TL;DR
Turner Construction holds the top spot again with $20.2B in 2024 revenue.
Bechtel reclaims #2 from Kiewit.
✓HITT Contracting makes a huge leap to #10 after a $3B revenue boost.
✓Several firms surged in the rankings, while others took hits.
✓Industry shows mixed signals: backlog up, abandonments rising.🏗️ Top 10 US Commercial Contractors (by 2024 revenue)
| Rank | Contractor | Revenue |
|---|---|---|
| 1 | Turner Construction | $20.2B |
| 2 | Bechtel | $15.9B |
| 3 | Kiewit Corp. | $14.0B |
| 4 | The Whiting-Turner Contracting | $13.3B |
| 5 | MasTec | $12.3B |
| 6 | STO Building Group | $12.0B |
| 7 | Fluor | $11.1B |
| 8 | DPR Construction | $10.8B |
| 9 | McDermott International | $8.9B |
| 10 | HITT Contracting | $8.7B |
HITT Contracting: Jumped from #26 to #10, citing growth in mission critical, hospitality, healthcare & more.✓Holder Construction: #30 → #15, up $2.7B YoY.
✓Mortenson: #27 → #22
✓Swinerton: #35 → #30
✓Sundt Construction: #51 → #46
✓Performance Contractors: New entry at #47
✓Crossland Construction: #55 → #50📉 Notable Drops
✓Gilbane: #11 → #17
✓Arco Construction: #17 → #29
✓Barton Malow: #19 → #35📊 Market Signals
Construction backlog hit its highest level since Sept. 2023, esp. among $100M+ firms.
Abandonments in private sector nearing multi year high.
Dodge Momentum Index rose just 0.9% in April mostly from data centers. Excluding those, it would’ve dropped 3%.
💬 Discussion Points
√Which company surprised you the most with their rise or fall?
√Are data centers propping up the construction industry in an unsustainable way?
√Is HITT’s leap a sign of strategic genius or a one time boom?
√How are regional markets affecting the revenue distribution of these contractors?
√Could private sector project abandonments signal deeper issues in financing or planning?