Lennar Corp. was the homebuilder with the highest gross revenue in the United States in 2023. The Florida-based company reached a homebuilding revenue of 32.5 billion U.S. dollars. It was closely followed by D.R. Horton, which had its headquarters in Arlington (Texas) and generated a revenue of over 32 billion U.S. dollars. Challenges to the residential construction marketThe number of private housing units started fell around the time of the global financial crisis (2007-2009), but has since recovered – though not to the heights of 2006. The value of residential construction in the U.S. has been increasing since 2011. However, that trend is expected to come to an end in 2023, as housing put in place is expected to decrease in the next years. That indicates that the revenues earned by home construction companies, such as D.R. Horton, may also be affected. New home sales follow the same trend Unsurprisingly, the number of new houses sold follows the same pattern. The property crash of 2008, which was a leading factor in the global financial crisis at that time, impacted residential property sales in the United States. Although this market has recovered slowly in the years after the financial crisis, the growth in the number of new houses sold has stopped, as home sales have fallen significantly in 2021 and 2022. The number of single-family homes started began to increase in 2012, which roughly coincided in time with the period of recovery of the real estate market, but it has also decreased more recently.

D.R. Horton was the homebuilding company with the largest share of single-family home closings in the United States in 2023. The two largest U.S. homebuilders, D.R. Horton and Lennar Corp., accumulated 24.6 percent of the closings that took place throughout the whole country that year. The third company with the largest market share was PulteGroup, but it was at an important distance from the two leading firms.

D.R. Horton was the leading homebuilder company in the United States based on the number of closings in 2023. Some of the other companies in the highest positions of the ranking that year were Lennar Corp. with approximately 73,100 closings, PulteGroup with around 28,600 closings, and NVR with 20,700 closings.

The two metropolitan areas with the highest value of new residential construction in 2024 were in Texas. Those two areas, Dallas-Fort Worth-Arlington and Houston-Pasadena-The Woodlands, were the only ones in the United States where new homes authorized were worth over 17 billion U.S. dollars. Those figures were significantly higher than the following entries in the list, the areas around Phoenix (Arizona) and in New York, where home construction amounted to over ten billion U.S. dollars.

With almost 37.5 thousand units sold in the fiscal year 2023, Daiwa House Industry Co., Ltd. recorded the highest unit sales among the leading homebuilders in Japan. Sekisui House, Ltd. ranked second with approximately 34.2 thousand units sold during that fiscal year. Housing construction in JapanThe number of housing starts in Japan has fluctuated between about 800 and 900 thousand per year in the past decade. Japanese consumers are known for their preference for new properties, and low interest rates have created a favorable environment for home buyers in the past decades. As a result, Japan's housing stock keeps growing and has already surpassed the number of households in the country.Industry faces population declineIt is expected that the Japanese population will fall from 124.4 million in 2023 to around 105 million by 2050. As Japan’s population continues to shrink and the country’s leadership remains comparably strict on immigration, further depopulation of rural areas will lead to more and more homes becoming vacant. Already today, Japan has several million unoccupied homes. The demographic change is likely to impact the supply side as well, as fewer young people will enter the construction industry, thus increasing the already apparent shortage of workers.

Between 2021 and 2022, Barratt Developments was the company with the largest housing turnover in the United Kingdom. Taylor Wimpey was the second company in the ranking, with a housebuilding revenue of 4.3 billion British pounds. In fourth place, Bellway generated a revenue of 3.5 billion British pounds in 2022. However, that only refers to the turnover that those companies generated from housing activities. What is the outlook for the UK's home construction market? Although housing construction was expected to stagnate in 2024, over the coming years the number of homes built is expected to rise at a quick pace. The projected growth of housing starts in the UK is anticipated to be 46.7 percent higher in 2028 than in 2024. A rise in construction starts would be a good sign for the market, as there is a high demand for housing which, along with other factors, has fostered increasingly higher house prices in the UK during the past years. Who are the leading home builders in the U.S.? The market size of the home building industry in the United States is even bigger than in the UK. In 2023, Miami-based Lennar Corp. and the Texas-based D.R. Horton were the largest homebuilders in the U.S. with a revenue of over 32 billion U.S. dollars. Other builders, such as PulteGroup, Toll Brothers, and NVR were also prominent players in the residential construction industry, with much higher revenue figures than their UK counterparts. The value of new residential construction in the U.S. rose significantly from 2019 to 2022 despite the COVID-19 pandemic, reaching about 910 billion U.S. dollars. However, the market is expected to decrease until 2025, which could impact the revenues of these home builders.

Subcontractor delays were the number one challenge for one third of respondents, according to a 2023 survey among home builders in the United States. Client selections decisions emerged as the second-biggest issue, according to almost 20 percent of the respondents.

Between 2021 and 2022, Barratt Developments was the house building company with the most units sold in the United Kingdom. Persimmon, the second company on the list, sold approximately 14,550 units in 2021. Bellway, which landed at fourth place in the ranking, sold 11,200 units in 2022. Those companies were also among the UK homebuilders with the largest revenues in 2021.

In 2022, Marval Holding S.A.S. was the leading residential building construction company in Colombia, followed by Amarilo SAS. Both of these companies had a revenue of over a billion Colombian pesos. Marval Holding was also one the leading construction company in Colombia overall that year.

