Revenues of top contractors in the tristate region held steady in 2010, even as the third year of the weak economy continued to force many to trim budgets and staff. There were few major new projects, and some that had been ready to go were put on hold amid problems with financing, due diligence or higher-than-anticipated costs, executives say. Many of the firms that did well redirected business to active markets, including the education, government and health-care sectors.
Intense competition, rising costs and no prospect of an immediate economic turnaround have forced contractors and construction managers to keep their belts tightened.