In this article, we will be taking a look at the 20 largest construction companies in the US. To see more of these companies, you can go directly to see the 5 Largest Construction Companies in the US.
"A US Construction Golden Era"
On June 9, Kathryn Thompson, the CEO of Thompson Research Group, was invited on CNBC's Last Call for an interview, where she offered vital insights into the current state of the US construction industry. In her opinion, the US is entering into a "golden era" as far as its construction industry is concerned. She believes that today the construction industry is benefiting from key growth drivers which are particularly beneficial for the infrastructure sector now. One of these key drivers is the "structural shift in population of the South East and South West," while another key factor aiding the construction industry is the immense governmental support being offered to it. One major governmental move in this direction is President Joe Biden's Infrastructure Investment and Jobs Act (IIJA) of 2021-2022, an act providing $550 billion in federal investments over five years to help the US build and improve its bridges, roads, and much more.
The Bipartisan Infrastructure Law, which is being implemented through the IIJA, has been immensely successful between 2021 and 2022. According to the White House, by November 2022, the Biden Administration had announced over $185 billion in funding for over 6,900 projects across the US. By this time, the government had also successfully launched 2,800 bridge repair and replacement projects alongside awarding funds for more than 5,000 new clean transit and school buses. The amount of funds being awarded to the construction industry has thus far allowed for companies operating within this space, such as Caterpillar Inc. (NYSE:CAT), Lennar Corporation (NYSE:LEN), and Vulcan Materials Company (NYSE:VMC), to truly benefit from such immense governmental support. It is this advantage, in light of the Biden Administration's interest in US infrastructure, that is leading professionals like Thompson to see the construction industry in an optimistic light today.
Will Rate Hikes Get In The Way Of The Construction Industry?
While the construction industry has been having a good run since the IIJA, the economic condition within the US may pose a threat to its continued success. With rate hikes and inflation, construction projects are likely to become more expensive as the cost of construction materials skyrockets. With rising costs, the profits a construction company can bring in may take a hit. One way to deal with the situation is layoffs, with some construction companies going this route, according to a Bloomberg article published this May. In March, the US construction sector was seen to have laid off 9,000 employees across several companies. This may be an indicator that companies in this industry may not have everything easy after all.
Yet, while companies are going this route, Bloomberg reported that in 2023, building activity is continuing to rise, and backlogs on construction projects seem to be supporting US construction even during a period of rising rate hikes. Additionally, many financial professionals now believe that the Federal Reserve may even be taking a break in June, letting the economy breathe before resuming rate hikes in July. This state of events may mean that the construction industry won't have to suffer for too long, if at all, making this an interesting area to keep an eye on as the year progresses. This is why we have compiled a list of the largest construction companies operating in the US today.
20 Largest Construction Companies in the US
Photo by jonathan j castellon on Unsplash
Our Methodology
We selected the companies for our list by looking at their market capitalizations if they were public companies, and by calculating the estimated valuation for private companies. We used a revenue multiple of 1.5x for private companies and used their 2022 annual revenues alongside this multiple to calculate their estimated valuations. The companies are ranked based on their estimated values or market capitalizations, from the lowest to the highest amount.
Barton Malow was founded in 1924 as a construction company. It has 3000 employees and is based in Southfield, Michigan.
In 2022, the company was added to Forbes' list of America's largest private companies. Its annual revenue for 2022 was $3.5 billion. Barton Malow's family of companies consists of four entities and five partner firms in North America.
Brasfield & Gorrie is among the largest private construction companies in the US, based in Birmingham, Alabama. The company was founded in 1964.
It has 3,517 employees, and it is part of Forbes' lists of America's largest private companies in 2022 and the most cyber-secure companies in 2023. In 2022, Brasfield & Gorrie had an annual revenue of $4.2 billion.
McCarthy Building Companies started from a barn in 1864, which was built in Ann Arbor, Michigan. Since then, the company has grown into a large private construction company.
The company has worked on construction projects in nearly every US state, with its projects being worth between $1 million to over $500 million. McCarthy Building Companies now has over 6,000 employees, and it generated annual revenues of $4.4 billion in 2022.
