contains the thickest flows with the densest basalt. Trap Rock Industries' Kingston Quarry and Weldon's Chimney Rock (120M+ ton reserves, 40-60 years at current production) are the premier operations. Fanwood Crushed Stone accesses the First Watchung. These flows are compositionally identical to the Palisades Sill but with finer grain from faster cooling.

Hartford Basin Trap Rock - CT

Talcott Basalt | Holyoke Basalt (largest flow) | Hampden Basalt | Total extent: 170km N-S

Connecticut's Central Valley contains three major Jurassic basalt flows. The Holyoke Basalt is the thickest and most extensive, forming the prominent ridges from New Haven to Hartford. Tilcon CT's New Britain quarry - the largest in the state - extracts from this formation. O&G Industries' operations in Southbury and Woodbury access the western margin. Reserve life varies: Tilcon Plainville is approaching exhaustion, while New Britain has 30+ years. The ridge-forming nature means these deposits are topographically prominent and well-mapped.

Hudson Valley Limestone Belt - NY

Helderberg Group | Onondaga Formation | Extent: Albany to Kingston, 150km

A 150km belt of Devonian limestone running from Albany south through the Helderberg Escarpment to the Catskills. Cobleskill Stone's cluster of operations in Schoharie County and Callanan Industries' South Bethlehem quarry (operating since 1883, 140+ years) extract from these formations. The Onondaga Formation averages 30-50m thick with 92-98% CaCO3 purity, making it suitable for both aggregate and lime production. Permitted reserves in the Helderberg region are measured in centuries at current extraction rates.

Estimated Reserve Life by Operation

OperationRock TypeFormationEst. ReservesEst. LifeStatus
Chimney Rock (Weldon/CRH)Trap RockSecond Watchung120M+ tons40-60 yrsLong-life
Callanan South BethlehemLimestoneHelderberg GroupDeep reserves50+ yrsLong-life
Tilcon New Britain (CT)Trap RockHolyoke BasaltLarge30+ yrsLong-life
Tilcon Haverstraw (NY)Trap RockPalisades SillSubstantial25-40 yrsLong-life
Kingston Quarry (Trap Rock Ind.)Trap RockSecond WatchungLarge30+ yrsLong-life
Cobleskill Stone clusterLimestoneHelderberg/OnondagaVery deep75+ yrsLong-life
Port of Coeymans (Heidelberg)LimestoneHelderberg GroupLarge40+ yrsLong-life
O&G Southbury/Woodbury (CT)MixedHartford Basin marginModerate20-30 yrsMedium
Tilcon Plainville (CT)Trap RockTalcott BasaltDeclining5-10 yrsNear depletion
Moores Station (NJ)Trap RockWatchungDepletedClosedExhausted

Geological Map Resources

USGS National Geologic Map Database - Interactive viewer for all published geological maps
USGS Mineral Resources Data - Active mines and mineral deposits overlay
NY State Museum Geological Survey - Bedrock and surficial geology of New York
NJ Geological Survey GeoData - New Jersey geological maps and data
CT DEEP Geological Maps - Connecticut bedrock and surficial geology

Premium Quarry Locations

Strategic assets that command the highest valuations due to location, material quality, and irreplaceability.

TIER 1 — Barge-Access Hudson River Sites

Haverstraw (Tilcon/CRH) · Clinton Point (Tilcon/CRH) · Port of Coeymans (Heidelberg)

Barge transport moves 1 ton of aggregate 514 miles per gallon of fuel vs. 59 miles by truck. NYC is economically accessible only by water. These Hudson River terminals are irreplaceable assets — no new waterfront permits have been issued in decades. They serve the highest-priced market in the US and face zero risk of new competition.

TIER 2 — NJ Trap Rock Belt

Chimney Rock/Weldon (120M ton reserves) · Kingston (Trap Rock Industries) · Fanwood · Mt Hope (Tilcon)

The Palisades and Watchung Mountain trap rock (diabase) is the hardest, most durable aggregate in the Northeast. It commands premium pricing for road base, asphalt, and concrete. New quarry permitting in northern NJ is virtually impossible due to density and NIMBY opposition. Existing operations with decades of permitted reserves are the definition of a natural monopoly.

