us-business

Please enable JS and disable any ad blocker Read More

Please enable JS and disable any ad blocker Read More

Please enable JS and disable any ad blocker Read More

Please enable JS and disable any ad blocker Read More

Image courtesy of Foster + Partners The 2.5-million-sq-ft, 1,388-ft-tall tower at 270 Park Ave.—designed by Foster + Partners and built by AECOM Tishman—uses triple-pane glazing and smart-building controls as part of its all-electric, net-zero-operations design. JPMorgan Chase confirmed plans to start moving employees into its new $3 billion, 60-story headquarters at 270 Park Ave. in Manhattan later this month, with a grand opening for the roughly 2.5-million-sq-ft tower expected in October, according to a company spokesman.  Designed by Foster + Partners, the supertall rises to 1,388 ft and is planned to ultimately accommodate up to 14,000 employees, according to the architect and the bank, and billed as New York City’s largest all-electric office tower, designed for net-zero operational emissions with a renewable energy supply. ____________________________________________________________ RELATED Attend ENR’s NY/NJ Infrastructure Forum, Sept. 15 in Manhattan to hear more regional project update and interact with experts! DETAILS here. To advance the project under the city’s Greater East Midtown rezoning, JPMorgan Chase purchased 666,766 sq ft of Grand Central Terminal development rights and paid $41.7 million into the Public Realm Improvement Fund, according to the Dept. of City Planning.  A 2019 text amendment also required creation of a 10,000-sq-ft publicly accessible open space along Madison Ave. with wider sidewalks. In parallel, the Metropolitan Transportation Authority reached agreement with the bank in 2019 to coordinate train-shed repairs beneath the site and a new E. 48th St. entrance, according to Federal Transit Administration oversight reports. Construction topped out in November 2023. JPMorgan Chase said the structure used approximately 94,000 tons of U.S.-made steel, fabricated and erected by DBM Global subsidiaries Banker Steel and NYC Constructors in partnership with Tishman Construction, now AECOM Tishman. Severud Associates is the structural engineer of record.  The Union Carbide building at 270 Park Ave. was previously a 52-story tower designed by Skidmore, Owings & Merrill and completed in 1960.   Image Credit: CC BY-SA 3.0, Wikimedia The bank and the architect say building systems employ sensors, AI and machine learning for energy optimization; triple-pane glazing with automated shading; and enhanced fresh-air delivery.  Employee-facing amenities include a multi-level food hub and a fitness center operated by Exos, according to internal materials described by Business Insider; the outlet also reported biometric entry options and a JPMorgan Chase workplace app for services and wayfinding. JPMorgan Chase has not published a detailed public list of day-one amenities.  JPMorgan Chase first unveiled the headquarters plan in April 2022 to replace the former 52-story Union Carbide Building. At that time, the build was estimated to employ more than 8,000 union construction workers across 40 trades throughout delivery. The firm also noted that 97% of materials from demolition were diverted from landfill.  The project was not without it problems. A carpenter employed by subcontractor Certified Interiors Inc. died after falling through a floor opening at the site on March 24, 2023, according to OSHA inspection records. The New York City Dept. of Buildings paused work while the incident was investigated, the agency said in statements reported at the time. ____________________________________________________________ RELATED The Age of AI: How Construction Is Leveraging New Tech to Create a Safer Workplace Bryan Gottlieb is the online editor at Engineering News-Record (ENR). Gottlieb is a five-time Society of Professional Journalists Excellence in Journalism award winner with more than a decade of experience covering business, construction, and community issues. He has worked at Adweek, managed a community newsroom in Santa Monica, Calif., and reported on finance, law, and real estate for the San Diego Daily Transcript. He later served as editor-in-chief of the Detroit Metro Times and was managing editor at Roofing Contractor, where he helped shape national industry coverage. Gottlieb covers breaking news, large-scale infrastructure projects, new products and business email: gottliebb@enr.com | office: (248) 786-1591 Read More

