New York revenue for top builders keeps growing
It’s been a solid year for general contractors and construction managers in New York and New Jersey, with the 50 firms in the Top Contractors ranking reporting revenue of $27.42 billion in 2018, a 6.5% increase from the $25.75 billion that the 50 highest-ranking companies reported for 2017.
There were some surprises when looking at revenue figures for the top 10 firms in certain sectors. Revenue for firms working on religious and cultural projects rocketed 42.34% to $367 million, while those reporting work on green projects grew revenue an impressive 24.4% to $9.43 billion as more owners apparently believe that greener structures equal greener bottom lines.
“One trend we’ve been seeing in the market is an uptick in high-performance buildings, including toward LEED Gold and Platinum certification, smart buildings and passive house construction,” says Charlie Avolio, Suffolk Construction president and general manager, whose firm is at No. 24 on the main ranking, up from No. 37 last year. “Clients are increasingly prioritizing projects that are less likely to be affected by any legislative changes with regard to energy efficiency.”
Retail construction revenue rose 11.7% to $1.05 billion for the top 10 firms in the sector, with that market niche a core strength for J.T. Magen, says its president, Maurice Regan. The firm is building the Nordstrom flagship store in Manhattan, slated to open in October.
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