With tight budgets and financing issues putting the squeeze on base-building projects during the recession, lingering opportunities in the renovation market have proved to be a lifeline for some contractors trying to keep crews working. Although analysts note that the renovation market was not immune from the economic downturn, the option of renovating or rehabilitating existing facilities has proved viable for some owners with immediate needs and limited funds.
“By and large, it has to do with access to capital,” explains Frank Ciminelli, senior vice president at Buffalo-based LPCiminelli, which has filled much of its backlog with renovation work. “Clients are trying to take advantage of whatever existing physical plant they have and make it work.”