Martin Smith is chief executive of metal fabrication company The HEX Group For decades, the construction industry has had a people problem. And now the workforce is ageing, it’s only getting worse. More people are leaving the industry than joining it and businesses are feeling the brunt of this trend. Thirty-one per cent of construction employers say their number one headache is finding suitably skilled workers. It’s a familiar story in engineering too – one we’ve been dealing with for years. “We’ve brought in 200 young people, many of whom are now in senior roles” At my business, we hit this problem a while ago. And the truth is, our quick fixes didn’t work. We knew we had to go long term: grow our talent, start earlier and change the way we talk about jobs in engineering. But it’s not just about protecting your own business. If we don’t get serious about this as a country, we’re going to stall major projects, drag down productivity and continue to hurt the wider economy. In engineering, we didn’t wait for the industry to sort itself out. We went straight to our local schools and colleges to find our future talent. Now, that’s not new news for construction. But here’s the difference: we didn’t just show up with a goodie bag and a PowerPoint – we built an entire team to support our school and college partnerships, nurturing future talent right from the get-go. We hold real conversations about real careers and counter the outdated views of ‘dirty’ engineering jobs. But we get it – school leavers today have tons of choice, so we leave nothing to chance. The gap between open days, work experience and actual real-life career choices is the danger zone. We ensure that we’re part of that conversation, engaging parents as much as their children. If we don’t guide potential talent, the PR machine for higher and further education will typically take over. Fifteen years ago we took on our first apprentice and haven’t looked back since. We’ve brought in 200 young people, many of whom are now in senior roles, and today our apprenticeship programme is a vital part of our business. In it for the long haul Getting young people through the door is only half the battle. The hard part is keeping them. That’s why we invested £100,000 into our Centre of Excellence at Bri-Stor Systems. It’s a proper training facility with a structured approach, mentorship, and a clear path from apprentice to manager. If construction wants to hold onto recruits, internal training programmes like this or strong links with external providers aren’t optional – they’re essential. This isn’t just a big-business issue. As an SME, we feel it even more. That’s precisely why we launched a managed apprenticeship scheme last year: to take the admin burden off smaller firms and help them make the most of apprenticeships. If we want a strong pipeline of skills across the whole industry, we’ve got to support everyone, not just the companies with big HR teams and deep recruitment pockets. This industry doesn’t need another report to tell us it’s got a problem. It just needs a shake-up and the commitment of people at the right level to make a difference. It won’t happen by accident. We’ve seen it work. We’ve invested. And as a result, we’ve built an engineering business that young people flock to. Read More

