Companies in this industry construct highways, streets, and bridges; utility systems; and other heavy and civil engineering projects, including subdivisions of land. Major companies include US-based Bechtel, Fluor, Granite Construction, Kiewit, and The Walsh Group, as well as ACS (Spain), China Railway Group, Skanska (Sweden), and VINCI (France).
Global construction output of all types exceeds $7 trillion and is expected to reach $15.5 trillion by 2030, according to Global Construction Perspectives and Oxford Economics. China, India, and the US will account for more than half of global construction growth between 2015 and 2030.
The US heavy and civil engineering construction industry includes about 39,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $280 billion.
Construction of nonresidential buildings, including industrial buildings such as manufacturing and food processing plants, as well as commercial structures such as office buildings and shopping malls, is covered in a separate industry profile.
Heavy construction activity depends heavily on the health of the economy, including corporate profits and local government budgets. The profitability of individual companies depends on accurate project bids and efficient operations. Large companies have advantages in their ability to engage in multiple projects simultaneously and to provide wider ranges of services. Small companies can compete effectively by specializing, working in a limited geography, or serving as subcontractors on larger projects. The US industry is highly fragmented, although competition for the largest projects is typically limited...