Gray, Inc.

Gray, Inc., commonly known as Gray Construction, is a privately held, family-owned integrated design-build firm headquartered in Lexington, Kentucky. Established in 1960 by James Norris Gray and Lois Howard Gray, the company's core business revolves around providing end-to-end solutions in construction, professional services, specialty equipment, and real estate. Its mission is to deliver exceptional customer experiences and projects, striving to be a trusted partner for leading companies globally.

Gray offers a comprehensive suite of services including design, engineering, construction, automation, equipment, and real estate. The company specializes in complex projects across various market segments such as manufacturing, food and beverage, data centers, advanced technology, distribution, and commercial facilities. This integrated approach allows Gray to manage projects from concept through completion, ensuring efficiency and tailored solutions for its clientele.

As of November 2024, Gray was recognized by Forbes as one of America's Top Private Companies, reporting revenues of approximately $3.5 billion, which grew to over $5 billion by July 2025, with projects valued at $11 billion as of February 2024. Stephen Gray serves as President & CEO of Gray, Inc., while Rebekah Gray, a third-generation family member, is slated to become President & CEO of Gray Construction on August 15, 2025. In January 2025, Gray formed Gray AES, a new strategic alignment combining Gray AE, Gray Solutions, and InLine Engineers, to offer integrated architecture, engineering, and automation & robotics solutions.

Latest updates

US Manufacturing Rebound Driven by Surge in Foreign Investment

Event summary

  • Foreign direct investment (FDI) in U.S. manufacturing is rebounding after a period of uncertainty.
  • A backlog of delayed projects in sectors like advanced technology, energy storage, and food & beverage is now being realized.
  • Gray Construction reports that over 60% of its manufacturing projects in the last five years were for international companies.
  • Gray Construction's President & CEO, Rebekah Gray, attributes the resurgence to stronger demand and localization efforts.
  • Marcus Taylor, Gray's Senior Vice President of Business Development, will speak at the SelectUSA Investment Summit on May 3, 2026.

The big picture

The resurgence in FDI into U.S. manufacturing signals a broader shift towards onshoring and regionalization of supply chains, driven by geopolitical concerns and rising transportation costs. Gray Construction's significant exposure to this trend, with over 60% of its projects tied to international manufacturers, positions it as a key beneficiary but also introduces concentration risk. This rebound suggests a potential acceleration in infrastructure spending and a renewed focus on domestic production capabilities across multiple sectors.

What we're watching

Geopolitical Shifts
The sustainability of this FDI rebound will depend on the evolving trade relationships between the U.S. and key manufacturing nations like China and Korea, particularly given recent volatility.
Supply Chain
How effectively manufacturers can build resilient domestic supply chains to support these new facilities will be a key determinant of long-term success and competitiveness.
Execution Risk
Gray Construction's ability to manage the increased project volume and complexity, given its reliance on international clients, could impact its growth trajectory and margins.

Gray Construction Invests $2 Million in EKU Construction Management Program

Event summary

  • Gray Construction is donating $2 million to Eastern Kentucky University (EKU) to establish a permanent faculty position in the Construction Management program.
  • Gray employs approximately 150 EKU alumni, with 25% entering through internships.
  • Gray previously invested in the University of Kentucky, sponsoring the renovation of the Gray Design Building and funding a design-build curriculum.
  • Gray actively participates in industry associations like AGC and ABC.
  • Gray serves on the executive committee of Construction Safety Week (CSW).

The big picture

Gray Construction's investment signals a growing recognition within the construction industry of the critical need to address workforce shortages and improve safety standards. The company's focus on partnerships with universities and industry associations reflects a shift away from solely focusing on project execution towards a more holistic approach encompassing talent development and industry advocacy. This strategy could provide Gray with a competitive advantage in securing skilled labor and influencing industry practices, but also increases reliance on external institutions.

What we're watching

Talent Pipeline
The success of Gray's investment hinges on EKU's ability to produce graduates meeting industry needs, potentially impacting Gray's hiring costs and project execution capabilities.
Competitive Landscape
Other construction firms may follow Gray's lead in investing in academic programs, intensifying competition for skilled labor and potentially driving up tuition costs.
CSW Impact
The effectiveness of Gray’s involvement in Construction Safety Week will be a key indicator of its commitment to industry-wide safety improvements and its ability to influence broader adoption of best practices.

Gray Construction Bolsters Board with Food & Construction Veteran Expertise

Event summary

  • Gray Construction added Doug Clemens and Greg Hesser to its Board of Directors, effective immediately.
  • Doug Clemens, former CEO and Chairman of Clemens Food Group, brings 44 years of experience, having grown the company from $370 million to over $2 billion in annual sales.
  • Greg Hesser, Executive Chairman of Alberici Corporation, adds over three decades of experience in construction and engineering.
  • Both appointees bring expertise in capital deployment, governance, and strategic growth.

The big picture

The appointments signal a deliberate effort by Gray Construction to strengthen its governance and strategic capabilities as it pursues further growth. Bringing in executives with deep experience in capital-intensive industries and a focus on operational excellence suggests a desire to enhance efficiency and long-term value creation. This move is consistent with a broader trend of construction firms seeking external expertise to navigate increasingly complex projects and market conditions.

