Crusader staff report
Gary’s Powers & Sons Construction was named Company of the Year in Black Enterprise’s May/June 2017 issue of BE 100s. For 45 years, the BE 100s has ranked America’s largest Black-owned companies, including automobile dealers, banks, asset managers, investment banks, and private equity firms.
The honor comes as Powers & Sons prepares to celebrate its 50th Anniversary. Founded in 1967 by the late Mamon Powers, Sr., Powers & Sons Construction’s corporate office is in Gary. There are also offices in Chicago and Indianapolis. The company is headed by Mamon Powers III, president of the Indianapolis office, CEO Mamon Powers Jr, and Claude Powers, president of the Gary and Chicago offices.
Powers & Sons Construction Company, Inc., is a commercial, industrial and one of the largest Black-owned businesses in the country, Powers & Sons Construction’s staff has grown from three to more than 70 professionals today.
Powers & Sons employs a professional support staff of architects, registered engineers and other specialists. According to its website, Powers & Sons began as a premier home building firm. Today, the firm is a leading general contractor, construction man- ager, design builder and project management company.
In their 45th Annual Report on Black Business under the theme, “Evolution,” the magazine’s editors found scores of BE 100 CEOs who have remodeled their companies for opportunity and expansion.
When BLACK ENTERPRISE first compiled its “Top 100” in 1973, combined sales for the 100 component companies totaled $473 million. Results of the 2017 report show that the Top 100 collectively grossed more than $27 billion in 2016, a three billion dollar increase in revenue over the previous year.
The Auto Dealer of the Year honor went to National Automotive Management L.L.C., Hamilton, NJ; CEO, Jessie Armstead. CastleOak Securities, New York, NY was named Financial Company of the Year.
“The BE 100s-the nation’s largest Black businesses-continue to be the standard bearers for all American enterprises, demonstrating that sustained business growth comes when ideation and innovation is wedded to execution and excellence,” said BLACK ENTERPRISE Senior SVP/Chief Content Officer Derek T. Dingle. “As such, most exhibit elasticity, capability, technological adaptability and branding power in a seesaw economic recovery and hyper-competitive business environment.”
In developing the rankings for 2017, BE Research collected surveys from hundreds of companies as well as information from government agencies, professional organizations, industry associations, business information services, entrepreneurs, and corporations. The information included total revenues for calendar year 2016; a detailed description of business activities; historical ownership data; and confirmation that the entity is at least 51% Black-owned, or that Blacks own at least 51% of the controlling shares if the company is publicly traded. The May/June 2017 issue of BLACK ENTERPRISE-complete BE 100s rankings, full eligibility criteria, and company overviews —is on newsstands now.
Also included in the issue is BE’s listing of the 50 Top Companies for Supplier Diversity. The companies singled out represent the leaders in procurement spending and partnership with minority firms. The complete report, including methodology and selection criteria, is available in the May/June 2017 issue of BLACK ENTERPRISE magazine.