Comp Research Monthly Update
Justin Bowen
2026-02-05
Overview of Report
Track monthly comp research effort for overhead market hours and annual contract hours (i.e., market reports) using this report.
This report is broken into two sections:
- Summary of Research Effort describes research lumped by state.
- State Market Research Analysis dives into each states’ markets.
Definitions
- Overhead Hours and Markets: hours assigned to cover research in markets that are not expected to be billed to a client. However, research hours worked as part of billable projects (non-annual contracts) can be applied to overhead hour targets.
- Billable Hours and Markets: hours worked as part of billable projects (non-annual contracts) which can be applied to overhead hour targets. Billable hours occur within overhead hour markets.
- Annual Contract Hours and Markets: hours assigned to cover research in market regions that are billed to a client that we have an ongoing annual contract with. These contracts include market reports for NASDAQ (CA), CAGRD (AZ), H20 Front Range and Greeley (CO), and ShoBan (ID).
- Comp and Hour Deficits (Long Term Targets): research hours and number of comps estimated to catch up in the markets. These are long-term targets not annual targets
- 2026 Annual Targets: research hours designated to each state and employee based on employee capacity, rather than on comp hour deficits. These are realistic targets to reach in 2026.
Summary of Research Effort
Progress Towards Research Hour Deficits: Long Term Targets
Long term targets describe the total amount of hours needed to catch up in a state/markets. They are the product of the hours/comp (time it takes to collect one transaction) and the sum of transactions we missed between 2023 - 2025 and 60-70% of the anticipated 2026 comps. In many states, it is not assumed that we will reach these targets this year. Rather they are long term goals to keep track of.
Bar Chart
The first bar chart shows hours worked (overhead and billable outside of annual contract markets) compared to hours remaining to reach long term state targets.
The second bar chart shows recorded transactions for overhead markets (non-annual contract markets) vs. transfer year. The blue bars are pre-2026 entered transactions, red bars are 2026 entered comps, and gray bars are the remaining deficits.
Progress Towards 2026 Overhead Hour Targets
2026 Overhead Targets reflect our capacity to accomplish research in each market/state based on 2025 worked hours and current staff numbers. As we hire more analysts and associates, these hours will increase to cover more of our long term targets. Hours assigned in our 2026 overhead targets strategically cover important established and emerging market regions that are relevant or may be relevant to billable projects.
Bar Chart
- The bar chart shows hours worked (overhead and billable outside of annual contract markets) compared to hours remaining to reach state targets. Annual Contract markets not included are NASDAQ markets in CA, most AZ markets billable to CARGD, Northern Front Range and CBT in CO, and Upper Snake in ID. Billable hours to overhead markets are included.
Table
- The first table shows total assigned overhead hours, data clean hours, research hours, and monthly hours worked (overhead and billable outside of annual contract markets) for each state in 2026. The following months in future reports will be added.
- The second table shows total comps entered each month in overhead
markets (overhead and billable outside of annual contract markets) for
each state in 2026. The following months in future reports will be
added.
Hours by State and Month State Total Target Hours Data Clean Hours Research Hours Jan AZ 81 40 41 1.50 CA 215 40 175 17.50 CO 470 40 430 8.75 ID 110 15 95 1.00 NM 10 10 0 1.00 NV 190 15 175 26.25 TX 359 40 319 20.00 UT 115 15 100 54.75 WA 280 15 265 27.00 MT 60 10 50 0.00 OR 100 10 90 0.00 WY 10 0 10 0.00
| State | Jan |
|---|---|
| CA | 24 |
| CO | 19 |
| NM | 1 |
| NV | 35 |
| TX | 92 |
| UT | 35 |
| WA | 5 |
Employee Progress Towards Overhead Hour Targets
This section tracks employee research hours for overhead markets (overhead and billable hours excluding annual contract markets).
Table
The table shows a summary of employee overhead, billable (excluding annual contract markets), and total worked hours, in addition to remaining hours to accomplish 2026 annual targets.
