UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2003

Commission file number: 1-4033

VULCAN MATERIALS COMPANY
CONSTRUCTION MATERIALS DIVISIONS
HOURLY EMPLOYEES SAVINGS PLAN
(full title of the plan)

VULCAN MATERIALS COMPANY
(Name of issuer of the securities held pursuant to the plan)

1200 Urban Center Drive
Birmingham, Alabama 35242
(Address of issuer's principal executive offices and address of the plan)

Vulcan Materials Company
Construction Materials Divisions Hourly Employees Savings Plan
Financial Statements as of and for the
Years Ended December 31, 2003 and 2002,
Supplemental Schedule as of
December 31, 2003, and
Report of Independent Registered Public Accounting Firm

ASSETS
INTEREST IN MASTER TRUST:
  Investments
  Participant loans

    Total interest in Master Trust

RECEIVABLE FROM VULCAN
  MATERIALS COMPANY:
   Employee contributions

NET ASSETS AVAILABLE FOR BENEFITS

See notes to financial statements.

2003

$59,589,699
4,089,543

63,679,242



102,324

$63,781,566

2002

$48,319,323
3,567,951

51,887,274



28,675

$51,915,949

ADDITIONS (DEDUCTIONS) TO NET ASSETS
ATTRIBUTED TO:

Investment income (loss) from interest in Master Trust

Contributions:
  Participants
  Vulcan Materials Company
    Total contributions

Loan repayments from participants

Transfer of participants' investment
  account between other Vulcan Materials
  Company plans (Note 1)

TOTAL

2003


$9,281,856


6,460,967
1,976,768
8,437,735

5,891,509



(344,490)

23,266,610

2002


$(4,009,148)


6,334,722
1,779,883
8,114,605

2,224,352



237,252

6,567,061

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

  Withdrawals by participants

  Loans to participants

TOTAL

NET INCREASE (DECREASE)

NET ASSETS AVAILABLE FOR BENEFITS:
  Beginning of year

  End of year

See notes to financial statements.

5,052,286

6,348,707

11,400,993

11,865,617


51,915,949

$63,781,566

4,446,739

2,410,609

6,857,348

(290,287)


52,206,236

$51,915,949

1.

DESCRIPTION OF THE PLAN

General-The Vulcan Materials Company Construction Materials Divisions Hourly Employees Savings Plan (the "Plan"), a defined contribution employee benefit plan established effective October 1, 1983 and most recently restated effective October 1, 2002, provides for additional investment options and daily valuation of individual account balances. The purpose of the Plan is to provide for accumulation of savings for qualifying nonunion hourly employees of Vulcan Materials Company's (the "Company") southeast, mideast, midsouth, southwest, western, southern, and midwest divisions and its wholly owned subsidiaries, Vulcan Gulf Coast Materials and RECO Transportation, LLC (collectively, the "Participating Companies").

Effective October 1, 2002, the Company amended and restated the Plan. In connection with the amended and restated Plan, the Company designated a portion of the Plan consisting of the Vulcan Materials Company common stock fund as an employee stock ownership plan ("ESOP"). The Vulcan ESOP fund allows a participant to elect to have the dividends paid on Vulcan Materials Company common stock reinvested in the Company's common stock or paid to the participant in cash.

A participant may transfer between the Company's divisions. In these instances, the net assets of the participant's account will be transferred between the other defined contribution employee benefit plans that participate in the Vulcan Materials Company Retirement Savings Trust (the "Master Trust").

Participation and Vesting-Generally, hourly employees qualify to participate on the first of the month following completion of two months of employment service. Participants are fully vested at all times.

Contributions-The Plan is funded through contributions by participants and the Participating Companies. The Plan provides for two types of employee contributions to the Plan: pay conversion contributions (pretax) and after-tax contributions. An employee may designate multiples of 1%, ranging from 1% to 35%, of earnings as either pay conversion contributions, after-tax contributions, or any combination of the two. Pay conversion contributions, which are subject to annual increases pursuant to federal regulations, are limited to a maximum dollar amount of $12,000. Certain additional limits may be imposed on the amount of contributions by or on behalf of certain higher-paid employees. For participants over the age of 50, additional catch-up contributions may be made in the amount of $2,000 and $1,000 for the years ended 2003 and 2002, respectively.

