Construction: ‘Robust’ pace of construction expected to continue
Photo / Tim Greenway
Kevin French, executive vice president of Landry/French Construction
Landry/French Construction signs are all over southern Maine. That's likely to continue, at least through this year.
Kevin French, executive vice president at the Scarborough-based construction firm, has been busy on the India Street corridor in Portland and has numerous projects in the works.
“Yes, I believe the robust pace will continue into 2019. We have more backlog and firms calling regularly than ever before. If this is any indication, we are looking at a record year,” he says.
Landry/French has been busy on Munjoy Hill, finishing an India Street office for cPort Federal Credit Union, which is next door to the Mason Block mixed-use building it completed earlier this year. Its work can been seen elsewhere on Munjoy Hill, with the Luminato and 113 Newbury condo buildings. In Augusta, the company built the offices for the Maine Public Employees Retirement System. In Waterville, it worked with Colby College and the city to rejuvenate a four-block section of the downtown. For Wells and Scarborough, Landry/French is building public safety buildings.
Like the rest of the industry, Landry/French is struggling to find employees. “Finding new employees is always a challenge for any company,” he says.
Recruiting has been helped by the fact that the company is 100% employee-owned, “which has helped our company attract new employees, and more importantly, has allowed us to retain,” he says.
Despite the pace of construction, French says he's concerned about the impact higher interest rates will have on developers and companies looking to hire a builder.
“For any construction company, higher interest rates are concerning. Private sectors are and will be paying more for their money. This could slow down companies and developers,” he says.
Add to that the higher cost of labor and building materials and there's the possibility projects could be put on hold.
“The current building market is saturated, and cost of materials and labor are a reflection of the 'good times.' We have heard of projects being placed on hold, waiting for a market correction,” French says. “Unfortunately, they may have a long wait.”
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