2024 Global Sourcebook: Market Challenges Make Waves

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Revenue for the Top 250 International Contractors is the highest since 2015, rising to $499.7 billion last year. Overall, new project contract value for Top 250 International Contractors rose 15.1%. Of the 237 international contractors that filed surveys for both the 2023 and 2024 rankings, 63% said revenue increased. Among contractors ranking in 2024 that reported on backlog, 54% said it was up, and of 165 firms reporting profit-loss trends in international construction, 92.7% said their firms were profitable.

With intensifying effects of regional conflicts, supply chain disruptions and cost escalation, projects toe a thin line between shovel-ready and shelved. To reduce risks and diversify operations, contractors are proactively shoring up key markets with resource investments.

Top 250 contractors increased their revenue in nearly all regions, including the Middle East (28.8%), the U.S. (27.9%), Latin America (27.3%), and Australia (21%), but Canadian revenue was virtually flat, at 0.3% growth.

Cover images from ENR Archives; Top 225 rendering by Binyan Studios, courtesy of Arcadis; Top 250 Photo courtesy the Arab Contractors (Osman Ahmed Osman & Co.)

After the COVID-19 pandemic, construction costs have “significantly increased all over the world,” says Mustafa Toprak, CEO of Istanbul-based contractor Esta Insaat Sanayi Lojistik ve Dis Ticaret AS. In response to higher prices, he says the company’s “construction markets have dramatically contracted” and that “obtaining qualitative manpower … has been more difficult than before.”

Urbacon Trading and Contracting, ranked No. 42, named Iraq, Kazakhstan, Libya and Latin America as some of its emerging markets.

“In these regions, [the firm] has ventured into comprehensive infrastructure development, oil and gas, energy and hospitality sectors,” says Mohd Sabri, CEO of UCC Holding. “As a contractor but also as an investor, this dual role underscores [our] commitment to long-term growth and regional development.”

The global design firms add that proximity and regional expertise continue to be the main drivers of project success.

Overall, revenue for the Top 225 International Design Firms is up 12.7%. A portion of that increase can be attributed to the return of TechnipEnergies to the list, which added $2.08 billion. Without Technip, Top 225 revenue increased 9.9%.

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Median revenue was $59.8 million in 2023, up 27.5% over last year. Of the 214 firms that filed surveys this year and last, 75.2% reported higher revenue. The increase is slightly up from the equivalent number last year, but 55.1% saw revenue rise 10% or more.

Related to how inflation and shifting economic conditions have affected the types of projects they take on, Top 225 firms shared that some sectors have been more vulnerable to economic conditions than others.

The largest revenue increases for Top 225 firms were seen in the Middle East, up 30.4%; Africa, up 28.4%; and Latin America, up 23.8%. The Middle East region is at its highest total since 2018, with many firms attributing that growth to Saudi Arabia’s Vision 2030.

“Saudi Arabia continues to offer the greatest opportunity,” adds SSH CEO Matt Squires. “With our growth path that started six years ago … we have increased our investment and commitment toward this key market and positioned SSH as a partner of choice, supporting clients in delivering their exciting program of works.” For Top 225 firms, however, Asia revenue fell 7.4% in 2023, with Australia/Oceania down 1.7% in revenue. All geographic markets had generated higher revenue for firms between 2022 and 2023.

For Royal HaskoningDHV, growth has been sector specific: water management, manufacturing and logistics, and renewable energy and decarbonization of industry, says CEO Marije Hulshof.

Overall, the largest increases for Top 225 firms were in the manufacturing sector, at 32.5%; industrial process, 29.9%; and petroleum, 26%. Much of the growth in petroleum comes from the return of TechnipEnergies to the list.

A total of 192 firms filed backlog data on this year’s survey, with 69.3% reporting it to be higher than one year ago but down from 74.1% reporting higher backlog on last year’s survey. The Top 10 firms combined make up $41.5 billion, slightly over 50% of the total. About 93.9% of firms that reported their profitability status said they made a profit in 2023.