The American construction industry is experiencing significant growth. There’s a buzz of activity nationwide, from infrastructure projects to cutting-edge skyscrapers. But who are the Titans turning these blueprints into reality?
This blog will examine 10 of the largest US construction companies to watch in 2024. These industry leaders are not only building the structures that define our cities but also pioneering new technologies and sustainable practices that are transforming the construction landscape.
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Get ready to meet the builders shaping America’s future!
The American construction market is a complex and ever-evolving sector valued at a staggering $2.3 trillion (as of 2023) [US Construction Market Size, Trend by Sector & Forecast to 2028, GlobalData]. While recent growth has been muted due to inflation, analysts predict a promising future with a Compound Annual Growth Rate (CAGR) exceeding 4% by 2028 [US Construction Market Size, Trend by Sector & Forecast to 2028, GlobalData]. This growth is fueled by several key trends and opportunities.
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Trends Shaping the Market:
- Shifting Sector Focus: While residential construction has traditionally been the dominant force, recent years have seen a rise in non-residential projects. This includes the much-needed infrastructure upgrades funded by initiatives like the Infrastructure Investment and Jobs Act (IIJA) [U.S. Construction Market Analysis Overview, Cumming Insights]. Additionally, the CHIPS and Inflation Reduction Acts are expected to boost manufacturing construction spending significantly.
- Labor Shortages: The construction industry grapples with a skilled labor shortage. This has driven up wages and forced companies to become more innovative in attracting and retaining talent.
- Technological Advancements: The industry embraces new technologies like Building Information Modeling (BIM) and prefabrication to improve efficiency and reduce costs. Additionally, there’s a growing focus on sustainable construction practices, with a rise in green building materials and energy-efficient designs.
Opportunities for Growth
- Infrastructure Projects: The IIJA has allocated billions of dollars towards infrastructure improvements, creating significant opportunities for construction companies specializing in roads, bridges, and other public works projects [U.S. Construction Market Analysis Overview, Cumming Insights].
- Renewed Focus on Manufacturing: The push for domestic manufacturing, spurred by the CHIPS Act, will open doors for construction firms involved in building and renovating factories.
- Green Building: The growing demand for sustainable buildings presents a lucrative opportunity for companies specializing in energy-efficient construction and green materials
- Technological Innovation: Companies leveraging technology to improve efficiency, safety, and sustainability will be well-positioned for success. This includes embracing tools like BIM and investing in automation solutions.
Challenges Remain
Despite the positive outlook, the industry faces some headwinds. Rising material costs due to inflation and ongoing supply chain disruptions are a concern [United States Construction Market Trends | CBRE]. Additionally, rising interest rates could dampen investment in new construction projects.
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10 of the Largest US Construction Companies to Watch in 2024
Bechtel Corporation
Bechtel is a global engineering, construction, and project management company headquartered in San Francisco, California. With over a century of experience, Bechtel has been involved in numerous landmark projects worldwide, including airports, power plants, and infrastructure developments. Known for its expertise in engineering and execution, Bechtel consistently ranks among the largest construction firms globally, with a reputation for delivering projects on time and within budget, making it a trusted partner for large-scale endeavors.
Fluor Corporation
Headquartered in Irving, Texas, Fluor Corporation is a multinational engineering and construction firm known for its diverse portfolio of projects across various sectors, including energy, infrastructure, and government services. With a history spanning over a century, Fluor has established itself as a leader in delivering complex engineering solutions and managing large-scale construction projects. The company’s commitment to innovation and sustainability has earned it recognition as one of the top construction companies globally, with a strong track record of delivering value to its clients.
Turner Construction Company
Based in New York City, Turner Construction Company is one of the largest construction management companies in the United States. With a focus on commercial, healthcare, and infrastructure projects, Turner has a reputation for excellence in construction services, project management, and safety. Leveraging its extensive experience and industry expertise, Turner consistently delivers high-quality projects that meet client needs while adhering to strict timelines and budgets. Known for its innovative approach and commitment to client satisfaction, Turner Construction continues to be a trusted partner for a wide range of construction projects nationwide.
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Kiewit Corporation
Headquartered in Omaha, Nebraska, Kiewit Corporation is a leading construction, engineering, and mining company with a rich history dating back to 1884. Kiewit is renowned for its expertise in heavy civil construction, including transportation infrastructure, power projects, and oil and gas facilities. With a focus on safety, quality, and innovation, Kiewit consistently delivers successful projects across diverse sectors, earning it a reputation as one of the industry’s most trusted and respected construction firms.
AECOM
AECOM is a global infrastructure consulting firm headquartered in Los Angeles, California, with a significant presence in the United States. With a diverse portfolio of projects spanning transportation, water, environmental, and building sectors, AECOM offers comprehensive design, engineering, and construction services. Known for its commitment to sustainability and cutting-edge technology, AECOM is a key player in delivering transformative infrastructure solutions that address the complex challenges of modern society.
Jacobs Engineering Group
Jacobs Engineering Group is a multinational engineering and construction firm based in Dallas, Texas, with operations worldwide. Specializing in providing technical, professional, and construction services, Jacobs serves a wide range of industries, including aerospace, defense, healthcare, and transportation. With a focus on innovation and collaboration, Jacobs delivers integrated solutions that enhance the performance and resilience of infrastructure systems, making it a trusted partner for clients seeking excellence in engineering and construction services.
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Skanska USA
Skanska USA, a subsidiary of the Swedish multinational construction and development company Skanska, is a leading company operating in the United States. Headquartered in New York City, Skanska USA specializes in commercial development, infrastructure construction, and public-private partnerships. With a focus on sustainability and safety, Skanska USA has built a reputation for delivering high-quality projects that positively impact communities and the environment.
Clark Construction Group
Clark Construction Group, based in Bethesda, Maryland, is one of the largest construction companies in the USA, with a strong presence in commercial, institutional, and infrastructure projects. Founded in 1906, Clark Construction has a long-standing reputation for delivering innovative and complex projects committed to quality, safety, and sustainability. From iconic landmarks to critical infrastructure, Clark Construction remains a trusted partner for clients seeking excellence in construction services.
McCarthy Building Companies, Inc.
McCarthy Building Companies, headquartered in St. Louis, Missouri, is one of the USA’s oldest and largest construction firms. Specializing in commercial, healthcare, and renewable energy projects, McCarthy has a reputation for delivering high-quality construction services focusing on innovation and sustainability. With a history from 1864, McCarthy remains a trusted partner for clients seeking expertise in complex construction projects nationwide.
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Hensel Phelps Construction Co.
Hensel Phelps Construction Co., based in Greeley, Colorado, is a renowned construction firm known for its expertise in building landmark projects across the USA. Focusing on collaborative project delivery methods and advanced construction technologies, Hensel Phelps has successfully completed projects in various sectors, including aviation, healthcare, and civic infrastructure. As a leader in sustainable construction practices and client satisfaction, Hensel Phelps remains at the forefront of the construction industry in the USA.
Conclusion
In conclusion, the US construction market is poised for growth, driven by infrastructure spending, a manufacturing boom, and green building trends. However, labor shortages and rising costs pose challenges. Companies that embrace technology, address talent gaps, and prioritize sustainability will be best positioned to thrive in this dynamic market.
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