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St. Pete builder surpasses billion-dollar revenue mark


  • By Jim Stinson
  • | 6:00 p.m. November 30, 2023
  • | 2 Free Articles Remaining!
Power Design employees work on the roof of a project in Miami.
Power Design employees work on the roof of a project in Miami.
Courtesy image
  • Tampa Bay-Lakeland
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Power Design, a St. Petersburg multi-trade contractor, surpassed $1 billion in annual revenue for the first time in its history.

Founded in 1989 by Mitch and Dana Permuy as a venture operating out of their home, Power Design says it evolved into an industry player with more than 2,700 employees across 25 states.

The company has a 40-acre headquarters in St. Pete, and it has a 208,000-square-foot prefabrication and distribution facility in Palmetto.

Power Design says it has more than 1,763 completed projects and 319 currently active projects in its portfolio. Power Design attributes its success to its "purposeful geographic and services diversification, proficient ability to navigate the industry complexities, including the economic downturn in 2008 and the COVID-19 coronavirus pandemic in 2020, and the strategic foresight when establishing the cornerstones for growth."

Company officials also say they have a "meticulous approach" to a comprehensive project evaluation process that is rooted in market evaluation and customer selection.

"This process encompasses various factors such as market size, growth potential, customer presence, team availability, and licensing requirements – ensuring the company maximizes growth while minimizing risk to create high-value opportunities," the company says. The company says it has a 91% retention rate for new customers.

Some of the notable Power Design awarded projects in 2023 include:

  • Pendry Tampa: Tampa, Florida
  • CoStar Richmond Campus Expansion: Richmond, Virginia
  • Miami Beach Convention Center Grand Hyatt Hotel: Miami, Florida
  • 80 Rainey: Austin, Texas
  • South Pier at Tempe Town Lake: Tempe, Arizona
  • Aspire Midtown: Nashville, Tennessee
  • Howard University East Towers: Washington, D.C.
  • Overlake Square: Redmond, Washington

 

author

Jim Stinson

Jim Stinson is the Business Observer's Tampa Bay business reporter and editor, having previously written about business and policy in Washington, D.C.; Rochester, New York; Gary, Indiana; and Daytona Beach. He attended Boston University for business and Indiana University for journalism.

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