NYC's Construction Companies' Recent Growth Has Been Staggering
We doubt we’re saying anything shocking when we say the NYC construction industry is flourishing, but it may surprise you just how well it’s doing.
In 2015, the city’s top 20 firms brought in revenues that were 14.3% higher than the year before, Crain’s reports. The biggest jump was found at Gilbane Building Co, which tripled its NYC revenue (growing 171.7%) as it rose from the ninth-biggest firm in the city to the fourth. As such, Gilbane has placed a greater focus on its fast-growing NYC division.
While Gilbane’s family-owned and operated structure has kept the company strong for 143 years, it doesn’t compare to the city’s other firms, like Tutor Perini Corp—which grew 71.7%—Tishman Construction and Turner Construction, which each brought in more than $2.5B in 2015.
But that’s not the only stat that should be catching your interest: construction employment in the city is at its highest level in more than 40 years, and it’s expected to increase another 6.4% in 2016, reaching 147,000 workers by year’s end. Wages are also on the rise, however, growing 3% in 2015. [Crain’s]