The Southeast's Top Specialty Contractors

Ranking Reflects $6.5 Billion in Regional Revenue Among Top 160 Firms

by Scott Judy

Southeast Construction presents its sixth annual ranking of Top Specialty Contractors. Compared to last year's list, the Top Specialty Contractors ranking listed here is not as deep. Whereas the ranking published last year included 175 contracting firms, only 160 specialty contractors responded this year. Despite including 15 fewer firms, the $6.5 billion collective revenue total for this year still outpaces the $5.7 reported last year, making it the largest amount published to date.

As with previous contractor lists, this one is based on revenue generated during the preceding calendar year. With construction activity remaining strong in many of the Southeast's major metropolitan areas, subcontractors are in high demand and continue to be able to obtain a premium for their services and availability.

As a result, the collective 2005 revenue reported by the Top Specialty Contractors increased by about $800 million over 2004 to total nearly $6.5 billion.

The format of our ranking is again based on regional revenue totals, meaning the volume of work collected in 2005 from projects located within the magazine's four-state territory of Florida, Georgia, North Carolina and South Carolina.

Within this main, overall ranking, readers will find the most extensive information about the ranked firms, including the address for the companies' main office locations; telephone and fax numbers; name of the principal or top regional officer; a percentage breakdown of the company's activity by work category; and other information, such as the year a firm was founded.

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We've also included some breakout rankings, where we list the top firms in 18 different specialty categories. These work categories are: electrical, mechanical, plumbing, concrete, demolition/wrecking, excavation/foundation/utility, fire prevention/security, glazing/curtain wall, hazardous materials, landscaping, masonry, painting/coatings, paving, roofing, sheet metal, steel erection/fabrication, telecommunications and wall/ceiling.

The revenue figures reported in these breakout rankings reflect the amount of work the company generated in that particular category. As a result, companies may be listed in multiple work categories, and figures listed here may not match the regional revenue total provided in the main ranking.

We also included breakout rankings based upon revenue generated from each of the four states.

All figures listed in both the main ranking and the breakout listings are based upon surveys returned by the listed company. As with all of Southeast Construction's rankings, specialty contractors must submit a survey in order to be listed.

Analysis

Taking the top spot again this year was Miami-based telecommunications contractor MasTec Inc. The firm reported $487.1 million in revenue from the four-state region in 2005, a $22.4 million jump over the $464.7 million in income it reported 2004. While MasTec has been at the top of Southeast Construction's Top Specialty Contractors ranking for several years now, the company has actually been experiencing some financial challenges.

In its first quarter earnings results for 2006, however, MasTec's top officers reported some significantly positive fiscal results, and indicated the company could be experiencing a longer-term upturn in its overall financial condition and business.

While MasTec took first place by a wide margin, the firm in second place this year made a large leap compared to last year's ranking. The Kearney Cos., an excavation/site development contractors based in Riverview, Fla., near Tampa, more than doubled its annual revenue. For 2005, Kearney reported $212 million in annual revenue - up by about $110 million over 2004, when it indicated about $101 million in business activity.

Of the 160 firms in this year's ranking, 107 listed their main offices as being in Florida - a decrease of 11 from last year's list. Still, the amount of the ranking's revenue generated from Florida grew in 2005 compared to 2004. For 2005 - the year represented by this year's ranking - firms reported a collective $4.6 billion in Florida revenue, up from the $4.4 billion reported last year.

The ranking also reflected revenue growth from Georgia and South Carolina, while the amount of revenue from North Carolina actually declined. Revenue totals for these three states were as follows for 2005, with 2004 revenue in parentheses: Georgia - $973 million ($890.1 million in 2004); North Carolina - $557 million ($723.7 million); and South Carolina - $316.3 million ($278.6 million).

Meanwhile, 28 of this year's Top Specialty Contractors are headquartered in Georgia, the same number as reported last year. Another 20 firms were headquartered in either North Carolina or South Carolina, three fewer than last year's ranking.

By state, the number of firms reporting revenue included: Florida - 136 (a decrease of 7 from last year); Georgia - 56 (three better than last year, when 53 companies had revenue from Georgia); North Carolina - 45 (three fewer than last year); and South Carolina - 41 (two fewer than last year).

Also, while specialty contractors are often thought of as mostly local firms, 18 of this year's ranked companies reported revenue from all four states.