Just a New Coat of Paint?

During the last year we have watched many, many buildings in our city being fixed up through a process of covering the exterior with foam, cement, and paint (in that order). It makes a huge difference in the look of the building, and the entire neighborhood when many are done. Imagine a building build with an exterior of small white tiles and many large cracks, now smooth and newly painted and often also sporting new fancy trim. During the past couple weeks the building just outside our living room windows was going through this updating process. The kids and I would often sit at the windows and watch and also greet the workers each day as we passed by on our way to and from school. I took a picture just as they were finishing the building. (The building has not yet been painted so now you just see the gray cement.) In the pictures you can see the orange on the left is the area not yet covered with foam, white is where there is foam but no cement, and gray is the area with foam and cement over the foam. Oh, and also before they cover it all with cement they place a sort of nylon? webbing over the foam. I am not a construction person so don't know much other than what I watched, just had fun observing. The orange area at the bottom of the building looks as though it was completed last summer, when our building was also finished.