The sentiment of construction firms in the U.S. single-family housing market has been negative since September 2023, after improving significantly by July 2023. That was according to a monthly index that measures the sentiment among home builders in the United States. The index reflected a negative mood in the housing industry, as the sentiment was below 50 percent except in March and April 2024. As of November 2024, the index stood at 46, still higher than the negative value in late 2023, despite the recent decline.

KB Home's total revenue has increased significantly between 2011 and 2023, although with some fluctuations. The U.S. home-building company generated over 6.4 billion U.S. dollars in revenue, while those figures amounted to 1.3 billion U.S. dollars in 2011. KB Home is headquartered in Los Angeles and primarily builds homes for first-time home buyers. KB Home is one of the leading home builders based on closings.

The first six entries in the ranking of the 100 largest construction firms worldwide in 2023 had their headquarters in China. The combined revenue of the Chinese companies included in the list was higher than that of all other firms combined. CSCEC - China State Construction Engineering Corporation Ltd. - generated 320 billion U.S. dollars worth of revenue in 2023. When construction companies were compared based on market capitalization, however, France's Vinci dominated the construction market in the past years. Global Construction Industry There are many types of construction sectors that are considered part of the industry. Building, engineering, specialty construction and planning and development are a few sectors that comprise this booming industry. A large construction company like Vinci generated over half of its revenue from its energy segment, which is focused on the design, construction, operation, and maintenance of infrastructure, as well as on providing other related services. In general, China and Europe were the regions with the largest construction contractors by revenue. Construction Workers One of the most important aspects of construction is the workers and laborers that manage the industry on-the-ground. Hourly labor costs for construction industry workers are highest in the United States and Japan. In the U.S., weekly earnings of construction workers have increased dramatically since 1965, indicating their value to society and the industry.

Southeast was the region in the United States where D.R. Horton obtained the most of its home building revenue in the financial year ended in September 2023 with 8.7 billion U.S. dollars. Meanwhile, the revenue of the company in the North and Northwest only amounted to 3.18 and 2.58 billion U.S. dollars, respectively.

Bechtel was the construction company in the United States with the highest value of new contracts in 2023. The Turner Construction Company, a firm headquartered in New York, was the second company in the ranking, it had new contracts valued at nearly 20 billion U.S. dollars that year. Statista has a dedicated topic page about the Fluor Corporation that had over 18 billion U.S. dollars. Industry building step by step A ranking based on the revenue of the largest construction firms in the United States showed that the Turner Corporation had the highest revenue. Turner's main activities include the construction of commercial and other non-residential buildings, infrastructure, and green buildings. The value of new industrial building construction in the U.S. is expected to decrease in 2023. Turner’s New York foundations Turner is an international construction services company founded in New York in 1902. The firm has worked on a number of projects across North America, notably constructing Madison Square Garden in 1962 and completing a full-scale renovation of the facility between 2010 and 2013. In turn, the Madison Square Garden Company generated an annual revenue of over 600 million U.S. dollars in 2020. Turner is committed to sustainable building practices and has been a member of the U.S. Green Building Council since 1997. Nowadays, the Turner Corporation is a subsidiary of the German-based construction company Hochtief, a company for which Statista has another topic page.

Idaho and North Caroline were in 2023 the U.S. states with the highest volume of new residential construction, with over nine units authorized per 1,000 residents. On average, that year in the U.S. there were 4.51 homes authorized per 1,000 residents. The most populous states in the U.S. tend to have the highest demand for housing.

In 2024, approximately 792.1 thousand housing starts were initiated in Japan. This represented a decline of 3.4 percent compared to the previous year. It was the second time since 1995 that the number of new dwellings started fell below 800 thousand. Housing construction in Japan Both, the number of and floor area of new construction projects declined compared to 2023. Broken down by type of building, apartment construction starts exceeded the number of single-family home construction starts for the second time in the past decade. Looking at the number of construction starts by use, construction starts for single family homes for sale saw the sharpest decline, while construction starts for homes for rent remained the largest category. Housing stock in Japan Japan’s housing stock comprises more than 65 million dwellings, with detached houses accounting for the largest number of occupied dwellings, followed by apartment buildings. As a result of the demographic development, the growing housing stock already exceeds the number of households, resulting in rising vacancy rates across the country. As of 2018, around seven million dwellings were estimated to not meet the requirements of a new seismic code for buildings introduced in 1981, a share of around 13 percent which the government aims to reduce to zero by 2025.

The state of New York was home to some of the largest construction firms in the United States in 2023, with the Turner Corp. generating a revenue of 17 billion U.S. dollars. That revenue made it the largest construction contractor in the United States as a whole. Sto Building Group Inc. had a revenue of 11 billion U.S. dollars and ranked second in the New York State.

In June 2024, there were less building permits for new residential construction in the United States a year earlier. In late 2022 and early 2023, there was the lowest number of building permits issued since the first half of 2020. The number of U.S. new home construction starts has also been lower than in previous years.

With revenue figures of nearly 9.5 billion U.S. dollars in 2023, DPR Construction was the largest construction contractor in the state of California. In 2021, AECOM a large construction company moved its headquarters to Texas, which is the reason why it does not show in this list. In total, 2 California-based construction companies made it to the list of largest construction firms for the United States.

Miami, Los Angeles / OC, and San Diego had the least space is available for new single-family home construction in the United States as of the 1st quarter of 2024. San Antonio was the city with the highest lot index value, amounting to 82, where a value of 100 represents a market equilibrium. In Los Angeles / OC, the lot supply index amounted to less than 15.6 index points, meaning that it was severely undersupplied.