For many top contractors in the region, 2010 will be remembered as the year that firms felt the full impact of the recession. Top contractors experienced significant top-line drops last year, as backlogs shrank and revenue from work contracted prior to the economic downturn began to ebb. Among the top 10 contractors that responded to ENR's Texas and Louisiana surveys over the past two years, firms collectively saw regional revenue drop 8.5% to $8.6 billion last year from $9.4 billion in 2009.
Whether or not the market hit bottom in 2010 remains to be seen, but many executives at top firms are cautiously optimistic that better days lie on the horizon. George Pontikes Jr., president and CEO of Satterfield & Pontikes Construction, Houston, says the tough market of 2010 continues in 2011, but he hopes for a better 2012. “Texas historically trails the rest of the country into a recession and, unfortunately, coming out of a recession too, so this could go on for a while,” he says.