Competitive Benchmark: Infrastructure and education projects outpacing retail as nonresidential construction rebalances

Executive Summary

This report provides a comprehensive competitive benchmark of the U.S. construction and real estate industry as of mid-2026, analyzing the structural realignment reshaping competitive positioning across the $2.19 trillion nonresidential construction market. Drawing on data from the ENR Top 400, AGC hiring surveys, CFMA benchmarks, and ConstructConnect regional forecasts, the report examines how leading firms are navigating a pronounced bifurcation between high-growth sectors — infrastructure, healthcare, education, and data centers — and structurally declining ones, particularly private office and retail.

The analysis benchmarks financial performance, strategic positioning, digital maturity, and geographic expansion across major players including Turner Construction, AECOM, Jacobs Solutions, Skanska, Bechtel, Fluor, and emerging specialty firms. It evaluates how delivery model choices — professional services versus traditional EPC versus general contracting — translate into divergent margin outcomes, with best-in-class EBITDA margins nearly five times those of conventional contractors.

Designed for construction executives, institutional investors, strategic planners, and public-sector procurement officers, this report delivers actionable intelligence on sector allocation, M&A trends, technology adoption, regional growth corridors, and the near-term risks most likely to reshape competitive rankings through 2030. Key themes include the Sun Belt geographic premium, the role of AI and robotics in redefining labor economics, and the critical September 2026 IIJA reauthorization deadline that could trigger a significant civil infrastructure spending cliff.

Key Findings

• Turner Construction grew revenue 71% in two years — from $17.1 billion (2023) to $29.2 billion (2025) — driven almost entirely by a pivot to data centers, which now represent 37% of its record $44.3 billion backlog, illustrating how sectoral reallocation rather than market-share competition is the dominant driver of growth.
• Professional-services firms command a stark margin premium over traditional EPC contractors: AECOM reported a 16.8% adjusted EBITDA margin and a 10.49% ROIC (122% above the 4.73% industry median), compared to Fluor's approximately 3.3% EBITDA margin — a gap of 13 percentage points that reflects the value of exiting at-risk construction.
• The U.S. Sun Belt accounts for 38% of all nonresidential construction starts ($293.7 billion in 2025), with Texas growing 22.9%, Georgia 43.1%, and Arizona 25.4%; the Mountain division posted the fastest regional growth at +68%, and Southern healthcare starts are projected to surge 46% to $19.9 billion by 2027.
• Construction industry NPS fell from 45 in 2023 to 34 in 2025 — an 11-point decline in two years — while 98% of North American projects experience delays averaging 37% beyond original schedules; CII-member firms buck this trend with a TRIR of 0.24 versus the 2.2 industry average, a 9x safety performance gap that correlates with institutional client retention.
• ConTech venture capital investment surpassed $3.7 billion in the first three quarters of 2025 alone — more than double the comparable 2024 period — with AI platforms capturing 66% and robotics 125% more than full-year 2024, while construction M&A reached 562 transactions in 2025 (+18.2% YoY) with private equity driving 54.3% of deals at an average premium of 10.6x EV/EBITDA.

Report Contents

1. 01 · Industry Overview
2. 02 · Market Share Distribution
3. 03 · Financial Benchmarks
4. 04 · Strategic Positioning
5. 05 · Product & Service Comparison
6. 06 · Digital Presence & Capabilities
7. 07 · Innovation Leaders
8. 08 · Customer Satisfaction
9. 09 · Pricing Landscape
10. 10 · Geographic Coverage
11. 11 · Growth Strategies
12. 12 · Strengths & Weaknesses Map
13. 13 · Emerging Disruptors
14. 14 · Competitive Outlook

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