Crains New York - October 22, 2012 - (Page 19)

THE LIST TRENDS Number of jobs 131,800 120,700 112,400 Largest Construction Companies Ranked by 2011 area revenue SPOTLIGHT COMING UP: The New York area’s largest law firms list will appear Oct. 29. NYC construction employment continues to fall 111,500 2008 2009 2010 2011 Number of key projects built in 2011 in the New York area by the top 20 firms 1,954 JOB NUMBERS SOAR BUT SIZE SINKS When it comes to the city’s top 20 construction firms, there’s good news and bad news. On the plus side: The number of major projects built by the top 20 leaped 37.7% last year. The bad news is that while total revenue rose in 2011, it was up less than 1%, hitting $10.5 billion, according to Crain’s research. Fully half the firms on the list reported that solid growth in the number of contracts—driven by work in the health care, education and residential sectors—had well exceeded the step up in revenue. The gap was attributed largely to a rise in the number of smaller renovation projects. “One part of our business that has grown is interior works,” said Charlie Murphy, Charlie Murphy senior vice president at Turner Construction Co., which topped Crain’s list of the 20 local firms ranked by their New York-area revenue last year. “The market has grown, but the dollars haven’t grown as much. A lot more clients are doing a lot of small projects.” Turner itself is a good example of the phenomenon. While the number of the firm’s key projects grew last year by 29.2%, to 177, its revenue headed in the other direction. It shrank by 16.2%, to $2.4 billion. One of its strongest sectors in recent months has been health care. Turner recently broke ground on the $210 million NYU Langone Medical Center Energy Building. Another sector helping to buoy builders’ fortunes is education. As endowments begin to swell again at universities, many are returning to construction. “They’re investing to attract students and faculty,” said Steven Pressler, executive vice president and chief operating officer of the construction management division at STV. That firm ranked No. 11 on the list, after posting the largest revenue gain in 2011, soaring 141.4%, to $205.2 million. The gain was thanks mainly to three projects, including the new police academy in College Point, Queens. Construction in the residential sector has picked up more this year due to increased demand for rental apartments, which is helping to push up rents and whet landlords’ appetites for more construction. “People from all over the world want to live here,” said Richard Anderson, president of the New York Building Congress. “We are starting to get a construction response to this high demand.” Overall construction is expected to continue growing in 2012. In Manhattan, new building permits are up 94% so far this year, to 70. Because erecting a building from scratch is much more costly than renovating one, that change in the mix should help drive revenue. Office construction is also expected to improve. —EMILY LAERMER Sources: New York Building Congress, New York State Department of Labor Construction’s ebbs and flows Number of initial construction permits, by borough Totals 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 ■ 2009 ■ 2010 ■ 2011 76,695 80,662 86,860 Manhattan Bronx Brooklyn Queens Staten Island Source: New York City Department of Buildings & %!" ''%' ' ' $# '! ' $! ' &% $# '! ' $! ' ' '& "! &! &' "! "! $;85.8 659:8;,:165 6 F5D@? +E &6H 0@C< &0 +(%( &(' HHHEFC?6C4@?DECF4E:@?4@> * ! !#!''& I64FE:G6 G:46 AC6D:56?E (#) +(' . +6?:@C G:46 AC6D:56?E 86?6C2= >2?286C %!# !) $% 92:C>2? . $ (C6D:56?E $) &% . 92:C>2? #' )'&)!*& 6?6C2= >2?286C &6H 0@C< -?:G6CD:EJ $2?8@?6 %65:42= 6?E6C @DE@? 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Table of Contents for the Digital Edition of Crains New York - October 22, 2012

Crains New York - October 22, 2012
In the Boroughs
In the Markets
The Insider
Business People
Opinion
Greg David
Report: Real Estate
Real Estate Deals
The List
Digital New York
Classifieds
For the Record
New York, New York
Source Breakfast
Out and About
Snaps

Crains New York - October 22, 2012