Dive Brief:
- New York City-based Turner Construction has once again retained its top spot as the No. 1 contractor in the country by revenue, according to Engineering News-Record’s 2025 Top 400 Commercial Contractors list released last week.
- Reston, Virginia-based Bechtel reclaimed second place after Omaha, Nebraska-based Kiewit, which placed No. 3 this year, pushed it out of the runner-up slot last year.
- All three of the top contractors experienced some measure of revenue growth. Turner’s 2024 revenue grew to $20.2 billion from $17.1 billion last year, while Bechtel grew to $15.9 billion from $12.9 billion. Kiewit generated $14 billion in 2024 compared to the prior year’s $13.8 billion.
Dive Insight:
In a large swing, Falls Church, Virginia-based HITT Contracting leapt up the rankings, jumping from the No. 26 slot last year into the No. 10 position on the back of a revenue increase of approximately $3 billion, according to the report.
HITT credited the company’s revenue jump with listening to, and evolving alongside, its clients, according to Kim Roy, the company’s CEO.
“Over the past five years, we’ve expanded in key sectors with strong demand and long-term opportunities, such as mission critical, hospitality, healthcare, manufacturing and industrial,” Roy told Construction Dive via email. “We also continue to grow alongside our long-time corporate and multifamily clients, who have been pivotal to HITT’s success.”
In addition to HITT, Atlanta-based Holder Construction also made a big leap, to the No. 15 slot from last year’s position at No. 30. The company reported $7.7 billion in 2024 revenue, compared to $5 billion in 2023.
The list comes as public builders have, for the most part, downplayed the effects that President Donald Trump’s tariffs have had on their first quarter earnings performance. Since the rankings depend on 2024 revenue, it can be seen as a lagging indicator of performance, unaffected by tariffs, or even the Trump presidency.
Other firms that jumped five spots or more in the top 50 include:
- Minneapolis-based Mortenson, up to No. 22 from No. 27.
- Concord, California-based Swinerton, up to No. 30 from No. 35.
- Tempe, Arizona-based Sundt Construction, up to No. 46 from No. 51.
- Baton Rouge, Louisiana-based Performance Contractors Inc., which landed at No. 47 despite being unranked last year.
- Columbus, Kansas-based Crossland Construction Co., up to No. 50 from No. 55.
Builders that fell five or more spots in the top 50 include:
- Providence, Rhode Island-based Gilbane Building Co., which dropped from 11 to 17.
- St. Louis-based Arco Construction Cos., down to No. 29 from No. 17.
- Southfield, Michigan-based Barton Malow, down to No. 35 from No. 19.
While the leapfrogging activity shows that there’s always room at the top, there are red flags building in the construction industry as well. In April, project stress rose, and the private sector neared a multi-year high in abandonments, according to Cincinnati-based ConstructConnect.
In addition, the Dodge Momentum Index grew 0.9% in April, a lower rate of growth compared to past months, mostly powered by work in data center projects. Without data centers, the DMI would’ve dropped 3%.
At the same time, optimism remains. Construction backlog rose in April to its highest level since September 2023, particularly for builders with over $100 million in revenue. However, it’s down year over year for contractors that made $30 million to $100 million in annual revenue.
See the chart below for the top 10 commercial contractors on the list:
| Ranking | Contractor | 2024 Revenue |
|---|---|---|
| 1 | Turner Construction | $20.2 billion |
| 2 | Bechtel | $15.9 billion |
| 3 | Kiewit Corp. | $14 billion |
| 4 | The Whiting-Turner Contracting Corp. | $13.3 billion |
| 5 | MasTec | $12.3 billion |
| 6 | STO Building Group | $12 billion |
| 7 | Fluor | $11.1 billion |
| 8 | DPR Construction | $10.8 billion |
| 9 | McDermott International | $8.9 billion |
| 10 | HITT Contracting | $8.7 billion |