The Participating Companies expect to make matching contributions out of current and accumulated earnings and profits to match that portion of an employee's contribution (whether pretax, after-tax, or both) amounting up to 4% of the employee's earnings. Matching contributions by Participating Companies are determined by their boards of directors and normally range from 50% to 75% depending on a participant's completed years of matching service.

<PAGE 4>

Investment Options-Participants' contributions are invested in the 13 separate investment funds of the Plan in proportions elected by the participant. The Participating Companies' matching contributions are invested in the fund which invests primarily in the Company's common stock and are nonparticipant-directed. See Note 4 for further information on nonparticipant-directed contributions.

Allocations and Determination of Accounts-Separate accounts are maintained for each participant for matched, unmatched, and Participating Companies' contributions and accumulated earnings on each. Additionally, subaccounts are maintained for matched and unmatched accounts for the portion of each account that is attributable to pretax contributions and the portion attributable to after-tax contributions. Monthly net earnings are allocated to each participant's account in the ratio of the participant's account balance to total participants' account balances.

Distributions and Withdrawals-A participant's total account is distributed upon retirement, disability, death or termination of employment unless the account value is greater than $5,000, in which case the participant may defer until age 70 1/2. As of December 31, 2003 and 2002, benefits of $3,613,282 and $3,068,646, respectively, were due to individuals who were separated from the Plan. Prior to a termination of employment, participants may make partial withdrawals or may withdraw their total account, except that if a participant has not maintained a participant contribution account for the 60 months immediately preceding the voluntary withdrawal, no Company contributions which have been on deposit less than 24 months will be distributed until 24 months after the earlier of the employee's withdrawal date or the employee's termination of employment. In addition, any in-service distribution from a participant's pretax contributions must meet the requirements of a "hardship withdrawal," as set forth in the Plan document.

Participant Loans-Participants may apply for up to one loan at any time. The amount of the loan cannot exceed the lesser of 50% of the participant's total account or $50,000. If a loan is made, the participant shall execute a note payable to the trustee in the amount of the loan and bearing interest at the Prime interest rate plus 1%. The average rate of interest on loans approximated 6.1% and 8% as of December 31, 2003 and 2002, respectively. A loan is considered an investment of the Plan. The participant's investment accounts will be reduced by the amount of the loan. Any repayment made will be allocated to the participant's investment accounts in accordance with his or her current investment direction. Loans must be repaid in on a per pay period basis through payroll deductions and must be repaid within 60 months.

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General-The financial statements of the Plan have been prepared on the accrual basis of accounting. All assets of the Plan are held by the Northern Trust Company of Chicago, Illinois (the "Trustee"). The Company pays the administrative costs of the Plan, including the Trustee's fees and charges. Hewitt Associates LLC (the "Recordkeeper") is the recordkeeper for the Plan.

The Plan's investment in the Master Trust represents its proportionate interest. The Plan's investment in the Master Trust is presented at estimated fair value, which has been determined based on the underlying fair values of the assets of the Master Trust.

Valuation of Investments and Income Recognition-Investments, other than guaranteed investment contracts, are reported at fair value. Investments in securities traded on national and over-the-counter exchanges are valued at the closing bid price of the security as of the last day of the year. Guaranteed investment contracts are valued at contract value, which represents contributions made under the contract, plus earnings, less withdrawals and administrative expenses, because they

<PAGE 5>

are fully benefit-responsive. There are no reserves against contract value for credit risks of the contract issuer or otherwise. The average yield and crediting interest rates were approximately 4.25% and 5.50% for 2003 and 2002, respectively.

Loans to participants are valued at cost plus accrued interest which approximates fair value. The average cost of securities sold or distributed is used to determine net investment gains or losses realized. Security transactions are recorded on the settlement date, which approximates the trade date. Distributions of common stock, if any, to participants are recorded at the market value of such stock at the time of distribution. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Investment manager fees are netted against Plan investment income. Expenses incurred in connection with the transfer of securities, such as brokerage commissions and transfer taxes, are added to the cost of such securities or deducted from the proceeds thereof.

