STRENGTH, ENDURANCE, FLEXIBILITY Top 25 Contractors list shows muscle, ingenuity of local builders BY JASON GENEGABUS, BRETT ALEXANDER-ESTES, PAULA BENDER, LORRAINE CABANERO, CATHY CRUZ-GEORGE AND JACKIE M. YOUNG
I t’s been another exciting year in the dynamic world of Hawai‘i construction, and Building Industry Hawai ‘ i’s 36th annual ranking of the Top 25 Contractors only underscores how the local indus- try includes a striking tapestry of inspiring resilience, impressive gains and newcomers staking their claims. We begin with the power- houses — No. 1 Hawaiian Dredging Construction, No. 2 Nan Inc. and No. 3 Nordic PCL Construction Inc. — who dominated the industry in 2022 and maintained their positions for yet another year. But maintaining those positions didn’t come without battles of their own. Hawaiian Dredging faced a 5.8-percent shrink in revenue, from $608 million in 2021 to $573 million in 2022. Nordic also grappled with a contraction in revenue, dropping from $417 million in 2021 to $369 million last year — an 11.5-percent decrease. Meanwhile, amidst the dance for dominance, there was significant move- ment in this year’s Top 25 among the middle tier, where Hensel Phelps Construction Co. clawed its way from the fifth spot to fourth with a staggering $102,955,000 surge in revenue, grow- ing from $264 million to $367 million. No. 6 Goodfellow Bros. LLC and No. 7 Swinerton Builders also muscled their way upward, with both compa- nies seeing 53 percent revenue growth in 2022 over the previous year. And Unlimited Construction Services
jumped two spots to No. 9 with a robust 46 percent revenue increase, from $121 million in 2021 to $178 million last year. But the year wasn’t only about famil- iar names. The Top 25 welcomed three formidable companies to the list this year: Frank V. Coluccio Construction Co. Inc. at No. 10, with revenue of $133.7 million; Dorvin D. Leis Co Inc. at No. 11 with $123.7 million; and Moss Construction at No. 13 with $112.1 million in revenue in 2022. According to University of Hawaii Economic Research Organization, large public sector projects will become an increasingly important part of local construction activity. A plan by the U.S. Navy to spend $4 billion to update naval infrastructure is appear- ing in contracts at the local level. Government spending on roads is another significant source of recent construction contracts. In January and February, Hawaii Department of Transportation awarded
cyclical fluctuations, it will remain the most resilient segment of the local economy in the short term. Last year’s surprising jump in payrolls demon- strates the industry’s strength, and the large number of projects in the pipeline will employ an additional 2,000 work- ers by 2026, according to state projec- tions, bringing industry employment above 41,000 workers, the highest level on record. Yet, amidst the rankings shuffle and significant revenue changes, the overall narrative of the year remains the collective strength of Hawai‘i’s industry as a whole. Will newcomers solidify their position in the indus- try? Will top-tier veterans continue to hold their ground despite revenue challenges faced?
$200 million in funds for road improvement projects across Hawai‘i. The spending contin- ues investments enabled by generous federal funding. Cost and capacity pressures, as well as an uncertain future budget picture, mean that the boom in government construc- tion projects could recede in coming years, however. While the building indus- try is typically susceptible to
20 | BUILDING INDUSTRY HAWAII | JULY 2023
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