Top 10 Construction Companies in the World by Market Capitalization [cur_year]

As the global population grows, the demand for infrastructure and residential and commercial buildings has shot up significantly, creating immense opportunities in the construction industry. The top construction companies in the world are responsible for shaping future trends. Studying them allows you to spot profitable strategies and investment opportunities ahead of time.

Here at Business2Community, we dissect industry trends and will go through the biggest construction businesses in the world and the US to illustrate the growing trends in this sector so you can make smart business decisions.

The World’s Top Construction Companies

The global construction market size nearly reached $12 trillion in 2023 and is projected to exceed $17 trillion by 2030, demonstrating a CAGR of 5.4% during the forecast period. The optimistic outlook is supported by the growing demand for infrastructure and construction needs.

Studying the world’s biggest construction companies allows you to strategize investments and partnerships, gain a deeper understanding of market trends, and be a driving force that shapes the future of the construction sector.

Market cap is an excellent metric to analyze the profitability and performance of the company. It reflects the company’s worth based on a series of market factors like shareholder confidence and brand reputation. Therefore, we will be using market cap figures as a ranking factor to find out the top construction firms in the world.

1. Vinci – $72.75 Billion

With a market cap exceeding $72.75 billion (€65.09 billion) at the time of writing, the world’s largest construction company is Vinci. Founded in 1899 by Alexandre Giros and Louis Loucheur in France, the company was originally named Société Générale d’Entreprises (SGE) before it was renamed Vinci in 2000 after the GTM Group merger.

Currently, the French company employs around 280,000 people, and its construction projects span many different continents in over 120 countries and regions such as South Korea, the Middle East, and Australia.

Vinci’s most celebrated project was the iconic Euro Tunnel, also known as the Channel Tunnel. In 1994, it connected the UK and France with this massive underwater rail system with 150km of tunnels. It also built the iconic Grand Louvre Museum in 1988 and the Basilica of Our Lady of Peace of Yamoussoukro in 1990, which cost over 1 billion French francs.

Its annual revenue in 2023 reached €68.8 billion (around $69.88 billion at the time), illustrating an 11.6% growth rate from the previous year. Its French segment contributed 43% of its total revenue.

As of December 2023, 589 million shares were issued. Overall, institutional investors accounted for 73.2% of the total shareholders. Around 166,000 current and former Vinci employees were shareholders, making up 10.2% of the pie.

2. DR Horton – $62.24 Billion

Up next on our list of the largest construction companies in the world is DR Horton, a US company that exclusively specializes in building homes for people. This American company has a market cap of $62.24 billion.

DR Horton was created by Donald R. Horton in Texas in 1978. It is listed as a Fortune 500 company that operates in over 130 markets. Since 2002, DR Horton has been the biggest construction business in the US in terms of production volume.

Through a series of mergers and acquisitions with other construction companies, DR Horton has been able to expand its services tremendously and deliver more homes efficiently. In 2015, it acquired Pacific Ridge Homes for $72 million. In the following year, it paid $90 million in cash to acquire another major construction company in the Atlanta area, Wilson Parker Homes.

As of 2023, the company had built over 1,000,000 homes in the country. Its construction services cover all the major population areas in the country such as New Jersey, San Francisco, Los Angeles, and Salt Lake City.

As the largest US construction company, DR Horton is committed to being a green and environmentally-conscious developer. In 2023, it began using panels produced by a local firm, Plantd, to replace traditional building materials to allow the new homes to capture carbon in the atmosphere through the walls and ceilings.

3. Larsen & Toubro – $60.95 Billion

Headquartered in Mumbai, India, Larsen & Toubro is currently the second-largest construction company in the world. Its market cap value was $60.95 billion (₹5.1 trillion) as of September 2024.

Two Danish engineers, Henning Holck-Larsen and Soren Kristian Toubro, founded Larsen & Toubro in 1938 in Bombay, present-day Mumbai.

During the company’s early days, it worked with a lot of Danish and European manufacturers to import machinery into India. The sophisticated and advanced engineering technologies from Europe gave them a competitive advantage to nurture growth in the Indian market.

Now, Larsen & Toubro leads the global engineering field with its many innovative, complex projects. Its services span:

• Building construction
• Defense engineering
• Ship construction
• Railway construction
• Green technology development

The multinational corporation has handled numerous big projects such as the Mumbai Trans Harbor Link and the Hyderabad Metro Rail.

The Hyderabad Metro Rail spans 69.2 km, connecting the entire region to promote economic activities and carried over half a million passengers each day in 2023. It’s also the world’s largest metro project with a public-private partnership and began operation in 2017. Further, the 21.8 km-long Mumbai Trans Harbor Link is India’s longest sea bridge. It was inaugurated in January 2024.

For the last five decades, Larsen & Toubro has also been working with the India Space Research Organization (ISRO) to develop launch systems and aerospace-tracking techniques. In July 2023, Larsen & Toubro’s landmark project with ISRO, the Moon Mission – Chandrayaan-3, was successfully launched.