From debt crisis to ‘government’s speed-dial contractor’ in six years – CN reflects on CEO’s legacy The next two months will be big for Kier. The UK’s third-largest contractor reveals its 2025 results on 16 September, weeks before long-serving boss Andrew Davies departs. Stuart Togwell, group managing director of construction, will step up. Davies (pictured) leaves after more than six years in charge, having joined the debt-ridden firm in March 2019 with a mission to turn its fortunes around. At the time, Kier was “a supertanker going the wrong way”, said Peel Hunt equity analyst Andrew Nussey, but Davies “turned it around 180 degrees”. The chief executive arrived with the sector still reeling from the collapse of contracting giant Carillion in 2018. More crises were to follow: Covid, rampant material price inflation and recession. Davies took the strategic decision to focus on the government as a core client, meaning there was no place for Kier’s housebuilding arm and other non-core segments such as environmental services. After honing its public sector focus, the firm is now a “Premier League” contractor “on the government’s speed dial”, according to Nussey. Kier’s transformation is evident by comparing its latest financials with 2019 (see table). The firm also drew £229.2m from a £670m revolving credit facility (RCF) in 2018-19 but began 2025 with a reduced £150m facility. And Kier has been confident enough to issue shareholder dividends for two years in a row, including £22.4m last year. While Kier is now profitable, “the most impressive area of change is the stronger capital structure”, said Mani Singh, risk and surety adviser at Tryg Trade. “This includes five times as much cash and equivalents balance, less than one-third of the average monthly net debt […] and undrawn RCF.” He added: “I feel as though Davies’ strategy passed the tidying-up stage, progressed into the latter stages of the building-up stage and was beginning what looks to be a strengthening period.” In a full-year trading update on 22 July, Kier said it expects to report “good growth” in its next results. About 88 per cent of targeted revenue for the 2026 financial year has already been secured. A focus on core sectors has been key, said Singh, adding: “Remember that it’s taken Kier five or six years to get to where it is now – it wasn’t simple, and that timespan helps to understand the scale of the original challenge.” Asked to sum up Davies’ legacy, Nussey said: “He arrived with probably the toughest gig in the industry and is leaving [Kier] as a market leader set to play a key role in UK infrastructure – from water to highways, nuclear, prisons and rail – while leading in regional construction.” He adds: “The point I make to investors is to look at Kier’s ability to pivot at pace to a particular market opportunity and take profitable market share. In the water sector, for example, Kier has skills across the group that have been brought together by Davies, whether that’s designers, a digital capability or modern methods of construction.” While his exit is “undoubtedly a disappointing development” for investors, Nussey said, Togwell’s promotion suggests continuity. Metric  y/e 30 June 2019 y/e 30 June 2024 Revenue (excl. JVs) £3.95bn £3.90bn Pre-tax profit/loss -£229.5m £68.1m Cash/equivalents £311.7m £1.56bn Full-yr cash/debt -£192.2m £167.2m Source: CN100 database Read More

The next generation of the Southern Construction Framework is set to increase in value to reflect higher demand and the inclusion of lower-value workstreams, according to a preliminary market engagement notice published today (22 August). Hampshire County Council and Devon County Council have launched early market engagement for the sixth-generation framework (SCF6), valued at £5.4bn including VAT and expected to launch in May 2027 when the previous iteration expires. The current SCF5, which was launched in 2023, is capped at £4.5bn and involves 11 contractors such as Galliford Try, Kier, Morgan Sindall, Wates and Willmott Dixon. It has already reached £1.59bn of work — more than 80 per cent of its £1.92bn workload target — with nearly half of its term remaining. SCF6 will cover all projects above £1m and will be structured into value and geographic lots, the notice said. While the framework will remain focused on the South East, South West and London, it will be open to all public sector bodies in England. The two councils are considering merging local frameworks for lower-value projects into SCF6. This follows recent efforts to align smaller schemes under the SCF brand to reduce supplier bidding costs and improve consistency. A shift in procurement approach is also under review. The SCF has traditionally relied on two-stage procurement, but for SCF6 the councils may adopt single-stage or hybrid approaches for lower-value lots, responding to a decline in client demand for two-stage tenders. Kingsley Clarke, head of SCF South West, said: “Whilst SCF will always promote and foster early contractor engagement and a collaborative approach to secure the best outcomes for project delivery, we acknowledge that we need to consider being more open to a single stage or hybrid approach to projects of a certain value, and welcome contractor contributions on this and more.” A formal tender notice for SCF6 is expected in March 2026 – two months later than previously announced. Interested firms have until 17 October 2025 to complete a survey, with follow-up 1:1 engagement meetings scheduled for September and October. A supplier event is expected in January 2026. Suppliers must be able to operate across the South of England and London, the market engagement notice said. SCF has traditionally operated on projects over £4m, with both Devon and Hampshire councils having domestic frameworks supporting the delivery of projects below this value. Source: Gov.uk Find a Tender/SCF announcement Read More

