Demanding Growth Continuous Adaptation
Letter From The CEO
We are proud to present our 2023 Corporate Responsibility Report, which reflects our purpose: building what matters with exceptional skill, creating better communities, outstanding experiences, and a culture of care for all. In a dynamic industry and world, our purpose, core values, and vision guide our decisions and actions. We take a proactive approach to social impact, economic innovation, and environmental sustainability, leaving a lasting positive footprint in the communities we build.
This past year was one of impressive growth. We achieved record revenue of $713 million with continued expansion into new and existing markets, including northern Colorado/Wyoming, southern Colorado, the mountains, and concrete services. We’re particularly excited about capturing additional market share in the southern and mountain regions of Colorado. We also welcomed a significant number of new hires, expanding our capacity to deliver exceptional results.
We remain deeply committed to safety, achieving the best safety record in over 20 years, thanks to our innovative Safety 3.0 initiative. This program goes beyond checklists, promoting collaborative hazard identification and safer work environments through “Human Performance Principles.” We also prioritized a mental health initiative – highlighted on pages 27 – 28 of this report – fostering a culture of care that includes prevention, early identification, and preparation for emergencies. This program promotes maintaining our employee’s mental health at the same level as their physical health.
Employee development remains a top priority. We expanded our learning and development opportunities, providing the tools and resources to help employees excel in their careers and create a deeper connection to our culture. Key areas of focus included crisis management, leadership development, technology systems, and mental health awareness. Additionally, we introduced a new onboarding manager role to ensure our Operations employees are well-equipped for success and aligned with our corporate culture, purpose and values.
While we continue to monitor and address our environmental impact, we acknowledge the need for further action. In 2024, we will update our materiality analysis with our stakeholders and develop a sustainability road map. This will guide the development of a new, multiyear CSR strategic plan, ensuring we continue to reduce our environmental impact.
The past year was indeed one of demanding growth. We stretched our teams, navigated supply chain issues, adapted to workforce challenges, and executed a complex, geographically diverse work program. While some projects faced unexpected outcomes, Saunders remained profitable and financially strong. We’ve learned from these challenges, and the lessons will inform future business plans and priorities.
Through continuous adaptation, we will lead the Colorado construction market in delivering outstanding experiences. I am inspired and motivated by the potential our future holds. We’re committed to navigating the new economic, social, and environmental landscape while remaining a true community builder.
Thank you for your continued support of Saunders Construction.
Greg Schmidt Chairman & Chief Executive Officer
Corporate Overview
Saunders Construction is an employee-owned corporation headquartered in Englewood, Colorado, primarily performing construction management/general contracting work in the Rocky Mountain region. Founded in 1972, Saunders provides integrated construction management/general contracting, designbuild, public-private partnership (P3), and commercial real estate development services to a variety of market segments.
Saunders is dedicated to corporate social responsibility (CSR), recognizing that investing in our people, focusing on safety, improving business processes and reducing environmental impact adds value to our industry.
• Aurora Economic Development Council
• Associated General Contractors (AGC)
• AGC - Construction Education Foundation
• B:CIVIC
• Castle Rock Economic Development Council
• Colorado Black Chamber
• Colorado Inclusive Economy
• Colorado Springs Chamber of Commerce
• Colorado Women’s Chamber of Commerce
• Construction Finance Management Association
• Downtown Denver Partnership
• Fort Collins Chamber of Commerce
• Hispanic Contractors of Colorado (HCC)
• Lean Construction Institute
• Master’s Apprentice
• Metro Denver Chamber of Commerce
• United States Green Building Council
• Urban Land Institute
• Winter Park and Fraser Chamber of Commerce
• Women in Healthcare
Project Stats
28 37 Projects Started Projects Completed
*Master Service Agreement accounts counted as single projects.
B Impact Score
The B Impact Assessment covers the impact our business has across the board — including employees, clients, community and environment. The score also reflects best practices in relation to Saunders’ mission, measurement and governance.
CSR Initiatives
ECONOMIC
Maintain, grow and diversify our work program.
ENVIRONMENTAL
Require all project sites to recycle construction waste.
SOCIAL
Cultivate high quality relationships with industry partners. Implement efficient, ethical and effective business processes.
Reduce our use of water through efficient fixtures and smart watering systems.
Measure our greenhouse gas emissions and evaluate best practices for reduction.
Encourage participation in companysponsored wellness events.
Create opportunities for employees and their families to participate in volunteering.
Provide training and development opportunities to our employees and small and diverse trade partners.
“If you make meaning, you’ll make money.”