According to Larsen & Toubro, the construction industry giant made a total revenue of $22.5 billion in 2022, up from its 2021 $20 billion figure.

4. Lennar – $50.76 Billion

Lennar is a real estate development company that was founded in 1954 in Miami, Florida, with a current market cap of $50.76 billion and a workforce of around 12,000. Its expertise lies in building construction and providing new homes and communities to different user groups.

Before Lennar rose to become a construction industry icon, it once faced controversies over its construction quality.

In 1992, when the powerful and destructive Hurricane Andrew rampaged through Florida, 75,000 homes were destroyed. Following the disaster, Lennar faced a class-action suit involving 5,000 homes valued from $80,000 to $200,000.

Homeowners criticized the quality of homes built by Lennar and suspected the company of being involved in fraud and breach of contract due to construction flaws. Subsequently, in 1993, Lennar settled the lawsuit with $2.4 million and compensated 350 homeowners with $3,800 each.

Despite the setback, Lennar continued to grow in the late 1990s and early 2000s. Its annual revenue peaked in 2006 at $16.27 billion before the mortgage crisis hit the US in 2007.

When the mortgage crisis hit, Lennar sold 10,000 of its properties at $525 million, a 40% discount from its previous estimated value, to Morgan Stanley. Lennar’s total revenue dropped year-by-year from 2006 to 2011 with a recorded revenue of only $3.10 billion in 2011 before it started to pick up when the nation’s economy began to revive in the early 2010s.

Then, it began seeing a swift upswing in revenue from 2011 to 2023. In 2023, Lennar generated $34.2 billion in annual revenue and delivered over 70,000 new homes, showing a 10.1% increase from 2022.

Throughout the years, Lennar has been a strong competitor in the construction field. Its notable projects include the Next Gen homes for multigenerational families in 2011 and the world’s first WiFi-Certified Home Designs for voice control and home automation in 2017

5. China State Construction Engineering Corporation – $34.3 Billion

China State Construction Engineering Corporation is the biggest construction company in the world by revenue and the fifth-largest in terms of market cap. Its total revenue exceeded $310 billion in 2023 with a $34.3 billion (CNY240.51 billion) market cap. China has been one of the largest and fastest-growing housing markets in the world for years now, creating the need for monolithic construction companies.

Being one of the largest state-owned enterprises in China, China State Construction Engineering Corporation is the parent company of over 100 subsidiaries. The company is pioneering in civil engineering, construction management, and developing cutting-edge technologies in the construction industry.

The state-owned construction company was the main contractor for the world-famous Shanghai World Financial Center and provides global general contracting services to China as well as different countries like Zambia, Sri Lanka, and the US.

As a Chinese enterprise, the Chinese government funds the construction projects carried out by China State Construction Engineering Corporation. In 2012, the Chinese authority funded the majority of the $200 million construction project of the African Union Conference Center and Office Complex in Addis Ababa, Ethiopia.

6. Ferrovial – $31.74 Billion

Founded in Madrid, Spain, in 1952, Ferrovial is one of the biggest construction companies globally with a market cap of $31.74 billion (€28.39 billion). It mostly carries out infrastructure construction projects in Europe, North America, Australia, and Chile.

When Ferrovial was first created, it focused on railway construction to connect Spain and the rest of Europe. It became one of the general contractors of Renfe, the Spanish railway company.

Later, it began to extend its service scope to building construction, project management, and stadium construction.

In 1992, Ferrovial won infrastructure projects for the 1992 Barcelona Olympic Games and the world-class Expo 92 in Seville, consolidating its leading position as one of the largest European construction companies.

This international construction services company has also carried out a lot of complex projects overseas, such as the construction of Terminals 2 and 5 for London Heathrow Airport and the construction of the M4-M6 toll road in the US.

In November 2023, Ferrovial sold all of its 25% stake in London Heathrow Airport for around $3 billion. That same year, its revenue rose 13.2% to €8.5 billion ($9.2 billion at the time), according to the company’s report.

7. NVR – $29.82 Billion

With a market cap value of $29.82 billion, NVR is another one of the biggest construction companies in the US that made it to the list of the top 10 construction companies in the world.

Currently, NVR operates in 15 US states along the East Coast, covering New York, Pennsylvania, Ohio, Florida, Washington DC, etc.

NVR is the parent company of Ryan Homes, NVHomes, and Heartland Homes, offering homebuilding and mortgage banking services across the country to support homeowners in purchasing properties.

During the economic turmoil in the early 1990s in the US, NVR reported a $36.7 million loss in 1991. It filed for bankruptcy the following year but was revived in 1993. NVR spent approximately $10.8 million in its effort to bring the company back to life and was ultimately successful.

From the late 1990s to 2006, NVR successfully pulled itself out of the financial mess, demonstrating an upward trend in revenue.

As of February 2024, NVR had the second-highest stock price in the US, valued at $9,690, after Berkshire Hathaway Inc. Class A’s price $613,965.

