With backlog burning off and new sales in a prolonged slump, the vast majority of top contractors are feeling the full brunt of the recession this year. In an environment in which opportunities are limited, competition is fierce, and fees are slim, the best hope for many companies is that the market has bottomed out. However, rather than wait for a rebound, company executives are adjusting strategies to keep operations steady.
“We see everyone operating at a new norm,” says Derek Glanvill, president and chief operating officer of McCarthy Building, St. Louis. “All the top companies as a group have uniformly decreased revenues. You just have to deal with it, settle in and change how you operate in this new environment.”