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March 29, 2012

2012 Construction Surveys: Rushforth Construction

Specialty: Multifamily, mixed-use, industrial, office, senior housing, historic renovations, tenant improvements, hospitality

Management: Kim Nakamura, Doug Orth, Brett Lantz, Bill Clinton, Marc Streleski

Founded: 1951

Headquarters: Tacoma

2011 revenues: $65 million

Projected 2012 revenues: $65 million

Current projects: Boxcar, a 144-unit apartment in South Lake Union; 154-unit Redmond Square Apartments; 160-unit apartment in DuPont; Horizon House renovation in Seattle; Zumiez headquarters in Lynnwood; welcome center for Tehaleh, the 4,200-acre master-planned community in Pierce County formerly called Cascadia; YMCA Camp Seymour dining facility, outdoor amphitheater, near Purdy

Rendering courtesy of Rushforth [enlarge]
Construction has begun on Boxcar, 144 apartments in South Lake Union.

Rushforth Construction is going through some changes this year. Randy Rushforth retired as chairman of the board, and Don Lloyd is retiring as business development manager. Marc Streleski is the new business development manager.

In addition, Rushforth is entering the energy sector, says company President Kim Nakamura, who answered these questions.

Q: How do you see the market overall?

A: I see that it’s improving and very risky. We are anticipating a lot of subcontractor and contractor failures this year. Many subs have weakened cash positions and can’t keep up. We’re forecasting the worst year of companies going out of business.

Q: Compare your company’s workload for 2012 to the last two years.

A: From a revenue perspective, it’s about the same. But the revenues are coming from a different market. The last few years, work mostly has been bid work. We are now back to a market where many repeat clients are back. We’re doing more negotiated work.

Q: Tell us about your plans to enter the energy sector.

A: We’re doing this on a very limited basis. Our parent company, Adolfson & Peterson Construction, has the Center of Excellence in Energy. We’re using that expertise to leverage projects in the Northwest. We built a new facility for Mason County Public Utilities District, and as part of that we installed solar panels. A&P is paying most of the cost to own and operate the system, and the PUD will have an option to buy it down the line. We’re also moving forward on a project in Oregon that I can’t discuss.

Q: If all goes according to plan, how many employees do you anticipate you’ll have at year’s end?

A: We anticipate having 140 people at the end of 2012. That compares to 100 at the end of 2011.

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