8. Pulte Group – $29.51 Billion

Founded by 18-year-old Will Pulte in 1950 in Detroit, Michigan, the Pulte Group focused on buying and selling houses. Later on, the company would grow into one of the largest construction companies in the US, valued at $29.51 billion.

Since its establishment, Pulte Group has built over 750,000 homes in the US. It focuses on home construction, delivering modern, high-quality homes to homeowners in over 40 major cities within the country.

In 2019, following Pulte’s construction scandals involving stucco defects that led to rots and mold in around 23,000 houses in Florida, the Pulte Group paid a total of $78.7 million as a settlement. The company spent $64 million to repair affected homes and another $4.7 million to compensate homeowners affected by the construction flaws.

The scandal pushed the Pulte Group to enhance employee training in the construction field to prevent similar events from arising again.

In 2023, Pulte Group generated an annual revenue of $16 billion. Its construction spending for the same was $11.15 billion, up from its 2022 figure of $10.99 billion. Its shareholders received over $1 billion in dividends and stock repurchases.

9. Daiwa House – $21.56 Billion

Based in Tokyo, Japan, Daiwa House is the only Japanese construction company that made it to the list of the biggest construction companies in the world. Established in 1947, the company currently employs around 50,000 people and is worth $21.56 billion (JPY3.08 trillion).

As a global construction industry giant, Daiwa House’s services span from construction management, project management, building healthcare facilities, renewable energy development, and general construction businesses.

Some of its notable projects include the Tokyo Toilet Project and the Liveness Community Project.

From 2009 to 2023, Daiwa House recorded a general upswing in revenue, except for the COVID-19 period during which the revenue dropped slightly due to the fall in construction demand. In 2023, its revenue reached $37.04 billion.

10. China Railway Group – $19.39 Billion

Headquartered in Beijing, China, the China Railway Group holds the Special-Grade Qualification for General Contracting of Railway Projects from the Ministry of Housing and Urban-Rural Development of China, allowing it to carry out top construction projects within the country.

The China State Construction Engineering Corporation was the biggest stakeholder of the China Railway Group, owning 46.96% of its shares at the end of 2022. The company is valued at $19.39 billion (CNY136.01 billion).

Over 90% of its sales originate from China and 85.5% of its business is infrastructure construction projects. From the Shanghai Magnetic Suspension Railway to Beijing Railway Station and the Shanghai F1 Race Track, the Chinese construction group has made a name for itself for its iconic, gargantuan projects.

It has also completed international projects like building subway cars for US cities like Chicago, Los Angeles, and Boston in 2014.

Being a state-owned entity makes the China Railway Group an international sanction target, as the relationship between China and Western countries, especially the US, gradually worsened over the last decade.

In 2021, President Joe Biden further tightened Executive Order 13959 of November 12, 2020, signed by former President Donald Trump, to prohibit US companies from conducting business with Chinese entities that have ties to the Chinese military. The China Railway Group was on the list, drastically limiting its international business opportunities.

Despite the sanction from the US, in 202, the China Railway Group recorded an equivalent of $170 billion in annual revenue, around USD $4 billion more than the previous year.

Top 10 Construction Companies in the USA

As one of the strongest economies in the world, the US has a high demand for construction. From residential to infrastructure to public facilities, the country is home to some of the top construction companies in the world.

Overall, the US construction sector was valued at $1.8 trillion in 2022, illustrating a promising business environment for developers and firms trying to enter the market. Whether you are trying to collaborate with the largest construction firms or invest in them, here are the largest US construction companies by market cap:

1. DR Horton – $62.41 billion – The biggest construction company in the US by market cap
2. Lennar – $50.92 billion – Prime contractor to build the world’s largest 3D-printed community with over 100 homes
3. NVR – $29.98 billion – The second-most expensive stock in the US
4. Pulte Group – $29.57 billion – Has the highest operating margin in the country
5. Emcor – $19.99 billion – Built the Bay Area Rapid Transit (BART) in California
6. Toll Brothers – $15.52 billion – A leading luxury home builder in the US
7. Procore – $9.1 billion – The largest construction software company by market cap in the US
8. Fluor Corporation – $8.17 billion – The biggest construction company in the US by the number of employees (40,000)
9. Taylor Morrison – $7.33 billion – Won America’s Most Trusted National Home Builder award from 2016 to 2024
10. Installed Building Products (IBP) – $7.14 billion – A leading installer of complementary products

Learning From the Biggest Construction Companies in the World

By using the market cap figures, we can see that the biggest construction companies are often the most profitable ones that dominate their respective operating regions. These largest construction companies with strong margins often were able to secure exorbitantly lucrative contracts from businesses and sometimes governments to construct impressive buildings and life-changing infrastructure projects, driving further growth.

The construction sector sets the foundation for business growth. Leading construction businesses are able to connect different parts of the world to facilitate trade and create new business zones. In the future, the demand for construction will only increase as the population grows and people seek a higher living standard.

Whether you’re starting your construction firm or want to be a part of one of these large construction firms, this list has provided you with the best places to start. As the construction industry continues to thrive, now is the best time to get into the game to reap the most out of it.

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