—Guy KawasakI
Economic
$713,069,611*
Reflection of Successes Saunders
Concrete Structures First Year at a Glance
Over the last year, Saunders Concrete Structures (SCS) has achieved many successes. Led by Construction Manager Matt Van Matre and Field Operations Manager Justin Cooper, SCS has made a substantial impact overall at Saunders. This new business unit allowed Saunders to begin focusing on more sustainable concrete practices, provide vertical growth opportunities to employees, and give back to the community in thoughtful ways, creating an impact with other construction companies.
Sustainability in the concrete industry is evolving rapidly. New cement types are in wide use in the market, most notably 1L, 1T, and low carbon mixes. Working with these mixes can present challenges. To stay ahead of potential issues, SCS is conducting research on these cement types and potentially beneficial admixtures, ensuring performance and quality. This proactive approach allows our team to adapt to new industry trends and reduce environmental impact.
Overall, SCS significantly contributes to the company’s bottom line, targeting 10% of gross revenue of the corporation. By controlling critical aspects of the construction schedule, the business unit reinforces our identity as builders, not brokers.
Another notable success is the individual vertical growth within the concrete business unit, including five personnel promotions. The business unit plans to continue this trend in 2024 and 2025. Moreover, the establishment of the business unit has enabled involvement in philanthropic initiatives, such as the Stand and Fight Foundation. This foundation, founded by Tyler Schilling at Concrete Frame Associates in honor of his daughter who receives treatments at the Children’s Hospital of Colorado, benefits from the team’s participation in events like the Stand and Fight Foundation’s Top Golf event, supporting a colleague and a crucial cause.
On top of all the other concrete contracts currently underway, the concrete team is working on a $15 million concrete project for Hensel Phelps at the Limelight Hotel on the University of Colorado Boulder campus.
These achievements over the past year demonstrate the viability and growth potential of the business unit. SCS will continue to mature and grow in it’s role in building what matters for the communities we serve.
Saunders Giving
27J Education Foundation
A Precious Child
ACE Scholarships
AGC Construction Education and Research
American Red Cross Mile High Chapter
Apex Parks & Recreation District Foundation
Associated General Contractors of America
Aurora Economic Development Council, Inc
Brent’s Place
Castle Rock Economic Development Council
Cherry Creek Schools Foundation
Civic Center Conservancy
Colorado Business Hall of Fame
Colorado Dream Foundation
Colorado Uplift
Colorado Youth Outdoors Charitable Trust
Craig Hospital Foundation
Denver Metro Chamber of Commerce Leadership Foundation
Denver Public Schools Foundation
Dolls for Daughters (dba Kenzi’s Causes)
Douglas County Educational Foundation
Family Homestead
Girl Scouts of Colorado
Girls in STEM (STEMblazers)
Greater Colorado Council, Boy Scouts of America
Heart & Hand Center
HopeKids Colorado
Intermountain Health - Good Samaritan Foundation
Intermountain Health - St. Joseph Hospital Foundation
Invest in Douglas County School District
JEWISH Colorado
Joseph Serna dba HOYA Foundation
Littleton Public Schools Foundation
Mental Health Colorado
Mount St. Vincent
National Sports Center for the Disabled (NCSD)
Realities for Children
Teach Men to Fish
University of Colorado Foundation
University of Denver
Urban Youth Ministries
Warren Village
Western Stock Show Association
Associated General Contractors
Cornhole for the Soul Fundraiser
Colorado Dream Foundation
Aquarium Field Trip
National Sports Center for the Disabled - Wells Fargo Cup
Building Confidence in Kids
One River North Visit
Environmental
Managing Our Water Usage
SAUNDERS TRACKS WATER USAGE ON THE PROJECTS FOR WHICH WE PAY THE WATER BILL, IN ADDITION TO OUR OFFICES AND WAREHOUSE.
OUR REFINED APPROACH EXPANDS THE SCOPE OF WHAT IS REPORTED AND PROVIDES A HIGHER LEVEL OF CLARITY ON WATER CONSUMPTION.
Pollution and Waste Initiatives
Construction Waste Diversion Program
Approximately 19% of waste was diverted from landfills in 2023. Saunders continues to divert waste from landfills by functionally and creatively re-purposing materials, and/or simply recycling, when applicable at all project sites. Projects inventory all materials and communicate diversion expectations within subcontracts and vendor agreements, as well as daily communications to all construction professionals.
Stormwater Pollution Prevention
Pollutants such as oil, fuel, and sediment are prevalent in construction operations and can negatively impact the local environment. Saunders implements stormwater management practices on all of our projects to reduce impact and is proud to report no violations.
