Me Ka Mahalo Nui
It is with tremendous pride that Building Industry Hawai‘i presents our 38th annual Hawai‘i’s Top 25 Contractors list — our most anticipated feature of the year. These rankings not only spotlight the state’s highest-performing general contractors by revenue, but they also tell the story of resilience, innovation and leadership in a time when Hawai‘i needs it most.
Amid a slowdown in tourism, these contractors solidified the industry’s role as a cornerstone of the state’s economic stability, delivering over $6 billion in construction projects across Hawai‘i in 2024. They represent the very best of what our industry has to offer: strength under pressure, excellence in execution and a deep commitment to this special place we call home.
At Trade Media Hui, we are honored to chronicle your stories. You are the builders of more than buildings — you are shaping futures, communities, and legacies. We thank all who made this issue possible: the contractors who opened their books, the teams behind the
scenes, our loyal readers and our generous sponsors.
From our ‘ohana to yours — mahalo nui for your trust, your support and your enduring impact on Hawai‘i.
Amanda Canada
Publisher
Trade Media Hui
Hawai‘i’s Top 25 Contractors Keep Pushing Higher
Huge growth in the face of the unpredictable portends a strong year
for the industry
BY RICHARD MELENDEZ, BRETT ALEXANDER-ESTES, VANESSA HATHAWAY, LORRAINE CABANERO, CHRIS AGUINALDO,
JAMES CHARISMA, FERN GAVELEK, JAMIE WINPENNY AND JACKIE M. YOUNG
In a year filled with uncertainty, Hawai‘i’s construction industry forged ahead to new heights in 2024, with self-reported revenues from the top 25 contractors showing a 17-percent increase from 2023.
This translates as a total haul of $6,035,627,738 in 2024 versus 2023’s total of $5,147,065,664 — an $888.6-million jump.
With the downturn of the pandemic now in the past and the lingering woes of inflation and supply chain issues mostly faded, those concerns have since been replaced with the tremors brought on by the on-again/off-again tariffs, and an ongoing workforce shortage that is being felt across all sectors and industries. This impressive year-over-year growth can be seen as testament to the resilience of the construction industry in Hawai‘i — while challenges remain, the industry appears defiant.
In March of this year, surveys were sent to approximately 350 of Hawai‘i’s contractors, soliciting their participation in Building Industry Hawai‘i’s annual Top 25 Contractors ranking. Nearly 40 responses were received from general and specialty contractors across O‘ahu, Maui and Hawai‘i island, with the results tallied and organized to determine the Top 25 contractors by revenue earned in 2024.
When looked at as a whole, the 2025 rankings demonstrate a mix of the dynamic and the familiar, with many of the firms who were previously ranked maintaining solid footing in our Top 25 and others making notable gains, their earnings advancing their status as Noteworthy Contenders into the Top 25 for the first time.
Of the top five, four firms held on to a similar place as last year. Specifically, Top 25 stalwarts Hawaiian Dredging Construction Company Inc., Nan Inc. and Nordic PCL Construction Inc. held on to the first, second and fourth spots, respectively.
Hensel Phelps dropped slightly from No. 3 to No. 5 as Goodfellow Bros. moved from its No. 6 spot in our 2024 rankings to No. 3 this year.
While the top spots mostly held steady, the rest of the list saw varying degrees of movement, with several companies moving up or down one or two notches, and more dramatic moves being made by others.
In particular, Coastal Construction Co. Inc. jumped four spots from No. 16 to No. 12 and Wasa Electrical Services Inc. moved up two places.
Three seems to be the magic number for several companies, as Dorvin D. Leis co. inc. stepped up three spots from No. 12 to No. 9; Isemoto Contracting Company Ltd. moved from No. 20 to No. 17, Group Builders Inc. from No 21 to No. 18; Ralphs S. Inouye Co. Ltd. from 22 to 19; and Shioi Construction Inc. from No. 24 up to No. 21.
It was also exciting to see the explosive jumps made by Quality General Inc., who entered the list at No. 23 after earning Noteworthy Contender last year, and more than doubling its revenue from 2023. The most staggering reveal this year is that for the first time, the revenue of a Top 25 contractor crossed the $1 billion mark!
The leadership of most of the contractors surveyed for Top 25 remain optimistic about the industry’s fortunes for the year ahead, bolstered by projects and initiatives such as Dry Dock 5 at Pearl Harbor, the statewide push for more housing, O‘ahu’s ongoing rail project and related development through Honolulu’s urban core, the rebuilding of Lāhainā and the New Aloha Stadium Entertainment District.
But many also temper that positivity with a dose of realism as they are forced to acknowledge the potential for wrenches being thrown into the mix, with some even having to take a wait-and-see stance. The unknowables, the indeterminables, the outside forces that cannot be predicted nor controlled, will likely have some sort of ripple effect on the local construction industry, whether small or large, short- or long-term. But the persistence of the state’s top contractors, their continued upward push in the face of adversity over the last several years, bodes well for all.
Editor’s Note: Frank V. Coluccio Construction Co. Inc. and Alaka‘i Mechanical Corporation declined participation in the 2025 Top 25 Contractors survey. Both companies had placed in the rankings in 2024.
Top 25 Contractors and Rankings
These are the top-performing companies in Hawai‘i, based on 2023 revenue. Companies voluntarily submitted data for publication.
| RANK 2024 | RANK 2025 | COMPANY NAME | REVENUE ($ MILLIONS) | REVENUE ($ MILLIONS) | % CHANGE |
|---|---|---|---|---|---|
| 1 | 1 | Hawaiian Dredging Construction Company Inc. | $1.1B | $780M | 41% |
| 2 | 2 | Nan Inc. | $855.2M | $638.7M | 33.9% |
| 6 | 3 | Goodfellow Bros. | $452M | $305M | 48.2% |
| 4 | 4 | Nordic PCL Construction Inc. | $437M | $354M | 23.5% |
| 3 | 5 | Hensel Phelps Construction Co. | $405M | $381M | 6.3% |
| 5 | 6 | Kiewit Corporation | $372M | $305.3M | 12.9% |
| 8 | 7 | Albert C. Kobayashi Inc. | $352.5M | $255.3M | 38.1% |
| 7 | 8 | Swinerton | $298M | $288M | 3.5% |
| 12 | 9 | Dorvin D. Leis Co. Inc. | $201M | $140M | 43.6% |
| 10 | 10 | Unlimited Construction Services Inc. | $185.9M | $208.2M | -10.8% |
| 9 | 11 | Moss | $174.6M | $227.2M | -23.2% |
| 16 | 12 | Coastal Construction Co. Inc. | $169.7M | $98.6M | 72.1% |
| 13 | 13 | MGCI (Maryl Group Construction Inc.) | $142.4M | $122M | 16.8% |
| 23 | 14 | Layton Construction Company LLC | $123M | $64.1M | 92% |
| 17 | 15 | Wasa Electrical Services Inc. | $115M | $97M | 18.6% |
| 14 | 16 | Royal Contracting Company Ltd. | $88.7M | $121.2M | -26.9% |
| 20 | 17 | Isemoto Contracting Company Ltd. | $87.6M | $81.4M | 7.7% |
| 21 | 18 | Group Builders Inc. | $73M | $74M | 1.4% |
| 22 | 19 | Ralph S. Inouye Co. Ltd. | $71.2M | $68.1M | 4.6% |
| 15 | 20 | Allied Builders System | $64M | $108.2M | -40.9% |
| 24 | 21 | Shioi Construction Inc. | $60M | $59M | 1.7% |
| 19 | 22 | Armstrong Builders LLC | $58.5M | $88.2M | -33.7% |
| NC | 23 | Quality General Inc. | $52.3M | $25.7M | 103.5% |
| 25 | 24 | M2K Construction LLC | $49.1M | $47M | 4.5% |
| NC | 25 | Paradigm Construction LLC | $48M | $36.8M | 42.42% |
| NOTEWORTHY CONTENDERS |
| NC | NC | Healy Tibbitts Builders Inc. | $43.4M | $27.1M | 60.4% |
| NC | NC | S & M Sakamoto Inc. | $40.6M | $37M | 9.9% |
| NC | NC | Alan Shintani Inc. | $31.8M | $29.2M | 9% |
| NC | NC | Constructors Hawaii Inc. | $25.4M | $20.4M | 24.8% |
A Decade of Hard Work (in billions)
Combined annual revenue of the Top 25 Contractors from 2014 to 2024
№ 1
Hawaiian Dredging
Construction Co. Inc.
HDCC.COM
2024 REVENUE: $1.1B
YEARS IN HAWAI‘I: 123
EMPLOYEES: 948
This year, the company is also No. 1 among Hawai‘i’s Top 25 Contractors for the 20th year in a row.
Gerry Majkut
“Reflecting on 2024, the industry demonstrated remarkable strength,” says Gerry Majkut, Hawaiian Dredging president.
And in 2025, as the industry continues to strengthen Hawai‘i’s economy, it succeeds in part through Hawaiian Dredging’s performance.
