Michael Lloyd, President & CEO, IMC Construction

Michael Lloyd, president and CEO of IMC Construction, spoke with Invest: about developing culture and talent to drive success. “In every market we serve, whether it’s Delaware, Philadelphia, or New Jersey, all of our staff live locally and care about the projects as a part of their communities.”

What changes over the past year have most influenced IMC Construction’s operations and growth, and how have they shaped your priorities?

As a general construction company, we are a function of overall demand for construction services, which is shaped by broader economic conditions. The biggest change in the past year is the lack of a reduction of interest rates. With interest rates remaining high, it has put pressure on private development projects outside a limited number of sectors. Multifamily and senior living have been the primary drivers of our growth, leading us to achieve our highest revenue year in history this year, though activity across the industry has slowed under market strain. Federal funding uncertainty, particularly in NIH and Department of Education grants, has also impacted development and the overall economy in the region. Given Philadelphia’s heavy reliance on healthcare and life sciences, the market has felt additional pressure after pullback in federal funding. These conditions have reinforced our entrepreneurial approach, prompting us to open an office in Delaware to capitalize on the growth that chemical and pharmaceutical companies offer, and to expand into Central and Northern New Jersey with its diverse economic base. These ancillary markets are a new focus. 

How do you think tariffs might impact the industry, if at all?

While tariffs have had an impact, the greater challenge has been the uncertainty surrounding them. It’s more about the threat than the actual practice. We broke down project sector to project sector and tried to identify the true tariff impacts on these projects. We discovered impacts ranging from 0.5% for warehouses to 3% for healthcare facilities that rely on imported medical equipment. The average was in the low single digits, which is not enough to make most projects uneconomical. Because there was so much uncertainty, it caused pullback despite the true impact being much smaller. As owners have become more comfortable with this assessment, they are increasingly willing to move forward and take some degree of risk. Even though rates are not finalized, they recognize that maximum exposure is only 1% of the project. 

IMC Construction was named Engineering News-Record’s 2025 MidAtlantic Contractor of the Year. How has this impacted the company?

Any recognition we receive reflects decades of work that began long before my time here. We are in a business where it takes time for the market to become aware of your capabilities, and I have a tremendous amount of respect for the prior generation of IMC. The reward is a recognition of the quality of our people and the standards established throughout the history of IMC. We invest, grow, and develop people who care about the communities they work in, making us unique as an organization. In every market we serve, whether it’s Delaware, Philadelphia, or New Jersey, all of our staff live locally and care about the projects as a part of their communities. 

What is the role of technology at IMC, and how is it helping you deliver predictable results and manage complex activities?

We integrate technology into every step of a project, from initial concept to completion. We often get basic designs from owners and do virtual modeling, building the building before it is even designed. This approach allows us to design and price projects before construction begins, giving owners the confidence to release funds for materials and meet tenant lease obligations with certainty. Projects that may normally be 24 or 30 months can be completed in 12 or 16 months. We recently completed a project in Delaware where we were able to significantly redesign the building, approve the budget, and achieve the end users’ lease obligations in only six weeks. 

What approaches do you use to recruit, develop, and retain talent in a competitive labor market?

One of my top priorities is creating and maintaining a culture that is conducive to who we are as an organization, cares about people, has a growth-based mindset, and develops our people. We’re proud that our culture continues to be recognized — most recently with our inclusion on NJBIZ’s Best Places to Work in New Jersey. For 14 consecutive years, we’ve also earned similar honors from the Philadelphia Inquirer.

We invest heavily in talent at all career stages, from a robust internship program, 16 interns this year, about 10% of our workforce, to a structured two-year curriculum for early-career professionals. The program allows interns to work in several different departments and complete an end-of-summer project that will help them understand what industry they want to be in and use their experience to interview more effectively. This program builds technical and soft skills, culminating in a mock presentation to real clients. At the senior level, leadership, development, and training programs focus on creating inclusive environments and advanced management skills. Developing talent at every level of the organization is a key to our success. 

What community engagement efforts do you have in place?

Our employees receive three volunteer days annually to support any number of organizations that they choose. Every department is required, twice a year, to have a volunteer day with their groups. They often go to food banks and prepare meals. In Northern New Jersey, they hosted a rally to bring gifts to a children’s hospital in December. Our mission statement is improving lives and environments, and if we’re not doing positive things in the community, we’re not being consistent with our mission. Our charitable foundation has donated over $3 million to local nonprofits, schools, and charities. 

How do you see the landscape for construction evolving in the region over the next three to five years?

The region’s growth potential is tied to policy decisions. Businesses have options, and location choices are influenced by the overall business environment. In discussions with executives about new investments, some have cited more favorable policies in areas like Wilmington compared to Philadelphia. The region will continue to grow, from Delaware up to Northern New Jersey. For continued growth, the region needs tax and regulatory policies that encourage investment and make projects feasible.