Formula checks if value in field is Approved for all like items, then return ""All Approved

Do you gave any relationships?  Does 1 Road have many Permits?

Yes 1 Road can have many permits.
If all Permits for that Road have status of Approved then that Road status is Approved. If any Permits for that Road show anything other than Approved, then that Road status is Not Ready.

No problem.

Make a summary count field of the # of Permits.
Make a summary count field of the # of Approved Permits.

Then make a formula text field

IF(
[# of Permits]=0, "No Permits",
[# of Permits] = [# Approved Permits], "All Approved",
totext([# Approved Permits]) & " of " totext([# of Permits]) & " Approved"))

Dear Champion, you are AMAZING!
Provided just what I needed, logic worked!
Thank you, my friend. You have given me the trick I needed to make many of my reports come to life.