This includes the company’s completed 2024 projects, a trophy case of industry dazzlers — Victoria Place, Ililani, Maunakea Tower Renovation, SpaHalekulani and Halekulani Fitness and Movement Studio, Hilton Waikoloa Village Ocean Tower, Overhaul Primary and Secondary Clarifiers – Fort Kamehameha Wastewater Treatment Plant and Auahi Street Promenade Phase 1.
The high construction value and community impact of Hawaiian Dredging’s ongoing 2025 projects will likely strengthen the industry — and the state — even more.
These include 5-Plex Bachelor Enlisted Quarters, MCBG, Guam (as a member of Core Tech-HDCC-Kajima LLC); ENV Support Facilities at Honouliuli Wastewater Treatment Plant; Halekulani Hotel Renovations; ODEX Kapolei; Sand Island WWTP Maintenance Building Septage and Site; Ulana; Straub Parking Building; and FY23 MCON Project P-209, Dry Dock 3 Replacement / Dry Dock 5 (as a member of Dragados/Hawaiian Dredging/Orion JV).
The industry also gains through design and safety advances. Last year, the General Contactors Association of Hawaii (GCA) honored Hawaiian Dredging for several.
The company won three GCA 2024 Build Hawaii Awards, most notably for Kokua Hale, a 20-story affordable Honolulu high-rise for seniors aged 55 and older.
The company also won several GCA 2024 Safety Awards — AGC & GCA Zero Incident Rate Awards achieved in four exacting areas, and Best in Category Awards, achieved in the Federal & Heavy, Highway and Utility Infrastructure divisions.
Majkut says the ongoing Shipyard Infrastructure Optimization Program at Pearl Harbor, the New Aloha Stadium Entertainment District, HART’s City Center Guideway and Stations, various tourism-related developments and Lāhainā’s pending reconstruction are currently fueling industry momentum.
“Looking ahead, Hawaiian Dredging remains dedicated to addressing Hawai‘i’s evolving needs through a diverse portfolio of projects, including residential developments (market and affordable), public infrastructure improvements and community-focused initiatives,” Majkut says.
“The Hawai‘i construction market is poised for continued potential in 2025 and the coming years.”
– Brett Alexander-Estes
Last October, the U.S. Navy awarded a breakwater repair project at Naval Base Guam to TPC-Nan, A Joint Venture, which includes Hawai‘i general contractor Nan Inc. as a member.
The base value of the Navy contract was approximately $330.6 million. The Navy then exercised nine contract options in February.
The options increased the contract’s reported approximate value to $562.9 million, which comes as Nan Inc. continues to expand in Hawai‘i and the Pacific.
Nan Inc. earned $855.1 million in 2024 revenue — a gain of nearly 34 percent over the previous year’s $638.8 million and confirms Nan Inc.’s second-place spot among the state’s top contractors for the fourth year in a row.
Nan Inc.’s 2024 revenue also indicates the significant value of the firm’s many projects completed last year as well as those currently underway.
Completed 2024 projects include the Daniel K. Akaka State Veterans Home in Kapolei. Ongoing 2025 work is dominated by a strong lineup of military projects. These include P-316 Pacific Deterrence Initiative: Artillery Battery Facilities at Marine Corps Base Guam ($100 million); P-956 and P-973 Bachelor Enlisted Quarters at Marine Corps Base Hawaii ($174.5 million); and Apra Harbor Waterfront Repairs, Naval Base Guam ($571 million).
These ongoing projects all have long timelines, and are expected to wrap in March 2027, June 2029 and July 2029, respectively.
Last year, Nan Inc. further strengthened its bonds with leading Hawai‘i developers and other clients, as shown in this 2024 commendation from Hunt Development Group following Nan Inc.’s completion of the Daniel K. Akaka VA Clinic:
Ryan Nakaima
“Your team demonstrated exceptional efficiency in completing the project within the agreed-upon timeframe. The ability to adhere to deadlines without compromising quality is commendable. We recognize that the substantial portion of Nan Inc.’s self-performed work played a significant role in achieving timely completion.”
This year, despite the current uncertainties surrounding Hawai‘i construction and the economy, the general contractor is very busy in most of the state’s building sectors.
Ryan Nakaima, Nan Inc. senior vice president, says that while “the economic outlook is again portrayed to be unclear with all the discussions around tariffs, the construction forecast remains positive and active when looking at the tight labor market and considering the anticipated government and robust defense spending.”
– Brett Alexander-Estes
№ 3
Goodfellow Bros.
GOODFELLOWBROS.COM
2024 REVENUE: $452M
YEARS IN HAWAI‘I: 53
EMPLOYEES: 523
Hawai‘i’s 2024 civil projects, which pave the way for construction expansion across the state, have catapulted Goodfellow Bros. from No. 6 to No. 3 among Hawai‘i’s Top 25 Contractors.
Goodfellow earned $452 million in 2024 Hawai‘i-based revenue, a gain of nearly 50 percent over last year’s $305 million. The heavy civil contractor is now in the same income class as Hawai‘i’s top general contractors, who typically earn more than those in specialized fields.
Last year, Goodfellow also earned significant moral credit. Goodfellow and its construction partners received the 2024 Project of the Year Award from the Construction Management Association of America for the West Maui Temporary School Facility Project, built for the area’s wildfire survivors.
Goodfellow’s completed 2024 projects are all large, complex ventures that require great strength and skill. They include extensive sitework for Kona Village Resort and Nohea at Mauna Lani II, both on the Big Island.
On the island’s mountain slopes, Goodfellow completed drainage, secondary electrical and telecom installation at the Pōhakuloa Training Area, and decommissioned Mauna Kea’s enormous Caltech telescope. On O‘ahu, Goodfellow prepped the site of Amazon’s 595,000-square-foot delivery station and reclaimed the greater part of a valley with its Punalu‘u Stream Restoration Project.
Goodfellow’s ongoing 2025 projects are no less far-reaching and include the ultra-high-tech Secure Integration Support Laboratory on Maui, set to wrap in June 2027, and excavation and dredging of volcanic debris at the Big Island’s Pohoiki Boat Ramp, expected to be complete in January next year.
“Federal investment, disaster recovery and strategic infrastructure projects are driving much of the [construction] activity statewide,” says Edward Brown, Goodfellow Bros. division president.
“It is our opinion that Hawai‘i’s construction industry is poised for steady growth over the next two years, with strong momentum in the public and military sectors and a cautious but improving outlook for private development.”
– Brett Alexander-Estes
№ 4
Nordic PCL Construction Inc.
NORDICPCL.COM
2024 REVENUE: $437M
YEARS IN HAWAI‘I: 87
EMPLOYEES: 250
Glen Kaneshige, Nordic PCL Construction Inc. president, and Nordic’s 250 employees can reflect with immense pride on the company’s 2024 achievements: a significant increase in annual revenue, a wide range of outstanding projects and multiple industry awards.
Nordic PCL earned $437 million in 2024, an increase of 23.4 percent over the prior year’s $354 million. This confirms Nordic as No. 4 among Hawai‘i’s Top 25 Contractors, the same position it held last year.
In 2024, Nordic completed high-profile projects in many sectors — King Kalakaua Plaza, Central Pacific Bank Kahului Branch, Maui Bay Villas Phase 2, Schofield Barracks Repair Building 2075 and 2076, Straub Emergency Department and Observation Unit Phase 1, Fairmont Kea Lani Lobby Renovation, the Grand Wailea Room Renovation and King Kalakaua Building Phase 2.
The general contractor’s ongoing 2025 projects also span the spectrum, and include Ka Haku, Kohanaiki Parcel 12, Mauna Kea Beach Hotel Renovation, Hokuala Hotel, Maui Bay Villas Phase 3, Public Storage at Koa Ridge, Ka La‘i Ola Village, Wheeler Repair Building 118, Schofield Repair Building 2077, Hālawa View Apartments, Straub Emergency Department, King Kalakaua Building Phase 3, Four Seasons Resort Maui Spa, Kemole Lane and Maunalani Nursing Center Elevator & Electrical Upgrades.
In 2024, Kaneshige was chosen for the second time as Pacific Resource Partnership’s (PRP) Outstanding Union Builder of the Year, PRP’s only winner so honored.
The spotlight also shone on Nordic projects, which won four 2024 Kukulu Hale Awards, three 2024 AIA Honolulu Design Awards, two General Contractors Association of Hawaii (GCA Hawaii) 2024 Safety Awards and three GCA of Hawaii 2024 Build Hawaii Awards.
Glen Kaneshige
Kaneshige appreciates the accolades but keeps his eye on the ball.
Calculating the effect of tariffs on Hawai‘i construction, Kaneshige cites “the potential risks of rapidly escalating unbudgeted costs that contractors cannot recover or the suspension of unfeasible projects. Developers and contractors will need to be diligent to mitigate the tariff impact similar to the hyperinflation of materials and equipment arising from supply chain disruptions during the pandemic.”
He expects military construction to remain strong but demand for affordable housing to lag due to rising property insurance rates and construction defect litigation.
But there may be support ahead. “The Governor and county mayors have made the development of affordable housing their top priority,” he says.