Reducing Our Footprint
Saunders’ commitment to continuous improvement in how we reduce our greenhouse gas (GHG) emissions in daily operations includes:
Greenhouse Gas Emissions
5,920 METRIC TONNES
9.97 TONNES PER EMPLOYEE
6,050 METRIC TONNES
10.43 TONNES PER EMPLOYEE
4,076 METRIC TONNES
10.40 TONNES PER EMPLOYEE
Calculations in this scope were based on data from the EPA’s eGrid data for WECC Rockies in 2022. While demand from the grid increased significantly from 2022 (1,652,063 kWh) to 2023, new updated rates were used to calculate 2023’s Scope 2 emissions. The calculation conducted in 2022 used emission data from Colorado’s grid in 2010, so to be more accurate, emission data for the same grid in 2022 was used for this year’s calculation. The 2022 CSR Report only included Scope 3 emissions. This data reflects Scopes 1–3 in total.
Groundbreaking Achievement Saunders Celebrates
Successful Soil
Remediation at Fox Park Superfund Site
The Fox Park Redevelopment is the next great expansion of Denver’s urban core. The 41-acre, mixed-use project is planned to include a new World Trade Center, Colorado’s first Virgin Hotel, office and residential space, and 14 acres of outdoor parks and amenities. Located near the Interstate 70 and Interstate 25 interchange at 44th Avenue and Fox Street, the site was previously home to The Denver Post’s printing plant and the former Denver Brick and Pipe Company.
The soil remediation scope was assisted by the Environmental Protection Agency (EPA) through their Superfund program. During the clean-up operations, the team was required to test, clean, and purify the soil during two phases of soil remediation to meet the EPA’s rigorous standards. The site contained roughly 420,000 cubic yards of low level contaminated or unsuitable fill material across 41 acres, while reaching depths of almost 30 feet.
Our team worked with our trade partner to define the scope of remediation with the EPA, removing and disposing of 498,396 cubic yards (equal to 33,226 truckloads) of contaminated soils. The team then had to import 114,000 cubic yards of clean dirt to the site to support the next phase of construction.
The team collaborated with the EPA, City and County of Denver, RTD, Denver Water and Xcel Energy to remove the contaminated dirt while maintaining an active elevated RTD rail line, I-70 on-ramp, and several major utilities that connect the neighborhoods of West Globeville and Sunnyside.
Saunders is currently working on Civil Utility Phase 1, which consists of the construction of four new Denver streets and infrastructure, along with the preparation of eight future building pads. This scope also includes building a vehicle tunnel under the new 45th Street to connect two future parking garages. Saunders is also completing preconstruction services for several future phases of the Fox Park Redevelopment project currently still in the design phases.
FUTURE PHASES
» Civil Utilities Phases 2, 3 and 4
» Huron Parking Garage and Park
» Fox Park Parking Garage and Park
» Boutique Hotel
» Class A Office Tower
» Entertainment Venue
Steamboat Springs Base Improvements
LEED Silver
NET ZERO 3 WELL CERTIFIED 1
“Go spend time with the aspen trees. They'll tell you how it works.
They'll tell you to look to your roots for energy. They'll tell you there's warmth below the surface.”
Kaya McLaren How I Came to Sparkle Again
Social
Mental Health Initiative
Limited budgets. Tough deadlines. Strained Workforce. Complex building systems. Long days. Hard work. Time and time again our operations, preconstruction and business services teams answer the call of duty to build what matters. All the while juggling other demands outside of work. This can take its toll on our physical — and mental — health.
While the focus on physical safety is paramount to Saunders, the mental health of our workers can be overlooked. However, there is a growing recognition of the importance of mental health initiatives in the construction industry and at Saunders. Addressing mental health concerns not only enhances the wellbeing of our teammates, but also improves physical safety, productivity and overall job satisfaction.
Statistics reveal the severity of the mental health crisis in the construction sector, and according to the U.S. Centers for Disease Control, the construction industry has been identified as one of the leading industries for high suicide rates and substance mis-use. This information underscores the urgent need for mental health initiatives to support workers in this industry.
In 2023, Saunders began to prioritize and implement a mental health initiative intertwined with, and at the same level, as our physical health safety program (Safety: It’s On Me). In conjunction with Saunders’ Safety 3.0 committee, a Ground Crew was established to conduct research, solicit help from third party experts, set goals, and lead the roll-out of the mental health initiative including:
• Conducting a mental health resource audit
• Developing and hosting awareness sessions
• Creating learning videos
• Implementing a Toolbox Talk program
• Improving employee assistance program benefits
“No
matter who you are or what your job responsibilities are, we want to create a culture of care for all. We want everyone to develop the skills to notice the signs when someone may need a little extra support.”
