While demand for new construction projects in residential, industrial, commercial, institutional, and even roadway construction, can increase rapidly, it can also decline just as quickly. Construction companies, contractors, sub-contractors, have been affected dramatically by the current recession, both in the commercial and residential areas, so the industry has become much more competitive than in the past. Get the tools necessary to grow your business in the construction marketplace by engaging in successful accounting, marketing, human resources and technology practices, among others. From the general contractor to the specialty sub-contractor, you will discover proven ways to experience long-term profitability when working with a Sikich professional.
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Commercial & Heavy Construction Contractors Industry Overview
Companies in this industry construct nonresidential buildings and structures, such as highways and dams. Major companies include Bechtel, Fluor, Jacobs Engineering, Peter Kiewit Sons', and Turner Construction (all based in the US) as well as China Railway Construction Corporation, HOCHTIEF (Germany), Skanska (Sweden), STRABAG (Austria), and VINCI (France).
Global revenue for construction of all types exceeds $7 trillion. Among countries, major sources of global construction growth include Australia, Canada, China, India, Indonesia, Russia, and the US.
The US commercial and heavy construction contractors industry includes about 80,000 establishments with combined revenue of about $565 billion.
Commercial and heavy construction includes apartments, office and retail buildings, hotels, schools, public buildings, industrial and manufacturing buildings, highways and bridges, sewers, pipelines, power lines, power plants, and other civil engineering projects.
Residential Construction Industry Overview
Companies in this industry construct, remodel, or renovate residential buildings. Major companies include DR Horton, KB Home, Lennar, and PultGroup (all in the US), as well as Daiwa House (Japan), Desarrolladora Homex (Mexico), Galfisa (Brazil), Sun Hung Kai Properties (China), and Taylor Wimpey (UK).
Globally, residential construction revenue has been flat and is not predicted to return to the industry's 2006 peak of $2.5 trillion in revenue until about 2015, according to IHS Global Insight. The strongest growth is expected to come from emerging markets in Asia and Latin America.
The US residential construction contracting industry includes about 150,000 establishments (single-location companies and units of multi-location companies) with annual revenue of about $285 billion.
Builders of both single-family and multifamily housing are included in the industry, as are residential remodelers. The industry includes general contractors, who build on land owned by others, and operative builders, who build on land they own or control. Specialty trade contractors such as plumbers and electricians, who often work as subcontractors for residential construction contractors or operative builders, are covered in separate profiles.
Industry Intelligence from First Research, a division of Hoover's (a D&B company)