“The company’s manufacturing presence is creating many thousands of jobs while also boosting the commercial real estate leasing and construction markets with the attraction of supplier companies and skyrocketing residential housing needs. The Phoenix economy has grown significantly over the past decade, but the addition of TSMC gives the market an entirely new level of legitimacy,” Snedeker says.

In the Intermountain area, Utah is also becoming a new commercial real estate darling. “Companies and industries are increasingly recognizing its valuable combination of advantages, from Utah’s low cost of doing business to its very strategic geographic position in the region. Significant industrial development has spurred growth across all product types, including office, multifamily and even the hospitality sector,” Snedeker contends.

Encore Electric was on the team of specialty firms that recently completed the Glenwood Springs Maintenance Facility expansion in Glenwood Springs, Colo. The new facility better serves the Roaring Fork Valley as it prepares to provide more reliable, efficient and sustainable transportation.
Photo courtesy Encore Electric

Leaning Into Current Conditions

“As a specialty contractor and product manufacturer, we’re seeing consistent demand and remain cautiously optimistic heading into Q4,” says Marc Paolicelli, chief customer officer and senior vice president of Denver-based RK Industries. The company is ranked in the No. 4 spot on ENR’s specialty firms list for the region with $435 million in revenue reported for 2024.

“Labor shortages are ongoing pain points, and like many in the industry, we’re focused on finding smart, sustainable ways to navigate them,” he adds.

“We are fortunate to have the experience in the vertical markets that continue to be strong in the Mountain States region, and we continue to focus on the development of our teams,” adds Andy Gordon, president at Encore Electric. The firm holds the No. 6 spot on this year’s list, with $348.5 million in regional revenue for 2024.

While there are no guarantees in this business, Gordon says Encore, like many of the other specialty firms on the list, feel confident in the work they have been awarded, and they are approaching the changing economy by deliberately maintaining a diverse customer base.

Gordon’s advice for other firms: “Be proactive from preconstruction to construction to help provide solutions on building a better project. Providing early solutions to project challenges is always better than waiting until the challenge is right in front of you.”

“It’s important to remember that we’ve seen market shifts before,” Snedeker adds. “If we learn from the past and remain nimble, willing to adjust to change, we can keep our foot on the gas and continue to build our business.”

Editor’s Note: ENR’s regional subcontractor rankings look different this year after consolidation of multiple regional magazine editions into five new ones: Mountain States & Southwest, East, Midwest, Texas & Southeast and West. On the following pages ENR share’s the inaugural Mountain States & Southwest Top Specialty Contractors list, with 38 firms ranked by 2024 revenue. There are also breakout tables focused on state and market sector data across the seven-state region of Arizona, Colorado, Idaho, New Mexico, Utah and Wyoming.