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  • Megan Price
  • May 24, 2024
  • Press
  • 2

Contractor revenue rises, but firms say higher risks and longer lead times are driving more investment in preconstruction

At Dallas, Texas-based MYCON, interest rates hikes have reshaped the sector makeup of its project portfolio as owners shift to sectors that will yield more returns in the short term.

“We are seeing slightly less industrial, but retail is not being weighed down by the current interest rates, and the demand is rapidly growing,” says Chip Myers, partner and vice president at the No. 234-ranked general contractor. “This shift is pushing us towards certain sectors to keep up with the demand.”

He adds, “As we look across the breadth of our markets, we see growing opportunities in energy transition with hydrogen and carbon capture as the industry seeks to diversify.”

Read the full Engineering News-Record article and the 2024 Top 400 Contractors List based on 2023 construction revenue.