– Brett Alexander-Estes
№ 5
Hensel Phelps Construction Co.
2024 REVENUE: $405M
YEARS IN HAWAI‘I: 32
EMPLOYEES: 425
In 2024, Hensel Phelps earned $405 million in Hawai‘i-based revenue, a 6.2-percent gain over the $381 million earned in calendar year 2023.
Last year, this top performer of some of Hawai‘i’s most challenging hospitality, infrastructure and military projects also “experienced significant growth in the education and healthcare sectors,” says Jonathan Tseu, Hensel Phelps regional vice president.
The general contractor was appointed to a second term for Hawai‘i’s Kaiser Capital Projects Program, which extends until 2029. It also acquired two large design-build education contracts — one for the University of Hawai‘i’s Mānoa Mini Master Plan Phase 2, the other for the Hawai‘i Department of Education’s Regional Kitchen – North Central Oahu project.
Hensel Phelps’ completed 2024 projects include the Grand Wailea Resort Spa Grande, Fairmont Orchid Ballroom and Meeting Space Renovation, Hawaiian Airlines Airport Operations Support Space, Hawai‘i County Emergency Call Center and the Repair Water Reclamation Facility Secondary Clarifier.
Ongoing 2025 projects are equally distinguished.
Federal projects include the Secure Integration Support Laboratory for the U.S. Air Force, the USGS HVO + PIERC Research Facility and Field Station as well as the Repair of Administrative Spaces. New education and healthcare work includes the aforementioned UH Mānoa Mini Master Plan Phase 2, Regional Kitchen – North Central Oahu and the Kaiser Permanente Capital Projects Program. Hospitality work includes the Four Seasons Manele 140 Restaurant and Front Entry Renovations.
Hensel Phelps’ 2025 infrastructure work includes three huge wastewater treatment plants and the Hawai‘i Department of Transportation’s statewide microgrid Sustainability Partners EV Program.
Other markets are also firming up.
“Hensel Phelps continues to diversify our self-perform work scopes,” Tseu says. “Our teams will handle cast-in-place concrete structures, pre-cast structures, earthwork, site utilities, building specialties, equipment installation, miscellaneous metals, expansion joints, joint sealants and more.” Team members, Tseu says, are thoroughly trained and certified.
“In the past year,” Tseu continues, “Hensel Phelps self-performed over 635,000 work hours across Guam and Hawai‘i and proudly maintains a craft-to-staff ratio of two-to-one.
“… So far, we haven’t faced major issues with labor availability,” he notes. “Despite the uncertainties of our times and the potential impacts of tariffs and federal policy changes, the industry continues to thrive.
“The market outlook for Hawai‘i and the broader Pacific region remains strong and resilient.”
— Brett Alexander-Estes
№ 6
Kiewit Corporation
2024 REVENUE: $372M
YEARS IN HAWAI‘I: 77
EMPLOYEES: 300
Founded in 1884 in Omaha, Neb., as Kiewit Brothers Masonry Contractors, Kiewit Corp. rose quickly on the continental U.S., and now operates through a network of subsidiaries in the U.S., Mexico and Canada. Its history of high-profile projects landed the company in the 23rd spot on Forbes’ 2024 America’s Top Private Companies list. The contractor has consistently ranked in the Top 50 Best Workplaces by the Great Place to Work Institute Canada since 2011.
The employee-owned contracting and engineering firm specializes in eight major markets, including building, industrial, marine, mining, oil, gas and chemical, power, and transportation and water, generating $16.8 billion in annual worldwide revenue for 2024.
As for local business, Kiewit saw a decent uptick in 2024, rising nearly $67 million above last year’s Hawaii-based revenue total of $305,273,891 to now sit at $372,036,751. This locks the company’s spot as the sixth highest-earning firm in this year’s Top 25 Contractors list.
Most of Kiewit’s 2024 work was spent in Hawai‘i’s public-sector projects with about 41 percent in the private sector. The general contracting company subcontracts 34 percent of its work.
Kiewit’s Hawai‘i-based 2024 revenue excludes its member firm Healy Tibbitts Builders Inc. for the purposes of this survey.
Aside from receiving accolades from Forbes and Great Place to Work Institute Inc., Kiewit also placed second on the Engineering News-Record 2024 Top 400 Contractors list.
— Vanessa Hathaway
№ 7
Albert C.
Kobayashi Inc.
2024 REVENUE: $352M
YEARS IN HAWAI‘I: 62
EMPLOYEES: 284
Albert C. Kobayashi Inc. had a bountiful 2024, completing multiple high-profile projects such as Hawai‘i Pacific University’s downtown Academic Sciences Building and Romer House Waikīkī, but one of the company’s most notable 2024 completions was Hōkūao, a 150-unit, two-bedroom housing project built under Chapter 201H on Lāna‘i.
Michael Young
“There were many challenges our project team overcame to successfully complete [Hōkūao] on time and within budget,” says Michael Young, ACK president and CEO.
2024 also brought a change in management, promoting Roberta Hsu to vice president after previously serving as a project manager for the company.
Performing only private-sector projects in 2024, ACK continues its private work into 2025, looking to complete ‘Iolani School’s Arrillaga Student Center and Moana Surfrider, A Westin Resort & Spa, Waikiki Beach renovations in Quarter 4 of this year.
Ongoing projects include construction of various luxury high-rises, including Ālia, Kuilei Place and The Park Ward Village, scheduled to wrap in Q3 2026, Q4 2027 and Q2 2026, respectively. The company is also working on The Mary Kawena Pukui Learning Commons at Punahou School, constructing additional collaborative spaces and structurally repurposing the school’s Cooke Library. The project is slated to finish in Q1 of 2026.
ACK’s completed and ongoing projects all contributed to a $97.2-million increase in annual revenue from $255,300,000 in 2023 to $352,500,000 in 2024, bumping them up from No. 8 to No. 6 in this year’s Top 25 Contractors rankings.
However, Young remains cautious continuing into 2025, monitoring fluctuating economics and potential changes for future projects.
“We are fortunate to have some backlog to keep us busy in 2025, but there is so much uncertainty in the world, it will surely have an effect on the local construction industry,” he says. “Unfortunately, we all have no idea what that effect will be.”
— Vanessa Hathaway
№ 8
Swinerton
swinerton.com
2024 REVENUE: $298M
YEARS IN HAWAI‘I: 22
EMPLOYEES: 382
Swinerton had two highly trafficked Target locations completed on opposite sides of O‘ahu last year, but the Amazon Last-Mile Distribution Center was the standout project of 2024, says Swinerton Vice President and Hawaii Division Manager Aaron Yamasaki.
The Distribution Center spans 595,000 square feet, accommodating 500 employees and 250 truck drivers. The facility also features “state-of-the-art” delivery stations on the first floor and 700 parking stalls between two additional levels.
Aaron Yamasaki
2024 also saw the continuation of two large University of Hawai‘i at Mānoa projects — restructuring the old Sinclair Library into a Student Success Center and a ground-up build of a new Graduate Student Housing complex — scheduled for completion in Spring 2026 and Summer 2025, respectively.
Aaron Yamasaki
The Kahului Airport Industrial Center Warehouse design-build and the Earl’s Kitchen + Bar project, slated to finish in Spring 2025 and Summer 2025, rounded out Swinerton’s 2024 project roster, placing them once again at No. 7 on this year’s Top 25 Contractors list with $298,000,000 in annual revenue.
“Swinerton is honored to be recognized amongst such an accomplished field of Hawai‘i’s contractors,” says Yamasaki. “This accomplishment speaks to the confidence our clients, our community business partners and our employees place in our organization when it comes to building in the Aloha State.”
Aside from their 2024 construction projects, Swinerton also partnered with the General Contractors Association of Hawaii’s Breaking Ground 808 and the Carpenters Union pre-apprenticeship internship programs.
“The passion we have seen from our employees extends to their investment in mentoring and developing the next generation of Hawai‘i’s workforce,” says Yamasaki. “ … Workforce availability remains a key focus area as we manage capacity across multiple active sites and prepare for new project mobilizations.”
Like other companies, Swinerton is also monitoring the effects of tariffs into the new year.
“Factors such as fluctuations in the financial markets, volatility in material pricing and continued pressures on the global supply chain could impact the timing and feasibility of some planned starts,” Yamasaki predicts.
—Vanessa Hathaway
2024 was anything but boring for Dorvin D. Leis co. inc. company CFO Michelle Sigmund says, as the mechanical contractor saw a $61,000,000 jump in annual revenue from $140 million in 2023 to $201 million in 2024, securing them the ninth spot in Building Industry Hawai‘i’s 2025 Top 25 Contractors rankings, up from last year’s twelfth ranking.
“‘Top 25’ is a major … milestone for the construction industry here, right? It’s the big … ranking of all the major contractors, whether they’re general or specialty, and kind of the bible for the industry here,” says Sigmund. “Any time that we can make it in there, it’s a great honor. It’s just a representation of our ability to be a player in the industry, and keeping company with everybody on the list always feels good to us.”
