Last week fertilizer stocks all surged in unison after the world's largest mining company BHP Billiton (NYSE: BHP) tried, and failed, to acquire the world's largest potassium company Potash Corp. (NYSE: POT).

Right now, there's only one company in the sector that's still (relatively) inexpensive. More on that company in a minute…

First, a little tooting of my own horn: just over a month ago, I recommended you pick up shares of another fertilizer company (now the second largest) -Mosaic Co. (NYSE: MOS).

Here's what I said on July 22:

You've no doubt heard about the wildfires ravaging Russia's countryside. These fires have seriously impacted Russia's wheat harvest, and have sent wheat prices soaring around the world.

This morning, mining company BHP Billiton (NYSE:BHP) offered $39 billion, or $130 a share for the world's largest fertilizer company, Potash Corp of Saskatchewan (NYSE:POT).

Note: Unless expressly noted, all figures are presented in Canadian Dollars ($CAD).

With Canadian municipalities issuing between $6 billion and $7 billion worth of building permits each month, the construction spending boom in Canada is on. Being driven by new construction projects as well as improvements to existing infrastructure, this trend continues to gain steam. Building in areas of Western Canada such as Alberta and British Columbia has been especially strong. This movement has played directly into the hands of The Churchill Corporation (TSE: CUQ.TO).

Based in Edmonton with a market cap of a little more than $300 million, the company operates as a diversified construction company. Through its four operating segments Churchill provides general contracting, electrical, insulation and industrial contracting services to clients in both the public and private sectors.

The company was incorporated in 1981 and derives the majority of its revenue from its Stuart Olson subsidiary, which has a history dating back to 1939. The Stuart Olson division of Churchill has emerged as a prominent player in construction management and general contracting services in Western Canada. It has recently landed contracts with the University of Calgary, Red Deer College and Discovery Parks.

Laird Electrical is the company’s second largest source of revenue and was acquired by Churchill in 2003. It specializes in industrial electrical construction and maintenance services. Churchill also has two smaller subsidiaries that handle its insulation and industrial contracting projects. Included in the insulation segment’s portfolio are prestigious clients such as Agrium Inc. (NYSE: AGU), Imperial Oil Ltd. (AMEX: IMO) and Suncor Energy Inc. (NYSE: SU).

The uptick in construction in Western Canada has had a stirring impact on Churchill’s bottom line as well as its stock price. Common shares of Churchill have surged more than 170% over the course of the past 52 weeks. The company’s third-quarter results which were reported in November were extremely impressive. For the quarter ended Sept. 30, management reported net income of $5.6 million, or $0.31 per share, on $203.8 million in contract revenue.