Deloitte’s Global Powers of Construction report predicts long-term growth through 2030 despite short-term constraints and uncertainty

The top 100 global construction companies, based on total sales, generated revenues of approximately US$1.972 trillion in 2025, a slight decrease of 0.4% from the prior year, with China continuing to account for the largest share of global construction activity, according to Deloitte's ninth annual Global Powers of Construction report. The report analyzes the worldwide construction industry and examines the strategies and performance of the world’s major listed construction groups in 2025. To be included in the list, companies must be publicly traded and have a significant portion of their revenue arising from building and civil works.

Sales figures highlight a year characterized by mixed dynamics across regions and companies. While some achieved solid growth—supported by strong order books and infrastructure investment—others experienced declines, mostly due to currency effects, normalization after strong previous years, or softer demand in residential segments. Macroeconomic uncertainty, financial constraints, and supply chain challenges are also playing a role. Despite this, equity markets appear to be anticipating improved long- and medium-term prospects for the sector, as reflected in the notable increase in market capitalization of 12% in 2025.

Companies based in China continue to account for the largest share of global construction activity, with approximately 48.5% of total sales, but experienced a moderation in activity as aggregate revenues declined by 5.5% in 2025. Similarly total sales in the United States decreased slightly by 0.9%, reflecting softer conditions in the residential construction market. Revenue growth across European markets, however, remained solid, with aggregate sales increasing by approximately 9.0%.

“Performance varied significantly across regions and business models in 2025, reflecting differences in market conditions, levels of diversification, and exposure to more resilient or cyclical segments of the construction industry,” says Iván Rubio, Deloitte Spain Engineering & Construction leader. “But the strong increase in market capitalization reflects improved investor sentiment and indicates a positive long-term outlook despite current challenges in the operating environment.”

Urbanization, diversification, and internationalization support long-term growth

Despite current market challenges, the construction sector's long-term outlook remains robust, with a projected compound annual growth rate of 5.9% through 2030. 

Urbanization remains a powerful long-term driver underpinning the construction sector’s growth prospects. While around 50% of the world’s population currently lives in urban areas, by 2050 nearly two-thirds of global population growth is expected to take place in cities, acting as a structural multiplier for construction demand.

At the same time, diversification and internationalization are playing complementary roles in strengthening earnings resilience among the top 30. In 2025, non-construction revenue and international sales for these companies amounted to 26.7% and 24.7%, respectively.

Diversification patterns reveal how leading construction groups are also expanding beyond their traditional construction businesses to include such areas as real estate and industrial services. Some companies are even moving outside of business lines directly related to construction—such as media and financial services—to diversify their portfolios.

Internationalization continued to grow in 2025, with almost one quarter of the top 30’s total sales coming from abroad, compared with 21.3% in 2024. European groups lead the internationalization ranking, generating 67% of their aggregate revenues outside of their home country. The large groups located in China and those based in the US, however, still derive the majority of their sales from domestic markets.

“The analysis suggests that both diversification and internationalization are driving value,” says Jean-Louis Rassineux, Industrial Products & Construction leader, Deloitte Global. “Some of the strongest-performing construction groups are those that successfully combine these strategies.”