Lee Marley Brickwork grew its turnover to record levels and saw profit rise, despite experiencing an “unprecedented shift” in secured revenue. The Reading-headquartered brickwork and scaffolding specialist saw turnover reach £87.2m in the year to 31 December 2024, up from £79.8m in the prior year. Pre-tax profit reached £3.6m, up from £2.8m, newly released accounts show. The performance means its pre-tax margin rose to 4.1 per cent from 3.6 per cent in 2023. The period was its fifth successive year of revenue growth and second year back in profit. Last year, the firm was ranked seventh in the CN Specialists index for envelope contractors. In his strategic report that accompanied the accounts, managing director Lee Marley said the 12 months were a time of “transition and retrenchment”. The announcement in July 2023 that second staircases would be required for new residential buildings of higher than 18 metres, rather than the previously mandated 30 metres, “caused an unprecedented shift in secured revenue as our clients halted project starts to assess the impact of the measures on their production pipeline”, he said. Despite the then government announcing in October 2023 that there would be a transitional period until at least 2026, a “significant number” of the specialist’s projects were delayed by between six and nine months. Work worth £30m was pushed back from 2024 to 2025, Marley added. The slowdown enabled the company to “give pause to its future strategy and to align its cost base accordingly”, he said, with a senior management cadre “stripped away” and “greater responsibility devolved down our management chains”. The average number of people employed by the company throughout the year was 232 compared with 211 in 2023, according to the accounts, with the number of managers dropping from six to five. The firm’s annual wage bill rose from £8.3m to £9.1m, the accounts stated. Extra investment was also made into commercial and training functions, Marley said. It employed 117 apprentices, with 26 new ones enrolling in its in-house academy in 2024. The firm ended the year with just over £2m cash at bank and in hand, an increase from just £82 in 2023. It took on less short-term repayable bank loan debt last year (£4.7m compared with £6.3m the year before), while almost all the long-term loan debt was paid down (£76,759 versus £250,221). Shareholders received a £572,000 dividend, up from £553,500 in 2023. Lee Marley has offices in London, Glasgow and Reading. It focuses on large-scale, high-rise and complex projects particularly in the mixed-use, affordable and social housing, and institutional build-to-rent sectors. At CN Intelligence you can view and filter seven years’ worth of detailed financial information on the top UK construction firms via our interactive dashboards. Access in-depth written analysis of the numbers along with targeted data and analysis on specialist contractors. Read More

The Ministry of Defence has confirmed the first tranche of sites to be developed under its £1.1bn Single Living Accommodation framework. The Defence Infrastructure Organisation (DIO) has revealed 10 sites across the UK where members of the SLA Alliance will deliver nearly 1,800 new bedspaces for military personnel. The work forms part of the first phase of the MoD’s 10-year plan to build or refurbish 40,000 bedspaces across the defence estate. The new Single Living Accommodation buildings will follow a standardised design intended to improve quality and sustainability, in line with the government’s Net Zero Carbon strategy. While contractors will use a range of construction methods depending on site needs, the programme prioritises modern methods of construction to speed up delivery and reduce disruption. The allocations mark the first site-specific information to be released since the appointment of the alliance members last year. Each company or consortium will be responsible for specific bases: Bowmer & Kirkland has been allocated work at the Infantry Training Centre in North Yorkshire (144 bedspaces), Combermere Barracks in Berkshire (74), RM Condor in Angus (348) and RNAS Yeovilton in Somerset (123). Reds10 will deliver schemes at Baker Barracks in Hampshire (315) and RAF Cosford in Shropshire (50). Kier Metek is responsible for work at RM Bickleigh in Devon (166). Laing O’Rourke has been awarded projects at RAF Waddington in Lincolnshire (228), Albemarle Barracks in Northumberland (266) and RAF Honington in Suffolk (80). Last year, the DIO announced that Kier McAvoy had also been appointed, although specific allocations for this consortium were not included in this week’s announcement. The wider SLA Programme will run to 2034 and is targeting the delivery of 16,000 new bedspaces using a programmatic delivery model. According to the DIO, this approach is already yielding results, with several schemes under way. The framework was procured through the Crown Commercial Service’s Offsite Construction Solutions framework and will operate under a Framework Alliance Contract (FAC-1). The contract started in November 2024 and runs until November 2027, with the option to extend. The client for the programme is the Defence Infrastructure Organisation. Source: Defence Infrastructure Organisation announcement Read More