By: Brian Sullivan
The dawn of a new year is always a great time to reflect on the past year and look toward the year ahead.
The Construction Industry
As per ENR, construction spending in the US continued to rise and reached an eight year high in October 2015. Private (Residential and Non-Residential) as well as Public construction spending increased over the prior 12 months. Locally, the Manhattan real estate market had another strong year in 2015. These are great signs for the economy in general, and certainly for our industry.
As correctly predicted by many, including the experts at the Zweig Group, Merger & Acquisition activity has increased in 2015. We personally observed significant M&A activity and interest across all facets of the industry. Whether it was contractors, A/E firms, Construction Managers, Property Managers or Owners, the amount of interest and actual activity was impressive.
Building Envelope Restoration
Once again the building envelope industry had another very busy year, particularly in the NYC market. The combination of the recovering economy and the beginning of the 8th cycle of FISP (formerly Local Law 11/98) contributed to the continued growth of the NYC Building Envelope industry. Fortunately, we did not have any major weather events (i.e. hurricanes, etc.) that impacted the industry this year. The weather throughout the year was fairly advantageous with very few aweather-delaysa on most projects.
Additionally, the first filing window for retaining wall inspections Rule 103-09 (Local Law 37 of 2008) came to pass for retaining walls in Manhattan (in the Bronx, reports were due in 2014). Please note that the filing window for retaining walls in Staten Island is in progress (01/01/16 to 12/31/16).Sullivan Engineering
This past year was an amazing year for Sullivan Engineering, as we celebrated our 5th anniversary. The hard work and dedication of our entire team has resulted in many positive results.
- We experienced 20% growth in revenue from 2014, and 170% growth since 2012. As such, we received the Future50 award from Smart CEO magazine for being one of the fastest growing mid-size companies in New Jersey
- We added two new team members to bring our growing family up to eleven. These two team members will be critical in continuing to build our foundation to support projected growth in the future.
- Our second annual planning retreat was a big success.
- Collectively, our team read over 100 books and logged more than 120 continuing education hours.
- The firm sponsored the education of a wonderful young 6th grade student pursuing his education in Haiti. Additionally, several of us personally helped sponsor a second young student at this same school.
- On a personal level, we had several great accomplishments as well. Two of our team members moved into new homes and one completed a Masters Degree in Engineering. We are also happy to announce the addition of two more children to our coworkersa families.
We thank all of our loyal friends and clients for your continued support throughout this past year and look forward to another great year ahead