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Despite the suffering local economy, subprime woes, the home-building meltdown and shrinking credit markets, construction companies dominate the list of fastest-growing companies in Southeast Michigan.
When comparing 2007 revenue with that of 2006, five of the 12 fastest-growing companies in the region on Crain's list - and nine of the top 21 - are in the construction industry, led by Taylor-based J.S. Vig Construction Co., which grew 180 percent, from $19.3 million to $54 million.
Local construction firms ranked third, sixth, seventh, 10th, 12th, 16th, 17th, 18th and 21st.
Detroit-based VisionIT, an information-technology out-sourcing and staffing company that is also No. 4 on Crain's list of Michigan's largest minority-owned firms, was No. 1, with revenue growth of 373 percent, going from $22.6 million to $107.1 million. In July 2006, the Detroit Public Schools Board of Education awarded the company a five-year contract worth $48.4 million.
The secret to success of local construction companies, said Andrew Shmina, vice chairman of the Associated General Contractors of Michigan, is being flexible - knowing what lines of business to cut back on, which to beef up and, if need be, when to start looking for contracts in other geographic markets.
J.S. Vig is a prime example. It expanded its geographic base from Southeast Michigan to Texas, where it got two projects, and it diversified its product mix, taking on its first hospitality job - redeveloping the Embassy Suites Hotel near Detroit Metropolitan Airport.
Bloomfield Hills-based Synergy Group Inc. also expanded its reach while hitting No. 7, landing a $200 million hotel and condo project in Orlando, Fla.
Joseph Aristeo, president of Livonia-based Aristeo Construction Co., said his...