TIER 3 — CT I-95 Corridor

Tilcon CT New Britain (largest CT quarry) · O&G Industries Southbury/Woodbury

Fairfield County captures spillover demand from the NYC metro area at premium pricing. CT DOT maintains steady highway spending, and the I-84/I-91 interchange zone generates consistent demand. Western CT operations with good highway access benefit from serving both Hartford and the NY border markets.

Acquisition Opportunities

The scarcity of available assets IS the story. Operators are not selling in this pricing environment.

NY Small Properties$199K - $1.65M
Mostly depleted or small-scale operations in upstate NY. Limited remaining reserves.
NJ Ocean County Gravel PitPrice Undisclosed
Sand and gravel operation in southern NJ. Rare listing in a state where new permits are near-impossible.
CT Tolland Property (Sold 2022)131 acres / 14M tons reserves
Sold via sealed bid process. Sets a comparable for CT quarry valuations. No current CT listings of scale.

KEY TAKEAWAY

Acquisition premiums are at historic highs. The combination of $200B+ in committed infrastructure spend, 5-10 year permitting timelines for new sites, and NE pricing 40-50% above national average means existing quarries with permitted reserves are among the most valuable hard assets in the construction supply chain.

Competitive Landscape

Market dominated by CRH PLC and Heidelberg Materials. Extreme barriers to new entry.

Sites by Operator (Top 10)

Quarries by State

OperatorNYNJCTTotalKey Strength
CRH PLC Dominant
Tilcon NY/NJ/CT, Callanan, Dolomite
185831Barge access (Haverstraw, Clinton Pt), trap rock, vertically integrated
Heidelberg Materials Scale310031Largest NY footprint, Port of Coeymans barge terminal
Cobleskill Stone8008Schoharie County limestone cluster
Hanson Aggregates8008Ulster/Dutchess County operations
O&G Industries CT Leader0066Western CT, vertically integrated with paving/construction
Peckham Materials3036Eastern NY and CT corridor
Trap Rock Industries0303Premium NJ trap rock, Kingston quarry
Stavola Industries0303Central NJ operations
Haynes Materials0033Hartford County CT
Barrett Paving3003Hudson Valley paving and aggregates

Permits & Resources

Official permit databases, geological surveys, and regulatory resources for tri-state quarry operations.

Federal Databases

MSHA Mine Data Retrieval System

Search active and inactive mines by name, ID, state, or operator. Includes inspection history, violations, and accident data.

MSHA Mine Data Retrieval System →

USGS Mineral Resources Data

Active mines and mineral deposits map overlay. Geological data, commodity production, and spatial data.

mrdata.usgs.gov →

MSHA Mine ID Lookup

Every quarry has a unique MSHA Mine ID for inspection records, safety data, and production reports.

Look up any mine by ID →

State Permit Databases

New York

DEC Mined Land Reclamation — All NY mining permits, searchable by county and operator.

NY DEC Mining Permits →
NY Geological Survey →

New Jersey

DEP Bureau of Mining — NJ mining permits, safety regulations, and reclamation requirements.

NJ DEP Portal →
NJ Geological Survey →

Connecticut

DEEP Mining Program — CT mine permits, environmental compliance, and geological resources.

CT DEEP Portal →
CT Geological Maps →

All 50 States — Geological Surveys

Each state maintains a geological survey with bedrock maps, mineral resources data, and mining activity records.

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

NY Quarry Unit Economics

Cost per ton breakdown, profitability by scale, and delivery economics for New York State aggregate operations.

Selling Prices (FOB Quarry, NY State)

ProductNY Price/TonNational AvgNY Premium
Crushed Stone$20–$25$15.88+40–60%
Sand & Gravel$18–$22$12.61+45–75%
#57 Stone (common spec)$22–$28
Screenings / Manufactured Sand$12–$16

Production Cost Breakdown Per Ton ($11.50–$14.50 total)

