We present you the top ranked construction companies in the US, award-winning builders who made their name in the second largest construction market in the world. During last year spending in the industry climbed 10.5 percent, reaching the figure of 1.1 trillion, which is the highest level since 2008. A number of indicators, including job growth, increased building spending in the private sector, unemployment decline, show that construction has been recovering from the hit it suffered during recessional years. However, the sector has faced certain challenges, including a persistent shortage of skilled labor force which has worsened in last two years.
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The increase in overall construction spending was led by significant growth in the private sector. Leopardo’s analysis 2016 Construction Economics Report and Outlook shows that since 2011, spending on multifamily building grew at 29.4 percent rate annually, which is more than double of spending in single family properties. Economists agree that multi-dwelling units will continue to rise in 2016 but at lower rates compared to a year ago. Low apartment vacancy rates in some parts of the country, coupled with the fact that employment has increased among millennials who chose renting over ownership, will drive multifamily construction. On the other side, the prognosis for single-family buildings was not so optimistic at the end of the previous year. However, figures released by the U.S. Commerce Department show that the beginning of 2016 brought significant pickup in single-family units. Single-family housing starts climbed 7.2 percent to a rate of 822,000 in February, which is the highest level since November 2007.
In regards to job prospects, construction workers will be glad to know that in February unemployment rate was the lowest since 2000. At the same time, the sector will add 790,400 new positions by 2024. Still, construction companies are facing issues with prevalent lack of workforce. In Associated General Contractors of America (AGC)’s survey, 83 percent of building firms said that they have problems finding qualified craft workers while 61 percent reported having a hard time finding qualified construction professionals. Shortage of labor force has led many companies to rely on subcontractors. The majority has also raised wage rate base and introduced benefits, but these measures did not bring desired results. The Portland cement association predicts that 75,000 startups won’t be launched due to the lack of skilled workforce.
In our previous list 10 biggest construction companies in the US, we ranked firms by their physical presence, revenue, and accomplished projects. Today’s list of top ranked construction companies in the US is based on slightly different criteria. Besides taking into account 2014 revenue, we also looked at 3-year growth, and awards and recognition that companies received in recent years. In creating the ranking, we relied on Inc. 5000 list, which presents the companies that have recorded the greatest growth in last three years. Out of 231 construction firms which appeared on Inc. 5000, 16 had revenue over $100m. We ranked these 16 firms by growth, and awards to come up with the top 10.
10. Arch-Con Construction
2014 revenue: $113.5 million
3-year growth: 601%
Arch-Con Construction, the company which describes itself as “more than just a typical contractor”, combines commercial design and construction services. The combination of two areas underlines company’s focus on quality and efficiency. Its portfolio includes construction of manufacturing centers, distribution warehouses, retail spaces, hotels, medical facilities, office buildings, etc… Arch-Con Construction has found its place on many prestigious lists, including Houston Business Journal‘s Top 25 Commercial Contractors, Inc. magazine’s Fastest Growing Companies, Entrepreneur magazine’s Hot 500, The Aggie 100’s Top 10 and Houston Business Journal’s Fast 100.
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9. The Rinaldi Group
2014 revenue: $137.2 million
3-year growth: 505%
The Rinaldi Group was named New York fastest growing company in 2015. Besides finding its place on Inc. 5000 list, it also came as fourteenth Top NJ company. Finally, Crain named it 129th largest privately held business in New York. Two things distinguish Rinaldi Group from the majority of similar firms – its non-union setting and lack of conventional HR policy. According to Anthony Rinaldi, who launched the firm in 2003, company’s competitive advantage is its non-union setting which allows it to offer from 20 to 30 percent lower prices compared to competitors. The second contributor to Rinaldi’s success is employment policy. Mr. Rinaldi explains that only people who worked for him or who get recommended by current employees can get a job. In order to start working at Rinaldi, candidates must first pass an interview with Mr. Renaldi himself, who says: “I don’t believe in hiring people that I don’t know. I don’t care what your business is; it’s all about relationships. You have to be cut from the same cloth that I am cut from .”
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8. Edge Home
2014 revenue: $137.7 million
3-year growth: 277%
Youngest company on our list Edge Homes, which was launched in 2011, had already appeared four times on Inc. 5000 list, with the best ranking in 2012, when it occupied the 53rd place among fastest growing companies in the US. The firm builds model homes while allowing clients to choose structural options, exterior colors, and floor plans. Edge home received the Judge’s Choice award at the Salt Lake Parade of Homes last year, and it was also listed on Builder Magazine’s list Builder 100.
