Congratulations to Rycon Construction Inc., which was named as ENR MidAtlantic’s Construction Firm of the Year! Rycon was named for its ability to weather the pandemic, and with a reevaluated plan and the trust with their existing clients, they were able to make a strong rebound in 2021.
From ENR:
In uncertain times, Rycon Construction Inc. has found strength in its stability. With a roster of long-tenured employees and a pipeline of work provided through repeat clients, Rycon overcame the business perils of the pandemic and emerged a stronger company, positioned to grow in the coming years. Despite working in some unsteady market sectors that were hit hard in recent years—such as retail and office—the diversity of its work helped keep the company balanced. An employee-owned company, Rycon’s staff of more than 700 is invested in growing the company well beyond its Pittsburgh headquarters. Given its recent performance and future potential, ENR Mid-Atlantic has named Rycon Construction its Contractor of the Year.
Like most construction firms, Rycon was not immune from the pandemic’s challenges. With a book of work that included developer projects in retail, hospitality and commercial offices, Rycon felt the pinch. As sites were shut down and projects delayed, the company saw its MidAtlantic regional revenue tumble to about $251 million in 2020 from $373 million in 2019. John Sabatos, Rycon president and COO, admits it was a tough time financially for the company. “We had a large national client with tenants that weren’t paying rent,” he says. “For a year, we had a long recovery payment plan with them. They paid what they owed us, but that was scary.”
A year later, Rycon’s path forward was more certain. By sticking with existing clients through tough times and leaning more on customers that serve steady sectors like multifamily residential, higher education and aviation, the company rebounded in 2021. Rycon ranks No. 29 on this year’s ENR MidAtlantic Top Contractor list with $308.5 million in regional revenue, a 23% increase from last year when the firm ranked No. 35.