Dorvin D. Leis co. inc. had some standout project completions in 2024, including the Amazon Last-Mile Distribution Center, Hilton Grand Vacations Club Ocean Tower Waikoloa Village Phase 3, Molokai General Hospital, KR2 on Kaua‘i, the Maui Memorial Medical Center Cardiovascular Care’s operating room and the City and County of Honolulu’s Frank F. Fasi Municipal Building, which utilized the state’s tallest crane for its air-handling units 10 and 11 replacements.
“We had to use a project schedule that was …weekends and evenings,” Sigmund shares about the Fasi Building project. “And because of the way the mechanical room is, [work] was all done on the roof. … To replace everything was a very, very challenging project.”
Founded in 1967, the Maui-based company has become one of Hawai‘i’s biggest contractors, specializing in plumbing, HVAC, sheet metal, fire protection/fire sprinkler and temperature controls/energy management systems.
Although confidently optimistic about the future of affordable housing and infrastructure projects, Sigmund is “cautiously optimistic” about 2025’s industry outlook.
“It’s difficult to understand the short- and long-term impacts of the new administration’s changes, so only time will tell,” she says.
For the immediate future, Dorvin D. Leis will remain busy with its slew of ongoing projects, including multiple hospitality sector projects across all four major islands, a South TSA Checkpoint upgrade at Kahului Airport and a Pālolo Homes renovation both slated to finish mid-2026, plus two luxury O‘ahu high-rises finishing in late 2025.
–– Vanessa Hathaway
№ 10
Unlimited Construction Services Inc.
unlimitedhawaii.com
2024 REVENUE: $185M
YEARS IN HAWAI‘I: 35
EMPLOYEES: 145
Unlimited Construction Services Inc.’s employee headcount may be on the smaller side, but that hasn’t stopped them from generating over $185 million — $185,891,912, to be exact — in total revenue for 2024 and securing the tenth spot on this year’s Top 25 Contractors list.
Jason Thon
“It’s always nice to be recognized as a steadfast contender in the construction industry locally,” says company president Jason Thon.
Like other Hawai‘i contractors, Thon is approaching the future carefully due to economic uncertainty but has a positive outlook for the remainder of 2025.
“Regardless of the uncertainty in Washington resulting from geopolitical tensions and tariffs, projects are still moving forward,” he says. “A robust Hawai‘i market with private, public and military infrastructure spending should keep the Hawai‘i construction industry at or above capacity for the remainder of 2025.”
It makes sense that Thon is optimistic about 2025, as Unlimited has a substantial list of projects that will keep them busy through the rest of the year. Projects include a Līhu‘e branch of First Hawaiian Bank, the second phase of Kai ‘Olino Apartments and various renovations at Joint Base Pearl Harbor-Hickam’s Hokulani rental community, among many others.
With another busy year ahead, Unlimited finished 2024 with a strong portfolio of completed projects, including Kai ‘Olino Apartments Phase 1, completed in June; Pa Honua Phase 1 A/C and water heater replacement, completed in August; and the construction of Jack Hall Waipahu Apartments, completed in October.
One project in particular, Lima Ola – Senior & Multi-Family Housing on Kaua‘i, completed in September 2024, garnered high accolades for Unlimited, earning them the National Association for Industrial and Office Parks (NAIOP) Hawaii Chapter’s 2025 Kukulu Hale New Project Award for their role as general contractor.
“From 2024 to 2025 the construction industry has not skipped a beat,” says Thon. “The year has been blazing along with a modest amount of new short-term and long-term pursuits.”
— Vanessa Hathaway
The deadly 2023 Maui wildfires were a tragic exacerbation of an already pressing crisis in Hawai‘i: the urgent need for affordable housing throughout the Hawaiian Islands. Moss is one of the Hawai‘i contractors that have stepped up to address the ever-growing demand for affordable housing, especially on the Valley Isle.
The Kaulana Mahina Apartments development in Wailuku was completed in June 2024. It is remarkable in its novel approach to the housing crunch.
“The Kaulana Mahina project stands out distinctly within Hawai‘i’s construction landscape, primarily because it is the first workforce housing development built on Maui in two decades. Moss played a crucial role in addressing the island’s urgent need for affordable housing,” says Moss Program Manager Kathryn Yamauchi. “As one of the first large-scale rental housing projects completed within this critical timeframe, Kaulana Mahina set a precedent in both speed and efficiency.”
Moss remains committed to helping fulfill Maui’s housing needs. Phase I of Hale o Pi‘ikea is scheduled for completion in August 2025, a vital addition to the island’s affordable housing inventory. “Hale O Pi‘ikea is uniquely impactful as one of the few entirely affordable residential projects currently under construction on Maui in response to the recent wildfires,” says Yamauchi. “The project also includes substantial offsite improvements to Pi‘ikea Avenue and surrounding areas in Kīhei, further contributing to community resilience and recovery efforts following the devastating wildfires.”
Moss is equally committed to organizational excellence. Although it saw a decrease in annual revenue from 2023 to 2024 — earning them the No. 11 spot in our rankings — its projects have had a demonstrable positive impact. That excellence is seen in Moss receiving the 2024 NAIOP Hawaii Kukulu Hale Award for Public/Government Work at the Walter J. Dods Jr. RISE Center and the 2024 General Contractors Association of Hawaii’s Safety Award for Utility Infrastructure.
Looking ahead to 2026, Yamauchi is circumspect, but has a positive outlook. “Tariff concerns, especially those affecting imported construction materials … are creating new cost pressures for developers and contractors,” Yamauchi explains.
“Despite these headwinds, the construction sector continues to move forward with steady growth, bolstered by innovation in building techniques, improved permitting processes and expanded access to housing across the islands.”
— Jamie Winpenny
№ 12
Coastal
Construction
Co. Inc.
coasthi.com
2024 REVENUE: $169.7M
YEARS IN HAWAI‘I: 51
EMPLOYEES: 400
Longtime Moanalua contractor Coastal Construction Co. Inc. saw a whopping 72-percent jump in revenue in 2024, from $98.6 million in 2023, to $169.7 million, placing it at No. 12 on Building Industry Hawai‘i’s Top 25 Contractors list, up from No. 16 in 2024. Project Coordinator Jon Rapisura says they were very fortunate last year.
“We had a few large projects that led to the 2024 increase,” he explains. “That would include our continuation of Koa Ridge with Castle & Cooke, Parkway Village at Kapolei with Kobayashi Group and Kauhale I Ke Kula Uka (or Kaloko Heights Affordable Rentals) with Hawai‘i Island Community Development Corporation.”
Rapisura describes business in 2024 as good and steady.
The company that specializes in new residential construction, framing, drywall and finishing was founded by President Kenneth Sakurai in 1973 as a residential wood-framing contractor. It later became the leader in residential steel framing in Hawai‘i, building over 34,000 homes to date.
According to Rapisura, Coastal’s significant projects last year were Parkway Village at Kapolei, Kauhale I Ke Kula Uka on the Big Island and Koa Ridge in Leeward O‘ahu.
“The challenges for all three — and for all of our projects — was pricing. Parkway Village and Kauhale I Ke Kula Uka were affordable rentals, while Koa Ridge is for sale at a wide range of prices.
“We are aware of the volatility of materials and costs nowadays, but we still strive to provide the best pricing for a quality product.”
In 2025, Rapisura is looking forward to working on another affordable rental project, Kaleima‘o Village in ‘Ewa Beach with Stanford Carr Development, and an affordable for-sale project at Koa Ridge with Castle & Cooke.
“Both of these projects are important for the community because they attempt to address the need for affordable housing in Hawai‘i.”
For the future, Rapisura says he’s hoping the industry will remain steady, but is wary because of the current tariff situation and interest rates.
“With tariffs, pricing volatility comes into play, and interest rates impact the projects that are for sale.”
— Jackie M. Young
Nearly 90 percent of the $6 billion in construction revenue reported in 2024 came from 15 of the Top 25 Contractors on this year’s list. Here’s a visual representation of who the money went to.
2024 Revenue | Company Name |
|---|---|
| $1,100,000,000 | Hawaiian Dredging Construction Company Inc. |
| $855,180,000 | Nan Inc. |
| $452,000,000 | Goodfellow Bros. |
| $437,000,000 | Nordic PCL Construction Inc. |
| $405,000,000 | Hensel Phelps Construction Co. |
| $372,036,751 | Kiewit Corporation |
| $352,500,000 | Albert C. Kobayashi Inc. |
| $298,000,000 | Swinerton |
| $201,000,000 | Dorvin D. Leis co. inc. |
| $185,891,912 | Unlimited Construction Services Inc. |
| $174,597,215 | Moss |
| $169,700,000 | Coastal Construction Co. Inc. |
| $142,400,000 | MGCI |
| $123,000,000 | Layton Construction Company LLC |
| $115,000,000 | Wasa Electrical Services Inc. |
№ 13
MGCI
2024 REVENUE: $142.4M
YEARS IN HAWAI‘I: 15
EMPLOYEES: 43
MGCI broke ground in May as the general contractor for Catholic Charities Hawai‘i on the Hale Pilina affordable housing project in Kahului, Maui. The five-acre site will be home to four two- and four-story apartment buildings. By late 2027, Hale Pilina will also be home to 178 households currently struggling to find affordable housing on the Valley Isle.
