Ferguson distributes plumbing, heating, cooling and waterworks products to the trade across North America, sitting between thousands of manufacturers and the contractors who install what they make. Value comes less from the products themselves than from having the right part available locally, extending credit to contractors, and running the branch and distribution network that makes same day supply possible. The business splits between new construction and the steadier repair, maintenance and improvement work that continues regardless of how much is being built. Results therefore track construction activity, though the repair side cushions the swings.