GULF COAST
Business Review
50
Top
Contractors
Final Leg of the Fall? More than half of our top 50 reported lower revenues in 2010 than in 2009. But construction executives are reporting reasons for hope in 2011.
Let’s forget about 2010. Executives in the Gulf Coast construction industry, after three years of declines, are reporting signs of better days have started to appear. At least anecdotally, they say there are legitimate reasons for hope. But for the record, we must still report the stats: Total annual revenues for the top 50 Gulf Coast construction com-
panies from Tampa to Naples fell 11% last year, from $2.158 billion in 2009 to $1.919 billion in 2010. Revenues were down individually in 29 of those 50 firms, in a range of a 1.6% drop to a 46.2% drop. Moreover, 15 of those 29 companies reported a loss of 20% or greater. The list of firms that lost revenues is littered with well-respected, established names — Sarasota-based
W.G. Mills, which, despite a 41.4% drop in 2010, from $274.62 million to $161 million, remains the region’s largest construction company. Providence, R.I.-based Gilbane Inc., a $4 billion firm, bought Mills last November. Other stalwarts that reported 2010 revenue decreases: Tarpon Springs-based Hawkins Construction, which fell from $142.5 mil-
lion to $107 million, a 24.9% drop; Lakewood Ranch-based DooleyMack Constructors, which dropped 22.4%, from $134 million to $104 million; and Naples-based Boran Craig Barber Engel Construction Co., which lost 27%, from $82.15 million to $60 million. The revenue decreases, while contagious, didn’t reach epidemic status in 2010. Some companies actually reported increases, including two that surpassed $100 million. Those companies, Tarpon Springsbased J. Kokolakis Contracting Inc. and Tampa-based Prince Contracting, were up 44.9% and 38.3%, respectively. — Mark Gordon
Courtesy of Key Glass LLC, #43