Timothy Choi
MGCI is among the Hawai‘i contractors who have answered the call for more affordable housing in Hawai‘i. The company recently completed work at Hale Nā Koa ‘O Hanakahi in Hilo. With an innovative approach to senior living and by prioritizing Armed Forces veterans, Hale Nā Koa is now at full capacity.
MGCI Marketing & Development Director Timothy Choi explains the value projects like Hale Nā Koa can bring to their communities. “What made our work at Hale Nā Koa ‘O Hanakahi truly unique was the opportunity to build more than just housing,” he says. “We were building a community for Hawai‘i’s kūpuna and veterans. It’s a project that honors the service of our veterans while showcasing what thoughtful, community-driven construction can achieve.”
Maui’s deadly 2023 wildfires intensified the already urgent need for affordable housing on Maui. MGCI answered the call and began work on affordable housing at Kaiāulu o Kūku‘ia, the first permanent housing project in West Maui after the catastrophic fires. Families moved in in December 2024.
“In the aftermath of the wildfires, the urgency to rebuild was immense, but the projects aren’t just about simply building homes,” says Choi. “It’s about restoring a sense of place and belonging for the Lāhainā community displaced from the wildfires and a chance to help restore lives by providing safe, affordable places to live.”
It’s a compassionate approach to the unprecedented immediacy of the housing crunch on Maui. It is also an approach that makes sense for MGCI’s bottom line. The contractor saw a 16-percent growth in revenue from 2023 to 2024. A little aloha goes a long way.
— Jamie Winpenny
№ 14
Layton Construction Company LLC
2024 REVENUE: $123M
YEARS IN HAWAI‘I: 20
Employees: 55
Commercial and residential builder Layton Construction Company LLC saw a huge 92-percent surge in revenue in 2024, from $64 million in 2023 to $123 million. This catapulted the 20-year Hawai‘i contractor to the No. 14 spot on Hawai‘i’s Top 25 Contractors list, from No. 23 in 2024. Layton’s parent company, STO Building Group, is based in New York.
“We had a number of large projects that sustained Layton’s Hawai‘i operations throughout the pandemic,” explains Vice President Zachary Taylor. “A number of our target projects pushed into late 2023 and early 2024.
Zachary Taylor
“We also had various projects push from 2023 into 2024 due to ongoing permitting delays and the fallout from the Maui wildfires.”
Layton was founded in Utah just over 70 years ago, but its journey in Hawai‘i started on Kaua‘i in 2005 with building the Kōloa Landing Resort.
“From there, Layton has grown in a sustainable and steady manner for two decades,” says Taylor. “We now do work on the four major islands.”
Among the significant projects Layton completed in 2024 were the Rivian Service Center on Dillingham Boulevard (a renovation of the old Eki Cyclery building) that services up to 12 electric vehicles at a time; Kapalua Emergency Housing (48 temporary homes for families impacted by the Maui wildfires); and the Maui Coast Hotel Expansion (construction of six levels, including a new pool and retail/restaurant building).
One key project Taylor is looking forward to in 2025 is the ongoing Kahoma Village rebuild of four multi-family buildings near Front Street in Lāhainā destroyed by the wildfires.
“The project has a limited footprint we are allowed to occupy with machinery and delivery vehicles. Concrete pours are scheduled weeks in advance, so the community can plan for impacts. We are also working with our framing contractor to utilize small self-erecting mobile cranes that take a smaller footprint,” he says.
“We are optimistic about the construction industry in 2025 and beyond, due to the ongoing demand for additional housing, a continued emphasis on affordable hospitality accommodations and a rush toward domestic production and storage facilities.”
— Jackie M. Young
Highs and Lows
When Building Industry Hawai‘i introduced its Top 25 Contractors Awards in 1987, the highest
revenue reported was $285 million and the lowest was $10.4 million. Here is an overview
of self-reported revenue by Hawai‘i’s Top 25 Contractors for the last 37 years.
№ 15
Wasa Electrical Services Inc.
2024 REVENUE: $115M
YEARS IN HAWAI‘I: 75
EMPLOYEES: 350
Wasa Electrical Services Inc. saw a sizable 19-percent jump in 2024, from $97 million in 2023 to $115 million. “Many of the jobs were done with good general contractors,” explains President, CEO and COO Ronald Yee. “We’ve been more selective about the jobs we’re bidding on and have been declining some jobs.
“Wasa has 110 projects ongoing, and 75 pending.”
For decades, the 75-year-old Hawai‘i electrical contractor had locations on the four main Hawaiian Islands, and 15 years ago opened an office on Lāna‘i.
This year, Wasa (a branch of U.S. Kinden Corp., but based in Japan) placed No. 15 on Hawai‘i’s Top 25 Contractors list, up two places from No. 17 in 2024.
Yee attributes the company’s success to “good people, we try to give good service and we’ve never failed a job. That has resulted in a lot of repeat business.”
Some of the challenges Wasa faced in 2024 were in obtaining materials and manpower. To overcome them, Yee says they used air freight for faster supplies delivery.
“We’ve been fortunate to hire those who were returned to the union pool. I’ve picked up about 50 new people overall.”
Among the significant projects Wasa completed in 2024 was the $50-million Daniel Kahikina Akaka VA Clinic in Kapolei, which took 20 months to complete. “It wasn’t that big, but it was so important for the veterans.
“Before this, you might get an appointment in six months,” says Yee. “But now it’s much better.”
One project he’s looking forward to in 2025 is the new Hōkūala Kaua‘i resort in Līhu‘e, adjacent to the Marriott. “We just started it at the beginning of the year. We’re doing all the electrical utilities, for about 300 units.”
Yee says he’s optimistic for the future of the industry and expects the tariffs controversy to eventually settle down to a reasonable rate.
“I think we’ll be good for the next two years,” he says.
“Since we’re short on manpower, it means there’s a demand for workers, so we’ll be in good shape going forward.”
— Jackie M. Young
№ 16
Royal Contracting Company Ltd.
YEARS IN HAWAI‘I: 64
EMPLOYEES: 130
Royal Contracting Co. Ltd. experienced a significant 27-percent downturn in revenue in 2024, from $121.2 million in 2023, to $88.7 million. President Leonard K.P. Leong attributes this decline to delays in obtaining approvals from City and State engineers — similar to delays in building permits.
“Construction revenue and earnings were below budget, but it was still a profitable year,” he says. “We expect them to recover in 2025.”
The longtime Sand Island general contractor specializes in sitework and landscaping. It placed No. 16 on Hawai‘i’s Top 25 Contractors list, down from No. 14 in 2024.
“Royal has been fortunate in having great employees, both in the office and the field. They understand our philosophy of doing work safely and correctly.”
Royal was started in 1961 by founders Edwin Huilee and Arthur Ching, two construction workers that worked on various islands. The partners began with small subcontracting jobs, then grew into the bondable contractor they are today.
In 2024, Royal started 32 projects, varying from subdivision sitework, clearing of firebreaks, sitework for various state kauhale villages, installing water transmission mains and mass grading.
“Ho‘opili Phase 11 was a significant project, since it opened up the start of development between Farrington Highway and the H-1,” Leong explains. “This area will provide quick access to the freeway. Improvements will be starting soon for safety and the widening of roads.”
Leong says he’s looking forward to continuing work on various Koa Ridge sewers, drains and transmission mains in 2025, as these will allow the development of new homes.
As for the future, Leong says he’s being cautious.
“With the tariff situation, federal spending cutbacks and a decline in tourism, Hawai‘i may be facing a period of slower construction activities.
“But affordable housing will be busy with the help of state funding. And projects by the Department of Hawaiian Home Lands will also help in generating construction on O‘ahu and the neighbor islands.”
—Jackie M. Young
№ 17
Isemoto Contracting Company Ltd.
YEARS IN HAWAI‘I: 99
EMPLOYEES: 178
The nearly 100-year-old Isemoto Contracting Co. Ltd. in Hilo experienced a healthy 7.6-percent revenue growth in 2024, from $81.4 million in 2023, to $87.6 million. This allowed it to place No. 17 on Hawai‘i’s Top 25 Contractors list, up from No. 20 in 2024.
President Leslie Isemoto says it’s hard to attribute only one factor to the increase, as there were many.
Leslie Isemoto
“We were fortunate to add a lot of projects to our backlog and were able to work it off. Material procurement, permitting and other factors can delay or hold a project back.”
Isemoto Contracting was founded in 1926, by Leslie’s grandfather, Hisato. “He was an immigrant from Hiroshima, Japan, and worked briefly on a plantation before becoming a mason. He started his own masonry business in 1922 and later incorporated into the current company in 1926.”
Among the projects completed in 2024, Isemoto says the Hale Nā Koa O Hanakahi 92-unit senior living facility in Hilo was important for the community because it provided badly needed affordable senior housing.
“We were the sitework subcontractor for the living facility, with a community center, parking and other improvements. The project was fast-tracked, which presented its own challenges, as other phases were simultaneously ongoing with our sitework portion.