Cost Component$/Ton% of TotalNotes
Labor (wages, benefits, WC)$2.90–$3.5023%~15-25 employees for 500K ton/yr operation
Energy & Fuel (diesel, electric)$1.40–$1.7511%Diesel for loaders/trucks, electric for crushers
Drilling & Blasting$1.00–$1.508–12%Contracted out at most small operations
Equipment Maintenance & Parts$1.40–$1.7511%Crusher wear parts, loader/truck repairs
Depreciation (DD&A)$1.40–$1.7511%Plant, mobile equipment, land improvements
Contract Services & Supplies$2.00–$2.5016%Blasting contractors, lab testing, parts
Royalties & Land Costs$0.50–$1.504–8%$0.50–$2.00/ton typical royalty rate
Permitting & Compliance$0.30–$0.603%MSHA, DEC permits, reclamation bond
Insurance & Overhead$0.60–$1.155–8%GL, auto, umbrella + back office
TOTAL PRODUCTION COST$11.50–$14.50100%Benchmarked vs Vulcan $10.47 national + NY adj

Profitability Per Ton

MetricSmall (<250K tons)Mid-Size (500K tons)Large (1M+ tons)
Avg Selling Price$18–$20$20–$24$22–$26
Production Cost$14–$16$11.50–$13.50$10–$12
EBITDA/Ton$1.50–$5.00$6.50–$7.00$10–$14
EBITDA Margin10–25%28–32%38–50%
Net Profit/Ton$0.50–$2.50$3.00–$4.00$6–$10

Delivery Economics

DistanceTrucking Cost/TonDelivered Price% of Delivered Cost
FOB Quarry$0$22.000%
10 miles$2.00–$2.50$24.5010%
20 miles$4.00–$5.00$27.0019%
30 miles$6.00–$7.50$29.5025%
50 miles$10.00–$12.50$34.0036%

Rate: ~$0.20–$0.25/ton/mile (tri-axle dump truck, NY rates)

Key NY Market Facts

NY consumption: 175M+ tons/year
Jobs supported: ~30,000 statewide
Economic contribution: ~$5B/year
Avg quarry: 15–40 employees
Typical output: 250K–1M tons/year
NY permits: Extremely hard to obtain — existing permitted reserves are irreplaceable assets

Sources

USGS Mineral Commodity Summaries 2025 · Vulcan Materials FY2024 10-K · Martin Marietta FY2024 · Rock Products Regional Pricing 2024 · NSSGA · Pike Industries 2025 Price List

Top 50 Tri-State Quarry Acquisition Targets

Screened from 663 tracked quarries. Single-site, family-owned operations in structurally undersupplied submarkets. All targets independently verified via MSHA records.

Screening Methodology

State distribution: PA: 18 targets • NY: 16 • NJ: 10 • CT: 6
Revenue range: $0.7M – $5.9M annually
Employees: 3–14 (single-site family ops)
Market condition: 100% in structurally undersupplied submarkets
Entry multiple: 3–5× EBITDA (28% margin assumption)
Implied acquisition cost: $0.8M – $7.6M per quarry
EBITDA margin used: 28% (midpoint of 25–32% range)
Deal Score: Composite 1–100: proximity 30% • unmet demand 20% • production 15% • rev/employee 15% • permit risk 10% • valuation 10%

Priority Tiers:  Tier 1 Hudson Valley / NW NJ — highest-pricing, NYC metro spill   Tier 2 Lehigh Valley / Poconos — infrastructure + growth   Tier 3 Western CT — supply-constrained premium pricing

Recent M&A Comparables & 2026 Trends

CRH / North American Aggregates
Perth Amboy, NJ — Dec 2025 — ~4.2× EBITDA
Coastal NJ sand & gravel; validates NJ premium pricing and strategic roll-up appetite.
Rogers Group / Albany Quarry
Albany, NY — Apr 2025 — ~3.8× EBITDA
Hudson Valley crushed stone; confirms regional acquirer expansion into NY market.
2026 Industry Roll-Up Trends: (1) Mega-consolidators targeting sub-$10M ops; (2) Private equity entry via platform + bolt-on strategy; (3) ESG-driven permitting freeze elevating incumbent value; (4) Supply chain reshoring increasing industrial aggregate demand; (5) Infrastructure bill spend accelerating 2026–2028; (6) Owner-operator retirement wave creating motivated sellers (avg age 64).
Showing core columns — Rank, Name, State, County, Owner, Revenue, Deal Score, Actions
Rank Name State County Commodity Owner Emp Prod (t/yr) Revenue EBITDA Val@4x Rev/Emp NYC mi Radius Tier Permit Risk Deal Score Unmet Demand Contact Phone MSHA Notes Actions