Turner Construction retained the top spot in Engineering News-Record’s (ENR) 2024 Top 400 Contractors list. The annual list ranks companies based on the previous year’s construction revenue. The entrees in the top 10 list remained relatively the same in 2024, with some companies sliding into the top 10 (McDermott International and PCL Construction Enterprises). Meanwhile, Clark Group dropped to No. 16 after sitting at No. 9 in 2023.

Turner retained the top spot with $17.1 billion in 2023 revenue, up from 2023’s $16.3 billion. Overall, Top 400 revenue increased 13.9% to $556.9 billion in 2023 from $488.98 billion in 2022. Median firm revenue was also up 10.9%, to $629.5 million, and of the 375 firms that participated in the past two years, 77.3% reported an increase in general contracting revenue, slightly down from 78.9% on last year’s survey.

Despite the revenue increases, ENR officials say there is a shift among owners to minimize risk as they prioritize projects in sectors that will yield larger returns on investment with lower short-term risks. ENR data shows that from 2022 to 2023, revenue increased in most ENR-tracked sectors, with the largest growth in manufacturing (up 74.8%). The building sector continues to dominate the overall markets, composing 50.8% of all total revenue in 2023, followed by transportation (12.8%) and manufacturing (8%).

Wieland CEO Edward Lorenz says some sub-markets in the building sector, such as the multi-family residential sector, are struggling. The sector has slowed as projects are delayed or canceled. This is due to various factors, including increased construction input prices, supply chain disruptions, labor demands, high interest rates and owners focusing on short-term returns.

Some companies are mitigating these factors through various means, including prefabrication.

“On an electric vehicle battery plant, we are building components in manufacturing-like environments and delivering prefabricated sections to the project site,” Mike Kuntz, Turner executive vice president, told ENR. “It is driving increased construction productivity, and the solution removed 80,000 hours from the work site.”

Other strategies include improving business operating systems, expanding services into product customization and logistics and shifting priorities to focus on markets they know best, much like Kensington Glass Arts did when it shuttered its contract glazing division to focus on glass fabrication.

Rounding out the top 10 contractors of 2024 are:

6). STO Building Group

  • 2023 Revenue: $11.1 billion

7). DPR Construction

  • 2023 Revenue: $9.4 billion

8). Fluor

  • 2023 Revenue: $9.4 billion

9). McDermott International

  • 2023 Revenue: $7.7 billion

10). PCL Construction Enterprises

  • 2023 Revenue: $7.3 billion

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