“It took careful communication and working together,” he says, “to ensure a successful and timely completion”
Isemoto says he’s looking forward to Hawai‘i County’s Reconstruction of Lava-Inundated Roads on Highway 137A project in 2025 to restore about 3.6 miles of road — including waterline installation — covered by the lava flow in the Puna area in 2018.
“The reconstruction of Highway 137A is an important next step for the community to recover. There are still some people who cannot access their properties, and this project is a significant commitment to rebuilding the area.”
As for the future, Isemoto is generally optimistic.
“Although our industry is battling uncertainty and the daily changing of tariffs, overall, 2025 will be a good year.
“But we expect the industry to retract in the second or third quarter of 2026.”
—Jackie M. Young
№ 18
Group Builders Inc.
2024 REVENUE: $73M
YEARS IN HAWAI‘I: 46
EMPLOYEES: 367
It’s been an exciting few years of positive change and growth for Group Builders Inc., which just celebrated its 45th anniversary last year (as well as their first Christmas party since COVID lockdowns). In 2022, the company became 100-percent employee-owned and had the first reveal of their ESOP shares valuation. Behind the scenes, Group Builders has also been streamlining and fine-tuning their administrative processes to be more responsive to project demands and the increasing demands of working in today’s building industry.
The Group Builders team is growing almost as fast as their revenue — $73 million in 2024 — with its local workforce increasing from 300 employees in 2023 to 367 employees last year. The company has come a long way from 15 years ago, when the only major project that Group Builders had during the 2008 financial crisis was Disney Aulani in Ko Olina.
Group Builders’ 2024 revenue has earned it the No. 18 spot in our Top 25 rankings.
Group Builders celebrated several significant projects in 2024, including Wailuku Apartments on Maui and Victoria Place at Ward Village, Howard Hughes’ seventh condominium in Kaka‘ako. Victoria Place in particular posed some unique challenges for the drywall, carpentry, plastering and insulation contractor, which Group Builders President Amado Sanchez credits his team for accomplishing. “There was great collaboration with the clients … to overcome what appeared to be insurmountable odds most especially on the start of the project,” says Sanchez.
Despite a slow start earlier this year, Group Builders is looking forward to a busy third quarter with several major builds in the pipeline with Ulana and The Park Ward Village set to be finished by the end of 2025, and Kalae Ward Village scheduled for completion in 2027. Thanks to several construction projects that were awarded to Group Builders unexpectedly, Sanchez foresees stability for the rest of 2025, with “major developments in the pipeline” and even more work for the company than in 2024.
—James Charisma
№ 19
Ralph S. Inouye Co. Ltd.
rsinouye.com
2024 REVENUE: $71.2M
YEARS IN HAWAI‘I: 63
EMPLOYEES: 66
2024 was a very good year for Ralph S. Inouye Co. Ltd. (RSI). The general contractor completed work on several notable projects, including construction on the Wahiawā Value-Added Product Development Center, a $19-million complex that provides offices, a commercial kitchen and packing facilities for students and future small business owners in the Leeward Community College system. As a result of this first-of-its-kind entrepreneurship incubator and other construction projects, RSI achieved its highest revenue volume in the company’s history with more than $71.2 million, a 4.6-percent increase from their 2023 revenue of $60.5 million, placing them at No. 19 on this year’s Top 25 Contractors list.
2025 is also shaping up to be a banner year for the company, with projects such as reroofing the International Terminal at the Daniel K. Inouye International Airport this past May, an expansion and renovation of the cafeteria at Ka‘ōhao Elementary School scheduled for completion in the third quarter of 2025 and the construction of a new Wahiawā Civic Center scheduled for completion by the end of the year.
For more than six decades, the name Ralph S. Inouye has been synonymous with dependable project delivery and enduring workmanship. Established in 1962, Ralph S. Inouye Co. Ltd. is a Hawai‘i-based general contracting firm with a longstanding reputation for quality commercial construction and engineering projects in both the public and private sectors.
Despite recent global tensions, Ralph S. Inouye Co. Ltd. has confidence in the strength of Hawai‘i’s building industry and its ability to persevere through challenging times. “With the uncertainty with tariffs and affects to the global economy and supply chain, there appears to be some anxiety about the strength of our industry,” says RSI Vice President Michael S. Inouye. “We are hopeful that by continuing to do good work that we will be in position to weather any dips in volume.”
– James Charisma
№ 20
Allied Builders System
abshawaii.com
2024 REVENUE: $64M
YEARS IN HAWAI‘I: 55
EMPLOYEES: 62
Allied Builders System (ABS) has a 55-year history of high-profile construction projects, and its continued excellence lands it at No. 20 on the list of Hawai‘i’s Top 25 Contractors. With vast experience in the education, retail, hospitality, healthcare and light industrial construction sectors, Allied is well-established as one of Hawai‘i’s most versatile contractors.
The recently completed renovation of the AC Marriott Hotel Honolulu in the bustling heart of downtown Honolulu is a testament to Allied Builders System’s adept and effective management of complicated and highly visible projects. The hotel held its grand opening in early 2024.
“The basis of the project’s success was the communication and trust of the team (owner, construction manager, designer and contractor),” explains ABS President Gary Oda. “The project’s unique challenges included an incredibly ambitious timeline and the logistics of working in a busy metropolitan area … The project was completed on time and within the owner’s budget for the project.”
Among its many unique projects, ABS began work on Kamehameha Schools’ ‘Ōlauniu at Kapālama Kai project in early 2025. The nine-acre site will be home to 165,000 square feet dedicated to retail, dining, office space and shared open areas in an historic and vital part of Honolulu’s urban corridor scheduled to open in early 2026.
“‘Ōlauniu at Kapālama Kai is a transformative redevelopment project committed to creating a vibrant place rooted in Native Hawaiian culture,” says Oda. “The project integrates cultural stewardship and thoughtful merchandising to reimagine the retail center as an indigenous community gathering space.”
Looking to the future for Hawai‘i’s construction industry, Oda and Allied Builders Systems are clear-eyed about what lies ahead. “The uncertainty of tariffs poses a challenge to mitigate cost escalations on materials for projects,” he says. “Forecasting an accurate commencement date for projects continues to be a challenge due to the length and uncertainty of the permitting process.”
—Jamie Winpenny
№ 21
Shioi Construction Inc.
shioihawaii.com
2024 REVENUE: $60M
YEARS IN HAWAI‘I: 77
EMPLOYEES: 152
As Shioi Construction Inc. approaches its 80th anniversary (the company was founded by current President Roy Y. Shioi’s grandfather Kenneth Shioi in 1948), the scope of its continued growth can be seen in the scale of projects the employee-owned family business has undertaken, has completed and which are ongoing.
Roy Y. Shioi
The Hono‘uli‘uli Wastewater Treatment Plant improvements project provides a good perspective on how much Shioi Construction has grown through the decades. “What made the project stand out for us was that it is the largest light-gauge metal truss project we performed, at 60,000 square feet of roof space,” says Roy Y. Shioi, president. The project is scheduled for completion at the end of 2025. In 2025, 35 percent of the company’s projects are in the public sector (county, state or federal). Shioi has 152 Hawai‘i-based employees
Adapting to market forces has always been a key factor in Shioi Construction’s success. Despite supply chain and labor shortage challenges, the company managed modest growth in 2024, and earned the No. 21 spot on this year’s Top 25 list.
“While our general contracting side experienced low volume due to job delays and ongoing project issues, our drywall division (Creative Partition Systems) increased their volume and revenue that contributed to a successful year,” he says.
Always with an eye toward the future, Shioi Construction has embraced new concepts and technologies. This can be seen in the company being awarded a contract for the ‘Uahi Ridge Affordable Housing project on Kaua‘i.
“[For] both Phases One and Two, 96 and 60 units respectively, we will be utilizing SIP’s (Structural Insulated Panels) for the exterior walls,” Roy Y. Shioi says. “This will be used for the first time for Shioi Construction.”
Pragmatic assessment of industry trends, challenges and opportunities have always been a vital component of Shioi Construction’s success. That success has not changed the company’s sober approach to market realities.
“We have a tremendous backlog for 2025/2026, and challenges include the tariff wars that are going on, which create volatile material and shipping prices and the shortage of qualified workforce in both office staffing and unionized workers in the field.”
Still, Roy Y. Shioi remains optimistic, acknowledging the multi-sector industry boom that lies ahead.
—Jamie Winpenny
PHOTOS COURTESY ARMSTRONG BUILDERS LLC
№ 22
Armstrong
Builders LLC
armstrongbuilders.com
2024 REVENUE: $58.5M
YEARS IN HAWAI‘I: 49
EMPLOYEES: 32
University of Hawai‘i at Mānoa grad Robert “Bob” Armstrong founded Armstrong Builders in 1976 with a commitment to improving lives through construction projects made with integrity, respect and gratitude. For nearly 50 years, the company has helped shape Hawai‘i’s communities, from residential homes to commercial developments. Today, Armstrong Builders — and Armstrong Design — provide design assistance, pre-construction services, estimation and procurement, as well as a wide range of construction services.
