Lou March
President
March Construction
How do you feel about the market?
We’re cautiously optimistic about the market. While there have been challenges like increased lending interest rates and the uncertainties associated with them, we’ve found opportunities to innovate and thrive. Leveraging joint ventures, early procurement and efficient planning has allowed us to combat potential delays and unforeseen expenses. Our growth in 2023, despite some projects stalling due to market factors, testifies to our adaptability and resilience in these changing times.
Where do you see opportunity in New Jersey?
In New Jersey, we’re witnessing growth opportunities in smaller-scale projects across the industrial and residential sectors. These quicker builds lead to less interest accumulation, providing financial advantages for both us and our clients. Furthermore, we’re observing a resurgence in the retail sector, particularly for establishments that are resistant to the influence of e-commerce, such as food outlets, entertainment venues, day cares and hair salons. These “e-commerce-proof tenants” present a promising avenue for expansion.
Where do you see opportunity outside New Jersey?
Outside New Jersey, we’re seeing a trend similar to what we’ve noticed within the state. The appeal for smaller projects persists, both in the industrial and residential domains. Likewise, there’s a resurgence in the retail sector, especially among entities that remain largely unaffected by the e-commerce boom.
What’s been the biggest surprise of 2023?
The biggest surprise for us in 2023 was the sustained inflow of work into March Construction. Despite many projects stalling due to lack of equity and fluctuating interest rates in the market, we experienced significant growth this year, which was both unexpected and welcome.
What is the biggest challenge facing the industry?
The industry is grappling with a host of challenges, primary among them being the unpredictability associated with rising interest rates, inflation and the subsequent impact on operating costs. Securing materials and managing budgets have become more complex, necessitating innovative approaches like early procurement and value engineering. Additionally, the onset of external factors like hurricane season can drive up the cost of goods, adding another layer of complexity.
Give us a prediction for the fourth quarter.
I anticipate the fourth quarter to be the least active in terms of growth and new project initiation. With winter approaching, combined with high interest rates and the potential repercussions of hurricane season, there will likely be a surge in the cost of goods. The looming uncertainty of the upcoming election year also plays a role. While deals might be negotiated, it’s plausible that many will be deferred, awaiting clearer visibility into how 2024 shapes up.
Getting to know you
Food or beverage of choice
When it comes to a refreshing beverage, I consistently gravitate toward water with a splash of lemon.
Favorite Jersey restaurant
While New Jersey boasts a plethora of exceptional dining establishments, I don’t have a single favorite. The state’s culinary diversity is what stands out to me.
Best way to blow off steam
For stress relief, nothing serves me better than lifting weights. It’s a space where I can channel my energy, refocus and strengthen both body and mind.
Favorite vacation spot
The Turks and Caicos Islands are my favorite place to visit. The pristine beaches and tranquil waters make it the best destination for relaxation and reflection.
TV show, movie or book you’d recommend
“Succession” and “Billions” are among my top recommendations.
