McCarthy Building Companies Breaks Own Records in ’03

Sat January 17, 2004 - Midwest Edition

Despite generally weak U.S. economic conditions during most of 2003, St. Louis-based McCarthy Building Companies Inc. announced that 2003 was the firm’s strongest and safest year since its inception in 1864.

McCarthy is ranked as the nation’s 16th largest domestic general building contractor with revenues for 2003 anticipated to be more than $1.4 billion. The firm, one of the oldest and largest privately held construction firms in the country, became 100 percent employee owned in 2002.

“We credit McCarthy’s financial and safety achievements in 2003 to effective strategic planning, our commitment to strong client satisfaction, and an ongoing dedication at all levels to delivering performance through creative building solutions on both large and small projects,” said McCarthy Midwest Division President Karl Kloster.

“We also credit these achievements to our commitment to the communities we serve, especially in St. Louis because it’s our hometown and national headquarters.”

“McCarthy has developed a national reputation for attacking and solving the toughest construction challenges,” explained McCarthy CEO and Chairman Mike Bolen. “We accomplish this through a balance of planning, employee training and a company-wide drive to deliver real value to our clients. This approach has resulted in more than 60 percent of our business coming from repeat clients and 40-percent revenue growth in 2003. In these tough economic times, ongoing client confidence has been the key to our success.”

McCarthy was on track to achieve an OSHA total recordable incident rate of less than 2.4, compared to the national rate of 7.1 in 2003.

“We are safety fanatics, because it is the right thing to do to protect all employees, our subcontractors and the general public,” explained Gary Amsinger, McCarthy vice president of corporate safety. “In addition, our clients are seeing the practical and financial benefits of us doing so.”

In addition to client confidence, continued strength in McCarthy’s core building markets of healthcare, research, clean manufacturing, parking and schools has enabled the firm to better weather recent market fluctuations.

“Our strategic approach to diversified market shifts creates a more stable business environment for our clients, especially in uncertain economic times,” said Bolen. “Couple this with the tightening bonding surety environment, and we believe our conservative fiscal approach will increase our growth and aggressive recruiting strategies.”

Founded by Irish immigrant Timothy McCarthy in 1864, McCarthy was started as a lumber business focusing on constructing farmhouses and barns in Michigan. Over the next 50 years, the company completed projects at the World’s Fair in San Francisco, in Alaska, and in the Panama Canal Zone.

In addition to its headquarters in St. Louis, the firm has offices in Dallas, TX; Phoenix, AZ; Las Vegas, NV; and Newport Beach, San Francisco and Sacramento, CA.

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