Executive Search Firm News - Construction Industry Growth Continues

Construction Industry Growth Continues

The U.S. construction market is expected to continue its two-year upswing, according to the Engineering News-Record.

Construction executives can take note of the growth as evidenced in the Top 600 Specialty Contractors report, released by Engineering News-Record.

The Top 600, as a group, generated $57.44 billion in revenue in 2005, an increase of 11.7 percent over 2004’s figure of $51.41 billion.

“If you’re a high-end contractor, things look good for the next ten years or so,” said Tony Guzzi, president of EMCOR Group in the ENR article.

The growth has lead to several shifts in the construction sector:

• Firms are expanding their reach through acquisitions
• A demand for specialty contractors has resulted in the implementation of new programs at firms and within union specialties
• An examination of strict hiring laws regarding legal immigrant workers
• Reexamining starting pay scales to attract young people into the field
• Improving workplace wellness and safety

Despite this continued growth, the residential market has taken a hit, with one firm noted a $7 million drop. “The condo market spiked up pretty quickly over the past couple years and now it’s falling off,” said Chuck Mowrey, president of Harmon Inc. in the ENR article.

“The fall-off in the residential market could mean migration of new competitors that serviced that market into the markets we serve,” said Mark Santacrose, president of Tecta America. “But it also might mean less pressure on interest rates as fewer mortgages are being issued.”

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