Ame Muniz Director of Learning and Development
As part of this initiative, Saunders partnered with Dr. Sally Spencer-Thomas to create a culture of support and awareness, as well as provide mental health training and resources for all employees. In June 2023, Saunders was selected as one of ten organizations to pilot the 12-month H.O.P.E. Certification program in Colorado.
The H.O.P.E Certification is designed to help workplaces prepare comprehensive well-being programs that empower people to survive and thrive through tough times. It covers proactive prevention and culture change, early identification of mental health challenges, and preparation for mental health emergencies.
By the end of 2023, Saunders achieved the Bronze H.O.P.E.
Certification – marking the initial phase of our mental health resource initiative. We aim to attain the Platinum level in 2024, ensuring comprehensive mental health support for all Saunders employees and their families.
“Saunders Construction is proud to be part of the H.O.P.E. Certification program, collaborating with other organizations to address the mental health needs of Coloradoans. Our participation in this program is a crucial component of our safety management initiative. Ultimately, we aim to prioritize our team members’ mental well-being as much as their physical safety.”
Brad Marsh VP - Safety & People Services
Mental Health Ground Crew
Building Dreams Together
Colorado Dream Foundation & BCiK
In 2023, Saunders continued to support our Building Confidence in Kids (BCiK) partner, Colorado Dream Foundation (formerly known as Colorado “I Have a Dream” Foundation) through fundraising and volunteer opportunities.
Colorado Dream Foundation is a long-term partner to local youth, supporting them as they navigate education and life — offering academic, social and emotional support as they learn, grow and achieve their dreams. Their dream is to have a world where every child has equal access to educational and career opportunities that will ignite their innate potential.
“Our employees have enjoyed hosting social events, field trips and site tours at our construction sites, and fundraising at our annual clay shoot.
We are honored to work alongside Colorado Dream Foundation to build this relationship over the last couple of years, and look forward to supporting future dreams in the years to come!”
Jill Bubenik BCiK Chair
375.5 Volunteer Hours
14 Events
$52,854
Total Net Proceeds Raised at the 2023 BCiK Clay Shoot (Donated to Colorado Dream Foundation)
Non-profits Served
• Brent’s Place
• Colorado Dream Foundation
• Heart and Hand Center
• Hope Kids
• Kenzi’s Causes
• Mount Saint Vincent
• Realities for Children
• Safe Passage
• Warren Village
Colorado’s Affordable Housing Crisis
Ranked as the 8th most unaffordable state for housing, Colorado is facing a severe and escalating housing crisis for residents with incomes at or below the poverty guideline, or 30% of their area median income. Many of these households are severely cost burdened, spending more than half of their income on housing. Severely cost-burdened households are more likely than other renters to sacrifice other necessities like healthy food and healthcare to pay the rent, and to experience unstable housing situations like evictions.
This housing crisis is marked by two interconnected challenges: affordability and availability. Some Colorado towns report that almost half of the applicants for certain jobs withdraw their applications when they realize how expensive housing would be if they accepted, reducing the labor pool. Businesses are becoming more aware of the effect this is having on the labor force, including employees and potential hires, and have made moves to alleviate the stress. Saunders recently completed two projects that will hopefully provide some reprieve from this crisis; Winter Park Workforce Housing and The Rendezvous Trail Apartments.
164,750 or 21%
RENTER HOUSEHOLDS THAT ARE EXTREMELY LOW INCOME
-119,782
SHORTAGE OF RENTAL HOMES AFFORDABLE AND AVAILABLE FOR EXTREMELY LOW-INCOME RENTERS
$33,940
AVERAGE INCOME LIMIT FOR FOUR-PERSON EXTREMELY LOW-INCOME HOUSEHOLD
$66,830
ANNUAL HOUSEHOLD INCOME NEEDED TO AFFORD A TWO-BEDROOM RENTAL HOME AT HUD’S FAIR MARKET RENT
76%
PERCENT OF EXTREMELY LOW-INCOME RENTER HOUSEHOLDS WITH SEVERE COST BURDEN
Navigating Workforce Housing Challenges in Mountain Town Communities
Mountain town communities have been grappling with workforce housing challenges for years. With no place to live, fewer and fewer potential employees are making the pilgrimage to work a season at a ski resort. The skyrocketing cost of real estate in ski communities and the rise of shortterm rentals (STR) contributed to a housing crisis
and a shortage of seasonal workers. Many houses that used to be rented and sold to people like resort employees have been taken off the market in favor of posting them as an STR. Winter Park had a dire need for affordable housing for its workforce – many who travel from all over the world to spend the winter season working on the mountain.