| Name | Overhead | Billable | Total | Remaining |
|---|---|---|---|---|
| Amanda | 0.50 | 0.0 | 0.50 | 59.50 |
| Coltan | 0.00 | 0.0 | 0.00 | 80.00 |
| Elliot | 0.00 | 0.0 | 0.00 | 80.00 |
| Helena | 16.00 | 0.0 | 16.00 | 239.00 |
| Isabelle | 9.25 | 0.0 | 9.25 | 110.75 |
| Josslyn | 13.00 | 0.0 | 13.00 | 107.00 |
| Justin | 15.25 | 0.0 | 15.25 | 109.00 |
| Logan | 22.75 | 0.0 | 22.75 | 377.25 |
| Richard | 0.00 | 0.0 | 0.00 | 60.00 |
| Savanna | 44.25 | 11.5 | 55.75 | 299.25 |
| Thomas | 7.75 | 1.0 | 8.75 | 341.25 |
Research Efficiency
Table
The table below compares our 2026 research efficiency (measured as the number of hours to enter one comp) with the baseline efficiency (avg. Hours/Comp from 2023 - 2025). This includes hours and and transactions for all markets.| State | 2026 Hours/Comp | Baseline Avg. Hours/Comp |
|---|---|---|
| CA | 3.43 | 1.52 |
| CO | 1.42 | 1.32 |
| NM | 1.00 | 1.50 |
| NV | 0.75 | 0.60 |
| TX | 0.22 | 1.02 |
| UT | 1.56 | 2.00 |
| WA | 5.40 | 3.32 |
State Market Research Analysis
Arizona
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Type II Groundwater | Monthly | Audrey | Logan, Amanda |
| LTSC | Monthly | Audrey | Logan, Amanda |
| Effluent | Annual | Audrey | Logan, Amanda |
| CAP (Tribal)/ Colorado River Entitlements | Quarterly to biannual | Audrey | Logan, Amanda |
| Extinguishment Credits | Quarterly to biannual | Audrey | Logan, Amanda |
| Surface Water | Annually | Audrey | Logan, Amanda |
| Imported Groundwater | Quarterly | Audrey | Logan, Amanda |
| New AMAs (Douglas and Wilcox) | Annual | Audrey | Logan, Amanda |
| Comp Improvement | Annual | Audrey | Logan, Amanda |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
- The second bar chart tracks overhead hours.
Overhead Markets
Assigned overhead hours are to non-annual contract markets, or market regions that are not billed to CAGRD. In addition to the overhead markets (Outside AMA Groundwater and Surface Water (not Colorado River)), hours will be assigned to emerging AMAs once we have an idea of the trading activity in these emerging AMAs.
CAGRD Markets
Assigned billable hours are to CAGRD markets. This includes most of
Arizona markets.
Note that the echo = FALSE parameter was added to the code
chunk to prevent printing of the R code that generated the plot.
California
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Overhead Surface Water | Monthly | Helena | Isabelle |
| Overhead Adjudicated Basins | Monthly | Helena | Isabelle |
| Overhead Non-Adjudicated Basins | Monthly | Helena | Isabelle |
| NASDAQ Surface Water Market | Monthly | Helena | Isabelle |
| NASDAQ Adjudicated Basins | Monthly | Helena | Isabelle |
| Comp Improvement | Annual | Helena | Isabelle |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
- The second bar chart tracks overhead hours.
### Overhead Markets
Assigned overhead hours are to non-billable markets, or market
regions that are not billed to NASDAQ.
Nasdaq Markets
Assigned billable hours are to NASDAQ markets.
Colorado
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| CBT | Monthly | Elliot | Thomas, Coltan |
| Denver Basin | Annual | Elliot | Thomas, Coltan |
| Upper South Platte Rural | Semi-Annual | Elliot | Thomas, Coltan |
| Lower South Platte Rural | Semi-Annual | Elliot | Thomas, Coltan |
| Division 2 (Arkansas) | Semi-Annual | Elliot | Thomas, Coltan |
| Division 3 (Rio Grande) | Semi-Annual | Elliot | Thomas, Coltan |
| N Front Range | Quarterly | Elliot | Thomas, Coltan |
| Division 5 (Colorado Mainstem) | Semi-Annual | Elliot | Thomas, Coltan |
| West Slope Other (Divisions 4, 6, and 7) | Annual | Elliot | Thomas, Coltan |
| Comp Improvement | Annual | Elliot | Thomas, Coltan |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
- The second bar chart tracks overhead hours.
### Overhead Markets
Assigned overhead hours are to non-billable markets, or market
regions that are not billed to H2O Front Range and Greeley.
Markets Billable to H2O FrontRange and Greeley
Assigned billable hours are to H2O FrontRange and Greeley.
Idaho
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Upper Snake | Annual | Cassidy | Savanna |
| Middle Snake | Annual | Cassidy | Savanna |
| Lower Snake | Annual | Cassidy | Savanna |
| Bear River | Annual | Cassidy | Savanna |
| Salmon & Terminal | Annual | Cassidy | Savanna |
| Northern Idaho | Annual | Cassidy | Savanna |
| Comp Improvement | Annual | Cassidy | Savanna |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
- The second bar chart tracks overhead hours.
### Overhead Markets
Assigned overhead hours are not billed to ShoBan.
