New York City's Economic Development Corp. has reacted strongly to a new audit by the city comptroller that says the agency allowed locally-based Turner Construction Co. to rack up more than $3 million in "dubious" payments on a construction and facilities management contract. The comptroller says the contract had ballooned to nearly $74 million from $7.5 million in three years. It involved a variety of projects, including a garage and pedestrian protection during pier repairs. "We are disappointed that after a 16-month review, the Comptroller's Office has issued an audit report that is flawed, misleading and draws unsupported conclusions,” said
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.