Swinerton is a private construction company based in Concord, California. It has 4,000 employees, and it was founded in 1888.
In 2022, the company generated an annual revenue of $4.5 billion. Swinerton is 100% employee-owned, and it is nationally recognized as a trusted builder.
Holder Construction provides construction management and contracting services. It is based in Atlanta, Georgia, and was founded in 1960.
The company has 3,500 employees and is part of Forbes' list of America's largest private companies. Its projects span the construction of educational facilities such as classrooms, laboratories, performing arts centers, and more. In 2022, Holder Construction reported annual revenues of $4.9 billion.
J.E. Dunn Construction Group started as a family-run local contractor in 1924. The company has 3,500 employees and is based in Kansas City, Missouri.
Its projects include the construction of healthcare facilities, commercial offices, hotels, and more. J.E. Dunn Construction Group also has renovation projects. Its annual revenue for 2022 was $4.9 billion.
Clayco Construction is a Missouri-based private construction company. It was founded in 1984 and has 2,600 employees.
The company offers real estate services alongside construction, design, and engineering services. Clayco Construction generated revenues of $5 billion in 2022 and is among the largest privately-held construction companies in the US.
Walsh Group is a fourth-generation family-owned construction company offering design, building, and financing services for construction projects. It was founded in 1898.
The company operates through 21 regional offices in North America and has 8,000 employees. Walsh Group had revenues of $5.3 billion in 2022.
Founded in 1937, Hensel Phelps Construction is a general contractor based in Greeley, Colorado. It has 3,000 employees.
The company's projects include the construction and renovation of commercial offices, airports, health care and educational facilities, and more. It is part of Forbes' 2023 list of America's best midsize employers and the 2022 list of America's largest private companies. Hensel Phelps Construction generated annual revenues of $5.5 billion in 2022.
Emcor Group, Inc. (NYSE:EME), based in Norwalk, Connecticut, is an engineering and construction company. It has over 80 operating companies that fall under its wing, working in about 170 locations.
The company employs more than 33,000 people and was founded in 1994. In 2022, its revenue was $11.1 billion.
Emcor Group, Inc. (NYSE:EME), like Caterpillar Inc. (NYSE:CAT), Lennar Corporation (NYSE:LEN), and Vulcan Materials Company (NYSE:VMC), is a construction stock that many investors are piling into today.
Based in Providence, Rhode Island, Gilbane Building Company is a large private construction and real estate development company. It was founded in 1870.
Gilbane Building Company has over 45 offices across the globe and over 3,000 employees. In 2022, the company's annual revenue was $6.2 billion.
DPR Construction is a construction company with 8,000 employees. It was founded in 1990.
The company is a general contractor and construction manager that focuses on complex and sustainable projects. The markets it is involved in include advanced technology, life sciences, healthcare, commercial, and higher education. DPR Construction had a 2022 revenue of $7.5 billion.
The Whiting-Turner Contracting Company is based in Baltimore, Maryland, where it offers construction management, general contracting, design-build, and integrated project delivery services. It was founded in 1909.
The company has over 4,000 employees, and it oversees small and large construction projects for a diverse range of customers. The Whiting-Turner Contracting Company has more than 50 locations across the US. Its revenue in 2022 was $8.8 billion.
Market Capitalization as of June 12: $$15.86 billion
Builders FirstSource, Inc. (NYSE:BLDR) manufactures and supplies building materials for the construction industry. It is based in Dallas, Texas, and was founded in 1998.
In 2022, Builders FirstSource, Inc. (NYSE:BLDR) had an annual revenue of $20.9 billion, and it has 29,000 employees. The company claims to be the largest supplier of building products and prefabricated components.
Like Caterpillar Inc. (NYSE:CAT), Lennar Corporation (NYSE:LEN), and Vulcan Materials Company (NYSE:VMC), Builders FirstSource, Inc. (NYSE:BLDR) is a renowned construction stock many investors are eyeing today.
Turner Construction is based in New York and was founded in 1902. The company operates in the construction, oil and gas operations, and mining and chemicals industries.
Turner Construction has 10,000 employees, and it operates in 20 countries. In 2022, its revenue was $14.4 billion.