It may not be back to business as usual in the California construction industry—due to lingering economic uncertainties and owners' resulting reluctance to proceed with projects—but major contractors see some silver linings in upcoming project opportunities, especially in health care, transportation and other infrastructure.
In this year's Top Contractors ranking, total revenue at the top 10 firms dropped 10.3% to $8.1 billion from $9.1 billion a year ago. But many contractors anticipated the slowdown and diversified into new market sectors and that helped stem the recessionary tide. Moreover, the growth of technology firms in the San Francisco Bay Area has led to a welcome resuscitation of the commercial building segment.