Gerry James Keller
2024 was a year of continued growth for Armstrong Builders LLC. The company celebrated the completion of several standout commercial and luxury residential projects, including a new Starbucks Coffee in Waipi‘o’s Koa Ridge community, Phase II of Kohanaiki’s Hinahina Residences on Hawai‘i island and La‘i Loa, a 75-unit luxury condominium community in Wailea. Armstrong Builders also received multiple awards for their work on a Kohanaiki custom residence and La‘i Loa, which was designed to reflect Wailea’s natural beauty and resort lifestyle. “It’s a great example of our ability to execute complex, high-end developments in a sensitive, resort-area setting,” says Armstrong Builders President James Keller.
The next few years are also on track to be equally successful with a series of residential homes on Lāna‘i slated for later this year, Phase II of Kohanaiki’s Hale ‘Alani residences to be completed by mid-2026 and luxury residential work on O‘ahu scheduled for completion in 2027. Looking ahead to next year and beyond, Keller is maintaining an optimistic yet realistic outlook.
“While cost pressures and permitting delays continue to present challenges, the demand for high-quality residential construction, particularly in the design-build and luxury segments, remains solid,” he says. “Clients are looking for trusted partners who can deliver value, quality and transparency, especially as projects become more complex and expectations continue to rise.
Armstrong’s slate of projects earned the company $58.5 million in 2024, placing them at the No. 22 spot among Hawai‘i’s Top 25 Contractors.
“Being named to the Top 25 is always a tremendous honor,” says Keller. “It reflects the hard work, dedication and talent of our entire team, from the field crews to the project managers to the office staff who keep everything running behind the scenes.”
— James Charisma
Hawai‘i’s Legacy Companies
The Top 25 Contractors listed below all have at least 50 years of service in the islands.
Four of this year’s Noteworthy Contenders — S & M Sakamoto Inc., Healy Tibbitts Builders Inc.,
Constructors Hawaii Inc. and Alan Shintanai Inc. — are also included on the list.
Company Name |
Count |
|---|---|
| Hawaiian Dredging Construction Company Inc. | 123 |
| Isemoto Contracting Company Ltd. | 99 |
| Nordic PCL Construction Inc. | 87 |
| S & M Sakamoto Inc. | 85 |
| Kiewit Corporation | 77 |
| Shioi Construction Inc. | 77 |
| Wasa Electrical Services Inc. | 75 |
| Royal Contracting Company Ltd. | 64 |
| Ralph S. Inouye Co. Ltd. | 63 |
| Albert C. Kobayashi Inc. | 62 |
| Healy Tibbitts Builders Inc. | 61 |
| Dorvin D. Leis Co. Inc. | 58 |
| Quality General Inc. | 56 |
| Allied Builders System | 55 |
| Constructors Hawaii Inc. | 53 |
| Goodfellow Bros. | 53 |
| Coastal Construction Co. Inc. | 51 |
| Alan Shintani Inc. | 51 |
№ 23
Quality
General Inc.
2024 REVENUE: $52.3M
YEARS IN HAWAI‘I: 56
EMPLOYEES: 85
Having earned the distinction of a Noteworthy Contender in Building Industry Hawai‘i’s Top 25 Contractors in 2024 for its notable 2023 performance, Quality General Inc. saw their revenue double to $52.3 million in 2024, bringing them to the 23rd spot in this year’s rankings.
One of the major projects that Quality General completed in 2024 was the renovation of the clubhouse and banquet facilities at Pearl at Kalauhao (rebranded from Pearl Country Club), which was reopened to the public in December. The sweeping improvements to the property were designed to reflect a commitment to “sustainable stewardship of the ‘āina.” Quality General stepped up to the challenge and exceeded it.
Lauren Taga was named president of Quality General in February 2025. She says, “The main premise of the project for the owner, operator and contractors was to elevate Pearl at Kalauao as the ‘piko’ of the community, a destination for all of its neighbors, regardless [of] if they golf.”
The renovations involved much more than simply sprucing up an aging property. They were intended to attract not just golfers, but members of the community seeking a welcoming gathering place, whether they know golf from, well, a hole in the ground.
“Every aspect of the project had to serve this purpose; from seating, signage and ambiance,” says Taga. “This allowed the project to be more than just a construction site and embraced the mindset of this property becoming a neighborhood destination.”
All of Quality General’s contracts are in the private sector, and two of them are scheduled for completion this summer: Koa Ridge Self Storage and a new Kapolei facility for the Blood Bank of Hawaii as the projects’ concrete and masonry specialty subcontractor. The company is expected to begin work on the Walea II at Koa Ridge housing development in Central O‘ahu in June 2025, while its work on an extensive spalling assessment at Bishop Estate/Kamehameha Schools’ Kawaiaha‘o Plaza is slated for May 2026.
Despite Quality General’s stratospheric increase in revenue in 2024 and plenty of reason to be giddy over it, Lauren Taga remains prudently realistic and expects 2025 construction to remain flat.
– Jamie Winpenny
M2K Construction may be one of the younger firms on this list at just four years old, but the company’s more than $49 million in revenue in 2024 — up from $47 million in 2023 — is a testament to how quickly M2K is making a name for itself in Hawai‘i’s building industry. M2K’s impressive growth lands it at the No. 24 spot in this year’s rankings.
“M2K started in 2021 and has grown quite a bit since then,” says Francis Dunlap, construction project manager at M2K. “There are a lot of great projects under our belt that we’re proud of.”
Projects like Hales 11, 12 and 13 and Phase 2A and 2B of Brigham Young University’s Temple View Apartments in Lā‘ie, which provides housing for student families living on campus at BYU–Hawai‘i. Or much-needed tenant improvements at Seafood City Supermarket in Kahului, or a reimagining of the historic Canby Community Center for military members in Wahiawā.
M2K Construction, which specializes in framing, siding and drywall, is particularly focused on creating sustainable housing solutions for Hawai‘i residents. “We want to build affordable homes for our local communities, that’s kind of our wheelhouse,” Dunlap says. This includes the 92-unit Hale Nā Koa ‘O Hanakahi, an affordable housing community for seniors aged 62 and up, with a preference for veterans and their spouses in Hilo.
Last year, M2K Construction, working under MGCI, began rebuilding Kaiāulu o Kupuohi, a four-story building with 89 affordable housing units in West Maui. M2K originally built this housing complex for West Maui families earning less than 60 percent of the area’s median income in late 2022, but it was lost in the Lāhainā fires. The structure is scheduled for completion this September. “It’s important because Lāhainā really needs homes,” says Dunlap. “Kaiāulu o Kupuohi became a project that has a lot of significance for us.”
This year, M2K Construction is on track to finish another project with MGCI — Kaiāulu o Kūku‘ia, an affordable housing community for families in Lāhainā. The company will also have finished Phase 2B of BYU–Hawai‘i’s Temple View Apartments by December 2026, thanks to the diligence of M2K’s sizable team of 250-plus employees.
—James Charisma
№ 25
Paradigm Construction LLC
paradigmhi.com
2024 REVENUE: $47.9M
YEARS IN HAWAI‘I: 20
EMPLOYEES: 60
Paradigm Construction LLC saw $47.9 million in revenue in 2024, a 30-percent increase from $36.7 million that the company brought in during 2023. It’s an impressive feat for this 20-year-old firm “thanks to our very hardworking men and women,” says company president Alex M. Kwon.
Paradigm Construction advances from Noteworthy Contender in 2024 to place at No. 25 this year.
Founded in 2005, Paradigm Construction has quickly become a prominent heavy civil contractor in Hawai‘i, with clients including Gentry Homes, D.R. Horton, Castle & Cooke Hawai‘i and the state of Hawai‘i, among others. By offering innovative and economical construction services, Paradigm is well-suited to meet client needs on projects of all sizes. From mass grading and structural walls to single- and multi-family subdivision and major infrastructure projects, Paradigm has earned its reputation as being a go-to partner for bringing construction projects to life.
Paradigm, which specializes in heavy civil and general building construction, completed a variety of notable projects in 2024. The largest to date is the substantial completion of Kapolei Harborside Phase 1B Harbor Access Road, a 4,300-foot segment of roadway that will provide secondary access to Campbell Industrial Park and Kapolei Harbor. This $36-million project is expected to bolster accessibility to the second-busiest commercial harbor on O‘ahu when it opens this year.
Other ongoing projects for Paradigm Construction include Koa Ridge Site A13A MF, M14 Roads W, AA and E, all scheduled for completion in the third quarter of 2025 as well as Ho‘opili Phase 17A Backbone Roadway, scheduled for completion by the end of the year. These critical facilities and accessways are vital infrastructure projects that will support the West O‘ahu community today and for decades to come.
Although Kwon says it will be very difficult to make predictions on the industry outlook for the rest of the year due to severe volatility, he believes Paradigm Construction — and construction as a whole in Hawai‘i — will remain robust in 2025. “I am cautiously optimistic that the construction industry will continue to thrive well into next year,” Kwon says.
