By: Brian Sullivan
Like many companies, we look back at this time of year to evaluate our firm’s successes and failures during the past year. We also access the industry, both locally and nationally, to ensure that we are always improving and adjusting for continued success in the future.
The Construction Industry
According to Dodge Data and Analytics, construction spending in the United States continued to increase this past year, but at a slower rate than the previous years. Nevertheless, it was still a record year.
Although construction in NYC and the surrounding metro area has been strong, a recent Crain’s NY article shined light on the slight reduction in the number of construction permits that are being pulled. A majority of the industry has reiterated that it has been a struggle to find qualified workers who can perform the volume of work. This condition is likely a result of immigration issues, the decrease in U.S.-born workers interested in trades, and low unemployment. While this issue is frustrating for those involved in the construction industry, I think we can all agree that we would prefer to have too few available workers than too many.
In September, I had the pleasure of attending the Zweig Hot Firm conference, now known as the Elevate AEC Conference. Here I learned a lot about the Architecture Engineering Consulting industry throughout the country and met many great company leaders. Based on many of the discussions throughout the event, it’s clear that most of the best firms had a great 2018, and plan to continue being bullish in 2019. Additionally, M&A activity appears to still be strong throughout the industry.
Building Envelope Restoration
Similar to 2017, the exterior restoration industry in NYC saw a late start to the year but caught up throughout the busy 3rd and 4th quarters. The pending end to the 8th cycle of FISP, formerly Local Law 11/98, contributed to the continued growth of the NYC building envelope industry. Additionally, the winter so far has been relatively mild; fewer days lost to inclement weather has resulted in near-constant construction progress.
2018 was another stellar year for Sullivan Engineering, and one that reinforced the importance of the time and money spent on both “on the business” and “in the business” growth.
- We added 10 new team members: Jessica Gulino, Omar Rojas, Justin Currie, Grace Gallagher, Orion Doscher, Jose Santos, Josh Knopf, Andrew Houston, Sarah Barber, Marek Patrosz and Natasha DeCecco. We also welcomed back Adam McManus, who launched our Alabama office.
- We increased our 2017 – 2018 year-over-year revenue by 48% and spent a great deal of time preparing ourselves for controlled, solid growth in 2019 and beyond.
- We were included in the Inc. 5000 and Zweig Hot Firm lists for the second straight year based on the solid growth of revenue and team members in the 3 years leading into 2018. Equally important to our continued success, are the awards that we received from the Zweig Group for “Best Firm to Work For” and from PSMJ for “Client Satisfaction.”
- We had the pleasure of working with some great new clients and contractors while maintaining relationships with many existing ones. We continued our strong focus on serving residential co-ops and condos and began serving several commercial and institutional clients.
- Due to our rapid growth, we relocated our NYC office into a new Chelsea location. We are very proud that even though we have grown our firm, we have still maintained our great company culture.
- We also celebrated many of our team members’ personal accomplishments in 2018. This past summer, we had a wonderful time at the wedding when Jimmy Monahan married his beautiful wife Jillian this past summer. Rebecca Reilly and her now fiancé, Alex, are working on their wedding plans for 2020. Olivia Martin and her husband Larry, along with Kevin Duffy and his wife Stephanie, both purchased their first homes. Andrew Houston became a Registered Architect, and several others earned well-deserved promotions.
The growth that we’ve experienced is a testament to the top-notch clients and contractors that we have had the pleasure of working with, the amazing team members that we are fortunate to work alongside of every day, and the business consultants/coaches that have helped guide us, including Mark O’Donnell of Optimize For Growth. Mark and the team at Strategic Coach help us implement EOS.
We thank all of our loyal family, friends, and clients for your continued support throughout 2018 and look forward to another great year ahead…