Who are the Largest Commercial Contractors? Hint: The Biggest One is a Page-Turner

For the third consecutive year, Turner Construction has earned the top spot on Engineering News-Record’s (ENR) list of the top 400 commercial contractors of 2023. ENR reports that, in 2022, the New York-based general contractor recorded the highest revenue, a record level of new contracts secured and the highest value of work completed in the telecommunications/data center market in company history. ENR adds that Turner recorded a 2022 revenue of $16.3 billion, up from last year’s figure of $14.3 billion.

For the third consecutive year, Turner Construction has earned the top spot on Engineering News-Record’s (ENR) list of the top 400 commercial contractors of 2023. Photo courtesy of Turner Construction.

Following Turner in the second spot is Reston, Va.-based Bechtel. The company, founded in 1896, has worked on various projects throughout the years, including the Hoover Dam, the Bay Area Rapid Transit system, the Channel Tunnel under the English Channel, and the Chernobyl, Ukraine, New Safe Confinement structure, among others. Bechtel reports that its 2022 total revenue was $11.9 billion, down from last year’s $12.9 billion.

A newcomer nabbed the third spot: Coral Gables. Fla.-based MasTec Inc. The company filed as a general contractor this year following its acquisition of Acquire Infrastructure and Energy Alternatives Inc. in 2022. MasTec had been listed previously as a specialty contractor specializing in electrical and utility work. It reported its 2022 total revenue was $11.6 billion.

Slipping from third place to fourth is Omaha, Neb.-based Kiewit Corp. The construction and engineering firm reported a 2022 total revenue of $11.2 billion. STO Building Group rounded out the top five. The New York-based contractor slipped from fourth in 2022 to fifth this year. The company reported that its 2022 total revenue hit $10.3 billion.

Rounding out the top 10 is:

6. DPR Construction, Redwood City, Calif. (2022 revenue: $9.2 billion)

7. The Whiting-Turner Contractor Co., Baltimore (2022 revenue: $8.5 billion)

8. Fluor Corp., Irving, Texas (2022 revenue: $7.9 billion)

9. Clark Group, McLean, Virginia (2022 revenue: $7.2 billion)

10. Skanska USA, New York City (2022 revenue: $6.8 billion)

Navigating Challenges

DCN states that the red line, representing year-over-year percent change in a composite index of construction materials, has seen an upturn, which could be concerning as it leads the bid price, represented by the blue line, by 12 months. Photo courtesy of Dodge Construction Network.

ENR’s top contractor list comes as the construction industry braces for a potential slowdown in the latter stages of 2023. The U.S. Bureau of Labor Statistics reports that its Producer Price Index (PPI) has indicated a seasonally adjusted 0.2% increase in prices for final demand in April. While this rise is considered moderate, it highlights the presence of inflationary pressures within the economy, underscoring the ongoing difficulty of cost management in the present economic environment. The construction industry, which heavily depends on raw materials and supplies, could be affected by this increase, report DCN officials.

“As we navigate these uncertain times, construction firms must remain vigilant and adapt to evolving market conditions by closely monitoring their costs and adjusting their pricing strategies to stay competitive,” say officials.

Glazing Contractors
A look at the country’s top commercial contractors begs the question: Who are the largest glazing contractors? USGlass magazine’s parent company, Key Media & Research, issues an annual report. For a look at top contract glaziers over the years, click here to see the race to the top.