These days, revenue is a deceiving gauge of market conditions. Many top contractors reported record revenue for 2008 and they expect to finish out this year with strong numbers as they consume backlog built up in better times. But as jobs won during the boom reach completion, the reality of today’s troubled market is settling in, leaving large firms nervous about what late 2010 and 2011 could bring. Photo: McCarthy Competition is fierce for institutional projects like this renovation project at Carlsbad High School in California. Photo: Skanska Skanska is building a $220-million children’s hospital. Turner Construction Co., New York
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.