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Member profile: Shaw-Lundquist celebrates 50th anniversary

Shaw-Lundquist is celebrating its 50ᵗʰ anniversary in 2024. It was in 1974 when Fred Shaw co-founded the construction firm in downtown Minneapolis, a humble beginning to a remarkable story of the growth and development of one of the largest and most successful Minority Business Enterprises in the country.

In 2009, Fred’s son Hoyt Hsiao was named the company’s next president and CEO after spending 22 years with the firm following his graduation from the University of Minnesota. Hoyt’s brother, Holden, branched out in 2005 to lead the company’s expansion into the Las Vegas market, a venture that continues to experience success. The Hsiao brothers have carried on their father’s commitment to new and expanded opportunities for women and minorities in commercial construction. Shaw-Lundquist’s stated mission is “Building Better Lives” — a clear endorsement of the company’s commitment to building community through the process of construction.



Hoyt Hsiao at a recent Minnesota Chamber Foundation event

The Shaw-Lundquist story is one that has been repeatedly filled with moments of opportunity. It all began with Feng Hsiao, also known as Fred Shaw, an ambitious immigrant from China who was willing to take risks and had a talent for making good choices, especially regarding people. Fred passed a national exam to be one of the first groups of Chinese scholars to study abroad in the 1940s. He went to MIT and received a Master’s degree and then moved to the University of Minnesota for his Ph.D. studies. Working for Orville Madsen Construction alongside his colleague Lyle Lundquist for over 20 years, the pair decided to establish their own firm in 1974 after Orville Madsen announced a relocation from Minnesota to Wisconsin. 

From the beginning, Shaw-Lundquist has grown from the mutual trust between Fred and Lyle and their many years of work and friendship. Annually, the company selects an employee in each of its Central and West Regions to receive the Fred Shaw Award, acknowledging an extraordinary personal and professional commitment to the company’s shared ideals and principles. 

Shaw-Lundquist is a leader in diversity, equity and inclusion, supporting organizations making a difference in the construction industry today, including MEDA, Minnesota Chamber of Commerce, Association of Woman Contractors, Construct Tomorrow and many others. Shaw-Lundquist’s projects continue to set the bar for diverse participation, currently including projects for long-time clients like 3M, Xcel Energy, Metropolitan Council, Beacon Interfaith Housing Collaborative and Hennepin County — among others.

Like his father, Fred, Hoyt Hsiao is often recognized for his contributions to the construction industry and community philanthropy.  In 2021, he was inducted into the Twin Cities Business Hall of Fame. The company’s future is bright, and its foundation well-laid.