– James Charisma
Mahalo Nui
Trade Media Hui would like to give a warm mahalo to the sponsors of the 3rd annual
Top 25 Contractors Luncheon. You have risen above and beyond in your support of the
Carl and Christine Hebenstreit Education Fund as we help nurture the industry’s future leaders.
Platinum Sponsors
Hawaiian Cement
Hawthorne Cat
HC&D
HEMIC
Matson
Operative Plasterer’s and Cement Mason’s International Association Local 630
Gold Sponsors
Dorvin D Leis
Hensel Phelps
HPM
Nan Inc.
Silver Sponsors
Kapili Construction
Pameco
Goodfellow Bros.
Wilhelm Group
Noteworthy Contender
Healy Tibbitts Builders, Inc.
healytibbitts.com
2024 REVENUE: $43M
YEARS IN HAWAI‘I: 61
EMPLOYEES: 130
2024 was a public-sector-focused year for Healy Tibbitts Builders Inc., working on some of Hawai‘i’s highest-profile military projects and other various state projects.
One notable 2024 project was the 24-inch waterline crossing repair between Ford Island and Landing C for Naval Facilities Engineering Systems Command (NAVFAC) Hawaii, which gave the Pearl Harbor Naval Shipyard a working potable water circuit system prior to the start of the historic Drydock No. 3 replacement project.
It is no surprise that Healy Tibbitts continues to take on large-scale marine infrastructure projects, as its origins date back to two San Francisco waterfront workers establishing the business in 1886. The company grew its operations to serve the Pacific region in 1963, taking on projects such as Hawaii Kai’s Sandy Beach ocean outfall pipeline and the U.S. Army Corps of Engineers’ Kahului breakwater repair.
Now with the Pacific’s increased military and federal infrastructure projects, Healy Tibbetts is following suit, currently working on Honolulu Harbor Phase 4 maintenance dredging and Guam’s Lima Wharf H2O joint venture.
“Federal defense spending in Hawai‘i and the western Pacific will continue to grow with the Defense Department’s focus on rapid development of the Pacific Deterrence Initiative,” says Healy Tibbitts President Rick Heltzel.
Completing and continuing to work on prominent infrastructure is what led Healy Tibbitts to appear on this year’s Top 25 Contractors Noteworthy Contenders list with $43,424,696 in 2024 revenue.
Aside from an extensive list of public projects, 2024 also brought several awards for Healy Tibbitts. The company received the 2024 Associated General Contractors Baldwin Group Build America Merit Award in the Best New Highway and Transportation Project Under $20 million category for their Lahaina Small Boat Harbor Ferry pier improvements. They also received an outstanding safety record with zero recordable incidents for 2024.
“An incredible achievement, considering the industry-recognized, high-risk nature of Healy Tibbitts’ dredging, waterfront and deep foundation projects,” says Heltzel.
As for the years ahead, the company sees positive movement for the industry due to the amount of federal projects taking place.
“O‘ahu currently has two mega multi-year projects in progress, the $3 billion NAVFAC Replace Drydock No. 3 at Pearl Harbor Shipyard and the $1.6 billion HART City Center Guideway,” says Heltzel. “Both contracts offer significant opportunities for local contractors and industry suppliers, especially small business firms.”
—Vanessa Hathaway
Noteworthy Contender
S & M
Sakamoto Inc.
smsihawaii.com
2024 REVENUE: $40.6M
YEARS IN HAWAI‘I: 85
EMPLOYEES: 37
S& M Sakamoto Inc. (SMSI) is a familiar name in Building Industry Hawai‘i’s annual roundup of Hawai‘i’s top contractors. 2025 sees the company once again placing as a Noteworthy Contender in the Top 25 rankings.
SMSI celebrates a banner year, with an increase of self-reported revenue to $40.6 million, up from $36.9 million in 2023. Approximately 60 percent of its work is done in the public sector. One of the firm’s most significant government projects is the recently completed new housing at the Women’s Community Correctional Center in Kailua.
Dale Yoneda
“This was one of our largest projects in recent history. The construction of three new buildings on a high-security campus that has not had a renovation in decades was challenging. Continuous communication with all parties was essential for the project’s success,” says SMSI President Dale Sakamoto Yoneda.
Other recent projects of note include the Queen’s Medical Center Pauahi 3rd Floor Electrophysiology Labs interior renovation, and Hy’s Steak House kitchen and dining renovations that required a complete gutting of the kitchen plus the installation of new appliances, finishes and carpet in the dining area.
Yoneda also takes pride in SMSI’s work on the Waipahu High School Academic Health Center.
“This is the first project of this scope in the entire nation!” she beams. “The Waipahu High School Academic Health Center will allow students to gain hands-on experience in the health industry by working side-by-side with Hawai‘i Pacific Health’s medical staff.”
SMSI also celebrated educational opportunities close to home, Yoneda adds.
“Our office family grew as two of our interns graduated from the University of Hawai‘i at Mānoa and continued on with us as full-time members,” she shared with delight.
Despite her firm’s successes, Yoneda remains realistic about the building industry’s outlook.
The “construction boom should continue in 2025. Beyond that is not so clear,” she says. “We take the lead from our architect friends as construction follows their project backlog.”
—Chris Aguinaldo
Noteworthy Contender
Alan
Shintani Inc.
alan-shintani.com
2024 REVENUE: $31.8M
YEARS IN HAWAI‘I: 51
EMPLOYEES: 69
Alan Shintani Inc. has been among the islands’ storied firms for much of its 51-year history. Its revenue in 2024 has again earned them a spot as a Noteworthy Contender.
The company earned $31.8 million in 2024 compared to $29.2 million the year before, an achievement that marks its steady progress in its areas of expertise. Through this period, the firm continued to work on well-received projects in the government and residential sectors.
Fred Kim
Hocking Hale, a historical restoration in Chinatown, was a “marquee project” says Fred Kim, Alan Shintani Inc. president. The Hocking Building, originally built in 1914, has been revitalized as affordable housing with modern amenities.
“The project took a long time to develop with the planning, design, permitting and completion, and was met with many challenges along the way,” recalls Kim. “The project retained the important historical character of the building while providing modern technology and components for much-needed affordable housing in line with the agenda set out by the City and County of Honolulu and the State of Hawai‘i.
The firm’s other continuing projects include the modernization of Building 1204H at Joint Base Pearl Harbor-Hickam (projected completion August 2025), military working dog kennels (projected completion June 2025) and a rappel tower training facility (projected completion July 2025), both at Marine Corps Base Hawaii.
The company also notched a multi-year contract with the Hawai‘i School Facilities Authority, adding on to its existing multi-year contract with the Hawai‘i State Department of Education.
Securing public sector work is critical, Kim says.
“As many experts have already stated, the country will likely experience an economic slowdown by the current federal government’s stance on tariff and other policy changes, and the construction industry will be affected as a result,” Kim says.
“The local government and federal/Department of Defense projects will likely remain steady, while the commercial/private projects may experience a downturn or be on hold if the costs to do projects [go] over the budget with the material.”
—Chris Aguinaldo
Noteworthy Contender
Constructors Hawaii Inc.
constructorshawaii.com
2024 REVENUE: $25.4M
YEARS IN HAWAI‘I: 54
EMPLOYEES: 33
Long-time general contractor Constructors Hawaii Inc. enjoyed a 25-percent jump in revenue in 2024 and also increased its number of employees by 18 percent, placing them as a notable contender on this year’s Top 25 list.
Colin Yoshiyama
In addition to completing the new two-story Medical Office Building at Town Center at Mililani and the renovation of Straub Medical Center’s MRI facility in 2024, President Colin Yoshiyama credits the company’s recent growth to the starting of new projects, “whether pulling the trigger or getting building permits.”
Marking his 35th year at Constructors Hawaii, Yoshiyama adds that the larger-size projects that extend over a lengthy time period are keeping the company busier.
Current jobs in the works include the new headquarters for Blood Bank of Hawaii. Set to be completed in October this year, the $25.9 million facility will be named the Clarence T. C. Ching Building with a planned spring 2026 opening.
According to David Thom, Constructors Hawaii vice-president, a standout feature of the facility is the walk-in freezers with a capability of minus-40 degrees Celsius. “Specialty contractors from the mainland were brought in to do the work,” notes Thom. “We had to run heat tracing through conduits in the slab to prevent the slab from freezing.”
Saying the new headquarters will meet the growing demands of the state’s healthcare landscape, Kim-Anh Nguyen, president and CEO of Blood Bank Hawaii, adds, “It’s designed for advanced capabilities to accommodate emerging and lifesaving technologies and serve as a repository for rare blood types. It will also house a training center to help us build the state’s healthcare workforce for tomorrow.”
Constructors began work in May on the complete interior renovation of The Cathedral Basilica of Our Lady of Peace, the mother church of the Honolulu Diocese. The projected two-year project also includes building a reliquary chapel connected to the 182-year-old church.
“The challenge is respecting the historical nature of the church,” details Yoshiyama. “We’re working with a firm out of New York specializing in painting restoration and a lot of artisans.”
—Fern Gavelek