Innovative Solutions with Modular Construction
To help combat this crisis, Saunders was chosen by Alterra Mountain Company and Winter Park Resort to build a new 330-unit housing complex offering private accommodations for the resort’s year-round and seasonal employees. This complex combines a blend of studio apartments and communal style living and is the first workforce
housing project in the area. Saunders completed foundations for the resort’s new workforce housing in October 2022, picking back up with construction in the spring of 2023. This project utilized a modular construction approach with almost 200 factory-built “boxes” constructed off-site, wrapped and then shipped to the mountain location.
When the construction crew was ready to place the boxes, they were unwrapped, then hoisted and stacked on top of one another by a crane. This type of construction is ideal for high-altitude weather and short building seasons with the building materials being protected from moisture and weather during the construction process.
Benefits of using this building method for the Winter Park housing included: Being able to complete the project on a faster schedule than in-place construction, the reduction of costs in housing construction trades due to the accelerated schedule, and the in-factory LEAN manufacturing practices versus building outside in the elements ensured high-quality construction.
The Rendezvous Trail Apartments
Optimizing Affordable Housing for Fort Collins Residents and Colorado State University Employees
Surrounded by an extensive networks of parks and trails, proximity to the Rocky Mountains, and consisting of a vibrant cultural scene and highly rated public schools, Fort Collins is known for its high quality of life.
However, living in Fort Collins is proving to be more challenging, in terms of affordability and accessibility, and the city is facing a major affordable housing shortage.
Navigating Workforce Housing Challenges in Fort Collins
In the past 10 years, the population of Fort Collins has grown by 22%, and the current population is roughly 359,000 people. Since this population growth, with projections of continued growth in the future, Fort Collins has not been able to keep up with the demand, leading to higher prices. Additionally, the appreciation in property value has been driven by local demand and interest from out-of-state buyers. The median price of a home is $600,000, supply chain shortages caused by the coronavirus pandemic, and skyrocketing inflation rates has made it difficult to afford to live in Fort Collins.
Saunders is proud to contribute to a solution to this ongoing problem – a 180-unit apartment complex in seven buildings across 10 acres of land. The new Rendezvous Trail Apartments aims to change the landscape of the affordable housing market in Fort Collins.
Thirty Percent (30%) of the complex was reserved for Colorado State University (CSU) employees, due to an agreement between Tetrad Real Estate and CSU. The remaining balance of housing was to be released at market rate.
Solving Challenges with Minimal Impact
Saunders worked with ownership through several rounds of design, identified cost savings opportunities, and conducted constructability reviews to ensure the project could be successful.
This project began during the height of the supply chain challenges caused by the coronavirus pandemic, and the project team identified the need to buy out the project quickly and worked with the owner and design team to fast-track long-lead items. The project team ordered and stored materials onsite and in offsite warehouses to ensure material availability could be controlled.
Early in the project, there was an unanticipated requirement related to utilities that required the construction sequence and project flow to be reorganized. Saunders identified a solution that would have the least amount of impact on the end date, and effectively communicated with all trade partners to implement the new sequencing plan so that the owner could move tenants into the first building on time.
The team then worked together to identify a move-in plan that worked with the site logistics constraints, allowing occupancy in the first building earlier than anticipated. Residents began moving in early in January 2024, and move-in continued in a staged process as the buildings were finished.
Learning and Development STAFF
FIELD
429 Employees
6,345 Training Hours
14.8 Hours Per Employee
191 Employees 1,126 Training Hours
5.9 Hours Per Employee
620 Employees
COMBINED
7,471 Training Hours
Crisis Management Training
Project Engineer
Quarterly Meeting
“You Can’t Fix Mental Health with Duct Tape”
Safety Statistics
0.17
Lost Work Days Incident Rate (LWD)
0.7 Days Away, Restricted or Transferred (DART)
0.55* Experience Modification Rate (EMR)
1.93% Total Case Recordable Incident Rate (TCIR)
1,136,232
Total Work Hours
Diversity and Equity
GENDER PAY ANALYSIS
The pay gap analysis was conducted to determine if there are differences in pay for women relative to men
Paper versions of this document uses 100% post-consumer recycled paper that meets the mark of responsible forestry and is 100% chlorine free.
All financial and project data is based on information available on June 31, 2024. Saunders’ logo, “Building Confidence” and “Building Confidence in Kids,” along with the vision statement are registered trademarks of Saunders Construction, Inc.