NYC construction industry thriving with growth in revenue and employment

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Crains New York Business reports NYC’s construction industry is thriving. The 20 firms on Crain’s list generated revenues in the city 14.3% higher in 2015 than in 2014.

Crains says the bhe biggest gainer was Gilbane Building Co. at no. 9, which nearly tripled its New York-area revenue and ranked five slots higher on the list. The firm’s New York division is now its fastest-growing area, and it attributes this windfall to its entry into New York’s prospering residential and commercial sectors.

“We’ve been in New York for a while, but primarily our work has been on the institutional side, with New York-Presbyterian, New York state and City University of New York being big clients,” said William J. Gilbane III, senior vice president at Gilbane’s New York division. “Very large recent projects like the New York Wheel on Staten Island, 55 Hudson Yards and the Brooklyn Navy Yard have added to our revenue.”

Gilbane’s New York business is still much lower than others in the list, including Tutor Perini Corp. at no. 1, Tishman Construction at no. 2 and Turner Construction Co. at no. 3, whose revenues each topped $2.5 billion in 2015, according to the report.

Meanwhile, the pubication reported that construction employment in the city is at its highest level in more than 40 years, and salaries are rising — at a 3 percent increase in 2015.

NYC construction employment is expected to be 147,000 in 2016, a 6.4 percent increase from 2015.

Change in NY-area revenue:

  • Gilbane Building Co. +171.7%
  • Tutor Perini Corp. +71.7%
  • Hunter Roberts Construction Group +47.5%
  • Schimenti Construction Co. +46.8%
  • Monadnock Construction Inc. +33.4%

Sources: New York Building Congress, New York State Department of Labor, Crain’s research

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