Valuation of Investments (Insurance Contract) of Master Trust-Guaranteed investment contracts are valued at contract value (which represents contributions made under the contract, plus earnings, less withdrawals and administrative expenses), because they are fully benefit-responsive.

Use of Estimates-The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein. Actual results could differ from those estimates. The Master Trust invests in various securities including U.S. government securities, corporate debt instruments, and corporate stocks. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Reclassifications-Certain prior year items have been reclassified to conform with the current year presentation.

3.

INVESTMENT IN MASTER TRUST

The Plan's investment assets are held in a trust account by the Northern Trust Company of Chicago, Illinois, the Plan's Trustee. Use of the Master Trust permits the commingling of investment assets of a number of employee benefit plans of the Participating Companies. Although assets of the plans are commingled in the Master Trust, the Recordkeeper maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the participating plans. The net investment income or loss of the investment assets and administrative expenses are allocated by the Recordkeeper to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans.

<PAGE 6>

Commingled fund holding principally short-term fixed
  income investments
Guaranteed investment contracts
Fund holding principally venture capital
  and partnership investments
International equity investments
Domestic equity investments
U.S. government securities
Commingled funds holding principally common stock
Commingled funds holding principally international
  equity instruments
Vulcan Materials Company common stock*
Corporate debt investments
Other equities
  Net assets

Percentage of Plan's investments in the Master
  Trust's investments

*Consists of both participant-directed and
   nonparticipant-directed contributions.

2003

$98,437,655
87,219,810

26,096,654
107,658,874
113,041,238
66,993,828
85,040,720

36,955,890
269,938,820
63,808,801
18,923,268
$974,115,558


6.1%

2002

$82,261,237
73,659,748

25,860,144
84,282,775
76,695,674
61,457,771
58,050,365

27,975,225
218,074,431
56,567,037
23,097,851
$787,982,258


6.1%

Interest-net
Dividends
Other
Net investment gains (losses):
  Realized
  Unrealized
     Total

2003
$12,136,202
6,245,087
127,297

30,463,685
143,253,303
$192,225,574

2002
$12,045,779
6,319,623
260,289

(2,008,576)
(148,282,806)
$(131,665,691)

4.

NONPARTICIPANT-DIRECTED INVESTMENTS

Information about the net assets and the significant components of the changes in net assets relating to Vulcan Materials Company common stock, which includes both participant- and
nonparticipant-directed investments as of and for the years ended December 31, 2003 and 2002 is as follows:

Net assets-beginning of year
Changes in net assets:
  Investment income (loss)
  Employer's contributions
  Participants' contributions
  Loan repayments from participants
  Benefits paid to participants
  Distribution of loans to participants
  Transfers to participant-directed investments-net
Net change
Net assets-end of year

2003
$218,074,431

62,387,372
8,150,074
7,850,162
4,099,908
(13,140,714)
(4,578,083)
(12,904,330)
51,864,389
$269,938,820

2002
$287,361,951

(53,830,879)
2,379,650
3,018,447
1,208,789
(15,353,726)
(1,619,711)
(5,090,090)
(69,287,520)
$218,074,431

5.

PLAN TERMINATION

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA.

6.

TAX STATUS

The Internal Revenue Service has determined and informed the Company by a letter dated January 10, 2003 that the Plan and related trust were designed in accordance with the applicable regulations of the Internal Revenue Code. The Company and plan administrator believe that the Plan is currently designed and operated in compliance with the applicable requirements of the Internal Revenue Code and that the Plan and the related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan's financial statements.

******

(a)   (b) Identity of Issuer, Borrower, Lessor, or Similar Party

(c) Description of Investment, Including
Maturity Date, Rate of Interest,
Collateral, and Par or Maturity Value

(d) Cost

(e) Current
Value

*Various Plan participants

Participant loans at interest rates of 5% to
10.5% maturing in 1 to 48 months

**

$4,089,543

SIGNATURES

THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other person who administers the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 25, 2004

VULCAN MATERIALS COMPANY
CONSTRUCTION MATERIALS DIVISIONS
HOURLY EMPLOYEES SAVINGS PLAN


by: /s/ Charles D. Lockhart          
Charles D. Lockhart
Chairman of the Administrative Committee