In this article, we will look into the 20 largest construction companies in the world. If you want to skip our detailed analysis, you can go directly to the 5 Largest Construction Companies in the World.
Construction Sector: An Analysis
According to a report by the Business Research Company, the global construction market was worth $14.39 trillion in 2022. It is expected to grow at a compound annual growth rate (CAGR) of 6.6% and reach $25.93 trillion by 2027. The growth can be attributed to growing urbanization, rising population, and increased government incentives.
The construction sector is one of the significant contributors to the economy of the United States. According to the Associated General Contractors of America (AGC), in the first quarter of 2023, there were over 919,000 construction establishments in the US. The industry has over 8 million employees and develops around $2.1 trillion worth of structures annually.
According to the monthly construction spending report by the US Census Bureau for January, construction spending in the US dropped slightly in January compared to December. The spending in January reached $2.1 trillion, representing a modest decline of 0.2% from December. The private construction sector’s spending remained at $1.6 trillion, while the residential sector witnessed an increase of 0.2% and reached $900.8 billion in January 2024. The public construction experienced a significant decline of 0.9% in the first month of 2024. Despite the mixed outlook for January, the construction sector witnessed a significant increase on a year-over-year basis. The construction spending in January 2024 increased by 11.7%, compared to January 2023. You can also look at 20 US Cities with the Most Million-Dollar Homes and 20 Best States for Construction Jobs in the US.
Major Players in the Market
Some of the major players in the global construction market include Vinci SA (OTC:VCISF), Lennar Corporation (NYSE:LEN), and Ferrovial SE (OTC:FERVF).
Vinci SA (OTC:VCISF) is a leading construction company, operating across 120 countries. On March 11, the company announced that its railway construction subsidiary, ETF, has won a new railway contract from the SNCF Réseau, a state-owned railway company in France. The contract is worth €700 million. The contract includes renovating more than 800 km of track and ballast across France by 2030. Over 150,000 work hours will be dedicated to the training and professional integration during the program. This contract will add to Vinci SA’s OTC:VCISF) railway construction capabilities
Lennar Corporation (NYSE:LEN) is one of the largest construction companies in the world, providing residential construction services. On March 25, the company announced the grand opening of the highly anticipated Medley Club at Angeline Actvie Adult Amenity Center. The 6,200-acre community is built exclusively for homeowners aged 55 and above in Land O’ Lakes, Florida. The new medley club by Lennar Corporation (NYSE:LEN) is built on an area of 12,029 square feet. It boasts amenities such as a fitness center, yoga studio, cafe, social gathering rooms, and bar.
Ferrovial SE (OTC:FERVF) is a leading construction and infrastructure company. On March 26, the company, in collaboration with Oreco Balgon, announced the completion of the construction of the Halo elevator in Vigo, Spain. The elevator will connect the city’s Areal district with the commercial zone around Vialia Square. It will also improve the mobility of pedestrians in the city by providing a path for crossing the AP-9 highway. The elevator project by Ferrovial SE (OTC:FERVF) cost €15.7 million. The elevator comprises a 36-meter-high concrete tower with two elevators leading to a 190-meter-long walkway. With a capacity of 17 people, the elevator takes 30 seconds to connect the lower and upper parts of the city.
With this context, let’s have a look at the largest construction companies in the world.
A construction team in a mining datacenter building work site with plans and equipment in hand.
Methodology
To create our list of the 20 largest construction companies in the world, we extensively reviewed various rankings on the internet and screened for construction companies by using the Yahoo Finance stock screener to ensure we did not miss any major companies in the global construction market. Then, we collated a list of the 35 largest construction companies. Finally, we ranked the companies in ascending order of their market cap as of March 26, 2024, and their annual revenue for private companies. Please note that we have converted the market cap and revenues of companies in foreign currencies to USD according to their exchange rates, as of March 26.