Economic Recession Worries in U.S. Fuel Interest in International Projects
St. Louis-based HOK set all-time firm records in fees and contracts in 2007, with more than a year’s worth of backlog. It is a success that CEO Patrick MacLeamy credits in large part to the firm’s expanding global business. “We were founded in the U.S. and people think of us as a U.S. firm, but more than 41% of our backlog is now offshore,” he says. “A great deal of that is coming from the Middle East, China, India and U.K. This is a really good market for us.”
For large U.S.-based firms like HOK, the weak U.S. dollar can be a benefit abroad. “We’re essentially an export service, so a devalued dollar helps us overseas,” MacLeamy says. “We’re now cheaper wherever we go. Clients don’t come to us because we’re cheap, but it certainly doesn’t hurt.”