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7. Response Team 1
2014 revenue 173.5
3-year growth 1339%
Response Team 1 offers services in the commercial and residential property restoration, disaster loss recovery and multifamily renovation. The company has branches in eight states in 30 places. Response Team won numerous awards in the last two years including recognition from CONTRACTOR CONNECTION, USAA, and National apartment association. Besides recording the ninth highest 3-year growth among construction companies, the firm made revenue of $173.5 million, while adding 560 jobs, which is the highest number of new positions among listed builders. Finally, Response Team also found its place among Inc’s Top Chicago companies, and Top Illinois companies.
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6.Thompson Thrift Construction
2014 revenue: $182.7 million
3-year growth: 113%
Thompson Thrift executes building projects in retail, multifamily, student housing, historic renovation, and senior living. The company was named to Inc. 5000 six times so far, with the best rank in 2013, when it occupied 994th spot. Thompson Thrift Construction also found its place among Top 100 Indiana Companies (Inc.) and Top 25 General Contractors (Multifamily Executive Magazine).
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5. Commodore Builders
3-year growth: 131%
2014 revenue: $224 million
Commodore Builders, the company which occupies fifth place on our list of top ranked construction companies in the US, covers a range of different areas, from constructing commercial, healthcare, retail and hospitality facilities to historic restoration. In 2012, the Commodore restored and renovated Memorial Hall at Harward University. The company appeared on Inc 5000 list four times, accomplishing the best rank in 2007 when it occupied 386th spot. During 2015, Commodore Builders received an AGC Safty Award, ranked on ENR’s Top 400 Contractors, found a place on the list of Largest Veteran-Owned Companies in Massachusetts, and was named one of the Boston Globe’s Top Places to Work in 2015.
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4.Power Home Remodeling Group
2014 revenue: $300.9 million
3-year growth: 137%
The whole world is trying to decrease carbon footprint, so it is no wonder that the company which offers energy efficient home improvements is one of the most successful builders in the US. Power Home received many recognitions as the best place to work while Fortune magazine named the company The best Workplace for Millennials in the United States. Power Home is run by two millennials, Asher Raphael (35) and Corey Schiller (33), while the average age of employees is 29 years. The firm has also found its place on three Angie’s lists and was named to top America’s remodelers on numerous rankings. Inc assigned the company Honor Roll after it appeared on the list six times in the row. So far Power Home has served 275,000 homeowners across the country.
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3. Build group
2014 revenue: $326.3 million
3-year growth: 308%
Build Group is commercial, residential and fine interiors construction company, located in San Francisco. The firm was launched during hard recessional 2007, which, according to one of the founders, Eric Horn, shaped the way the company operates today. Besides being ranked among Top 5000 fastest growing companies four years in the row (in 2013, it hit the best position, 93rd spot), Build group was also named Largest Commercial Contractor in the Bay Area, Healthiest Employer, Fastest-Growing Private Company, and Best Place to Work in the Bay Area during 2015. The company and its projects have been featured in many magazines.
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2. ARCO Construction Company
2014 revenue: $770.5 million
3-year growth: 234%
The second oldest company on our list, ARCO Construction was established in 1992. In the last 20 years, the firm has completed projects worth more than $4 billion. The company offers design and construction services in multifamily, office, retail, and healthcare building. It has won numerous awards, six of which during 2015. Besides finding its place among Inc 5000, ARCO construction was ranked among Best of the Best by Midwest Real Estate News, Top Work Place by Post Dispatch, Top 400 Contractors by Engineering News-Record, Fastest Growing Companies of 2015 and Best Place to Work by St. Louis Business Journal.
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1. Shawmut Design and Construction
3-year growth: 44%
2014 revenue: $957.6 M
Shawmut Design and Construction occupies first place on our list of 10 top ranked construction companies in the US. Although it recorded the smallest 3-year growth among listed builders, the firm had the largest 2014 revenue of $957.6 million. Shawmut is 100 percent employee-owned company, whose portfolio includes diverse projects ranging from stadiums to cultural institutions. The firm has just finished the renovation of The Met Breuer, the new space at the Metropolitan Museum of Art which will host modern and contemporary collections. Besides being ranked nine times among Inc fastest growing companies, Shawmut was named 34 times as the best place to work. The company has received numerous recognition for its projects, including Gold for Santa Anita Park, which was awarded by Los Angeles Business Journal.
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