What we're watching

Governance Dynamics
The integration of Clemens and Hesser's experience will be key; their influence on Gray's strategic direction and risk management practices warrants observation.
Capital Allocation
Given Clemens' track record, Gray's capital deployment strategy, particularly in design-build delivery, is likely to see increased scrutiny and potential shifts.
ESOP Impact
Hesser's experience with ESOP stewardship suggests Gray may prioritize long-term value creation and employee ownership, potentially impacting short-term financial decisions.

Gray, Valvoline Partner to Tackle Data Center Cooling Complexity

Event summary

  • Gray Construction and Valvoline Global have formed a partnership focused on liquid cooling solutions for data centers.
  • The collaboration combines Gray's design-build expertise with Valvoline's thermal fluid management knowledge.
  • The partnership is responding to the increasing need for liquid cooling due to rising GPU rack densities driven by AI workloads.
  • A whitepaper, 'Building & Designing Data Centers for the Shift to Liquid Cooling,' has been released to guide data center owners.

The big picture

The partnership addresses a critical bottleneck in data center expansion: the limitations of traditional air cooling in supporting increasingly dense AI workloads. As AI continues to drive demand for compute power, liquid cooling is becoming a necessity, creating a significant market opportunity for specialized providers. Gray’s design-build capabilities, combined with Valvoline’s fluid expertise, positions them to capitalize on this trend, but the transition to liquid cooling represents a complex engineering and operational shift for many data center operators.

What we're watching

Hybrid Adoption
The success of this partnership hinges on data center owners’ willingness to adopt hybrid cooling environments, balancing existing air-cooled infrastructure with new liquid-cooled systems, which may create integration challenges and require significant upfront investment.
Fluid Strategy
The long-term reliability of liquid-cooled data centers will depend heavily on the effectiveness of fluid management strategies, and Valvoline’s expertise will be critical in preventing costly failures and downtime.
Market Penetration
The pace at which Gray and Valvoline can secure contracts and demonstrate the value of their integrated solution will determine their market share in the rapidly evolving data center cooling landscape.

Gray Construction Wins Key EV Battery Project, Highlights Safety Focus

Event summary

  • Gray Construction received the 2025 Build Kentucky Award for the LOTTE Cathode Foil Manufacturing Plant, a project exceeding $65 million.
  • The LOTTE plant is a key supplier of components for the electric vehicle (EV) battery industry.
  • Jack Duvall, Senior Site Manager at Gray, was awarded the 2025 AGC of Kentucky Safety Excellence Award.
  • Rebekah Gray, President & CEO of Gray Construction, is also the outgoing President of AGC of Kentucky.

The big picture

Gray's win on the LOTTE project underscores the significant growth opportunity within the EV battery supply chain, a sector attracting substantial capital investment. The dual recognition for project delivery and safety leadership signals a strategic emphasis on both efficiency and risk management, crucial for navigating the increasingly complex construction landscape. Gray's design-build model positions them as a valuable partner for companies seeking rapid expansion in this critical industry.

What we're watching

Supply Chain
The continued demand for EV batteries will likely drive further design-build projects for Gray, placing pressure on their capacity and resource allocation.
Execution Risk
Gray's success is tied to the performance of its subcontractors and partners; any disruptions in the supply chain or labor market could impact future project delivery.
Safety Culture
The recognition of Jack Duvall’s safety leadership suggests Gray is prioritizing safety; whether this commitment can be consistently maintained across all projects will be a key indicator of long-term operational efficiency and risk mitigation.

Gray Construction Highlights Integrated Design-Build Strategy Amid Food Processing Uncertainty

Event summary

  • Gray Construction is showcasing its integrated design-build capabilities at the 2026 International Production & Processing Expo (IPPE) in Atlanta.
  • The company emphasizes its full lifecycle support for food and protein processing facilities, extending beyond initial construction to operational efficiency.
  • Gray highlighted its work on projects including a LEED-certified beef harvest facility for America's Heartland Packaging and a pork processing facility expansion for Clemens Food Group.
  • Executives cited customer concerns regarding supply chain disruptions, tariffs, and MAHA impacts as drivers for seeking certainty in project execution.

The big picture

Gray's focus on integrated design-build reflects a broader trend in the food processing industry towards seeking greater control and predictability in capital projects. The company's emphasis on navigating macroeconomic uncertainties suggests a heightened awareness of the risks facing the sector, which is increasingly sensitive to global trade and regulatory shifts. This strategy positions Gray to capitalize on the demand for turnkey solutions, but also exposes it to the consequences of any industry-wide slowdown or disruption.

What we're watching

Macroeconomic Impact
The degree to which Gray's ability to navigate external factors like tariffs and MAHA impacts becomes a key differentiator in securing new contracts will influence its growth trajectory.
Integrated Model
Whether Gray can effectively scale its integrated design-build model while maintaining cost and schedule certainty will determine its competitive advantage in a volatile market.
Client Concentration
The reliance on a few key clients, as evidenced by the repeated mentions of Clemens Food Group and others, presents a risk if those relationships are disrupted.
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