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.

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.

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.

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.

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.

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.

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.

Three of the five largest construction firms in Europe in 2023 were in France, whilst Germany had no entries in the list. The sales value of Bouygues increased by roughly 13.9 billion U.S between 2022 and 2023, while Vinci's sales were 9.5 billion U.S. dollars higher. Vinci was the largest construction company in Europe with nearly 74 billion U.S. dollars worth of revenue. Vinci: France’s construction juggernaut The French construction company, Vinci, was founded in 1899 by Alexandre Giros and Louis Loucher and is headquartered in Rueil-Malmaison in France. In 2023, Vinci reported earnings amounting to approximately 68.8 billion euros. That year, Vinci was by far the leading construction company within Europe in terms of sales, followed by its closest competitors, Bouygues and the ACS Construction Group. In a global ranking of construction contractors, Vinci was ranked seventh, while the six leading companies worldwide were located in China. Other construction firms in Europe Other big construction companies in the European market include Bouygues, Skanska and Eiffage. Another company in the European construction sector is CRH plc. This Irish company specializes in building materials businesses, and employed 25,600 people in Europe in 2021.

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.

In 2023, VolkerWessels was the construction company headquartered in the Netherlands with the largest revenue. The previous year, however, Royal BAM reached higher revenue figures than VolkerWessels. Boskalis was the third largest Dutch construction company with a revenue of nearly 4.3 billion euros in 2023.

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 2023, CICSA was the leading construction company in Mexico based on net sales, followed by Coconal. The sales volume of CICSA that year amounted to 45 billion Mexican pesos. Most of the largest construction companies were of Mexican origin, except for Techint Ingeniería y Construcción. The Mexican construction industry's revenue increased a lot in 2023.

Sigdo Koppers, a conglomerate with headquarters in Chile, was the largest construction company in Latin America in 2022. The Spanish company Sacyr was the second firm in the ranking with the most revenue generated in the Latin American construction sector. The three largest companies with their headquarters in the region came Chile, Mexico, and Brazil.

With revenue figures of over 17 billion U.S. dollars in 2023, the Turner Corporation was ranked the leading construction contractor in the United States. In this ranking, Bechtel ranked third, while Kiewit Corp. ranked second. Meanwhile, the Fluor Corporation, a company on which we have a report, fell to eighth place in the list.

Michels Corp. with headquarters in Brownsville was the construction contractor from Wisconsin with the highest revenue in 2023. Miron Construction Co. from Neenah, Boldt Company from Appleton and Findorff & Son Inc. from Madison were the next entries in the ranking, with an overall revenue of more than one billion U.S. dollars.

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.

The Whiting-Turner Contracting Co. was Maryland's construction contractor with the highest revenue in 2023. With a revenue of more than 11 billion U.S. dollars, the Baltimore-based company was among the largest construction firms in the United States. Other years, Clark Construction, with headquarters in Bethesda was the second company in the ranking, but this year it was not included in the list.

Sigdo Koppers was by far the largest construction company in Chile, as it generated three times more revenue than its closest competitor in 2022, SalfaCorp. Meanwhile, Besalco and Echeverria Izquierdo generated 899 and 622 billion U.S. dollars, respectively. In addition to dominating its national market, Sigdo Koppers was also the largest construction firm in Latin America by revenue.