Markets Billable to ShoBan
Markets Billable to ShoBan
Montana
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Entire State | Annual | Thomas | NA |
| Comp Improvement | Annual | Thomas | NA |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
New Mexico
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Middle Rio Grande | Annual | Richard | NA |
| San Juan Chama Project | Annual | Richard | NA |
| Pecos River | Annual | Richard | NA |
| Lower Rio Grande | Annual | Richard | NA |
| Upper Rio Grande | Annual | Richard | NA |
| Comp Improvement | Annual | Richard | NA |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
Nevada
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Truckee | Quarterly | Isabelle | Helena, Logan |
| Carson | Annual | Isabelle | Helena, Logan |
| Walker | Annual | Isabelle | Helena, Logan |
| Great Basin Central and East | Annual | Isabelle | Helena, Logan |
| Southern Nevada | Annual | Isabelle | Helena, Logan |
| Comp Improvement | Annual | Isabelle | Helena, Logan |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
Oregon
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Coastal | Annual | Josslyn | Helena |
| Deschutes | Annual | Josslyn | Helena |
| Deschutes GW Mitigation | Annual | Josslyn | Helena |
| Eastern (Columbia) | Annual | Josslyn | Helena |
| Eastern (Snake & Terminal) | Annual | Josslyn | Helena |
| Klamath | Annual | Josslyn | Helena |
| Rogue | Annual | Josslyn | Helena |
| Willamette | Annual | Josslyn | Helena |
| Comp Improvement | Annual | Josslyn | Helena |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
Utah
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Upper Colorado-Dirty Devil | Annual | Cassidy | Savanna |
| Upper Colorado-Dolores | Annual | Cassidy | Savanna |
| Lower Colorado-Lake Mead | Annual | Cassidy | Savanna |
| Upper Green | Annual | Cassidy | Savanna |
| Great Salt Lake | Annual | Cassidy | Savanna |
| Jordan | Semi-Annual | Cassidy | Savanna |
| Lower Green | Annual | Cassidy | Savanna |
| Lower San Juan | Annual | Cassidy | Savanna |
| Sevier Lake-Escalante Desert | Annual | Cassidy | Savanna |
| Upper Bear | Annual | Cassidy | Savanna |
| Lower Bear | Annual | Cassidy | Savanna |
| Weber | Semi-Annual | Cassidy | Savanna |
| Comp Improvement | Annual | Cassidy | Savanna |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
Texas
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Brazos River SW | Annual | Amanda | Logan, Richard |
| Colorado River SW | Annual | Amanda | Logan, Richard |
| Lower Rio Grande​ SW | Semi-Annual | Amanda | Logan, Richard |
| Guadalupe Basins​ SW | Annual | Amanda | Logan, Richard |
| Trinity Basins​ SW | Annual | Amanda | Logan, Richard |
| Other Surface Water​ SW | Annual | Amanda | Logan, Richard |
| Edwards Aquifer ​GW | Semi-Annual | Amanda | Logan, Richard |
| Central ​GW | Annual | Amanda | Logan, Richard |
| DFW​ ​GW | Annual | Amanda | Logan, Richard |
| Panhandle​ ​GW | Annual | Amanda | Logan, Richard |
| West Texas​ ​GW | Annual | Amanda | Logan, Richard |
| Lower Coast​ ​GW | Annual | Amanda | Logan, Richard |
| South Texas ​ GW | Annual | Amanda | Logan, Richard |
| Houston/Subsidence Districts Credit Market​ ​GW | Annual | Amanda | Logan, Richard |
| Other Groundwater​ ​GW | Annual | Amanda | Logan, Richard |
| Aquifer Conservancy Program ​ | Annual | Amanda | Logan, Richard |
| Comp Improvement | Annual | Amanda | Logan, Richard |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
Washington
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| NA | NA | Amanda | Savanna, Helena, Josslyn |
| Odessa Quincy Subareas | Annual | Amanda | Savanna, Helena, Josslyn |
| Yakima Basin | Annual | Amanda | Savanna, Helena, Josslyn |
| Central Region (Non Yakima) | Annual | Amanda | Savanna, Helena, Josslyn |
| Eastern Region | Annual | Amanda | Savanna, Helena, Josslyn |
| Northwest Region | Annual | Amanda | Savanna, Helena, Josslyn |
| Southwest Region | Annual | Amanda | Savanna, Helena, Josslyn |
| Kittitas Mitigation Banks (Yakima Basin) | Annual | Amanda | Savanna, Helena, Josslyn |
| Water Banks | Annual | Amanda | Savanna, Helena, Josslyn |
| Comp Improvement | Annual | Amanda | Savanna, Helena, Josslyn |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
Wyoming
Schedule
Table
Research schedule, leads, and support. Comp Improvement are hours designated for data cleaning in Waterlitix.| Market | UpdateFrequency | MarketLead | Support |
|---|---|---|---|
| Entire State | Annual | Justin | NA |
Progress on Research Hours
Bar Chart
- The first bar chart tracks annual contract hours.
Progress on Transaction Entry By Market
