Concrete & Masonry Contractors
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 39,120 concrete and masonry contractors in the US generate revenue by charging fees for pouring, forming, and finishing concrete foundations and structures and laying brick and stonework. Common concrete projects include the construction of foundations, walls, sidewalks, beams, columns, and panels. Common masonry projects include the installation of walls, siding, fireplaces, patios, fences, and walkways using brick, stone, concrete block, or veneers. Concrete and masonry contractors are specialty contractors, and may work with general contractors as part of a larger project.
Dependence on General Contractors
In many cases, concrete and masonry contractors act as subcontractors to a general contractor, who bids on and manages a construction job and disburses payment.
Dependence on Construction Industry and the Economy
Demand for concrete and masonry work is highly dependent on the state of the construction industry, which is cyclical and vulnerable to economic factors.
Industry size & Structure
The average concrete or masonry contractor operates out of a single location, employs 8-12 workers, and generates $1-3 million annually.
- The concrete and masonry contracting industry consists of about 39,120 firms that employ 390,800 workers and generate about $76 billion annually.
- Most companies operate on a regional or local basis.
- Large concrete contracting companies include Baker Concrete Construction, Structural Group, and CECO Construction Group.
- Large masonry contracting companies include Western Specialty Contractors, McGee Brothers, and Sun Valley Masonry.
Industry Forecast
Concrete & Masonry Contractors Industry Growth
Recent Developments
Apr 8, 2024 - Industry Growth to Rebound in 2025
- Sales growth in the commercial building contractor industry is expected to bounce back after sluggish demand in 2023 and 2024. The industry’s year-over-year sales increased by 11.2% in 2021, and 7.5% in 2022, then slowed to 2.4% in 2023, according to Inforum and the Interindustry Economic Research Fund, Inc. Sales growth is projected to drop to 2% in 2024, then rise 6.4% in 2025. The industry will then see solid and steady average annual growth of about 6.3% through 2028, according to Inforum and the Interindustry Economic Research Fund, Inc.
- Contractors have cooled on starting new industrial construction projects after a period of red-hot demand during the pandemic, according to Globe St. Nearly 1.2 billion square feet of industrial space was added over the past two years, according to CBRE. The health crisis drove up demand for warehousing and logistics space amid the boom in ecommerce, but high interest rates, weaker demand, and overcapacity have slowed industrial construction starts. According to CBRE, in the fourth quarter of 2023, industrial starts fell to 46.3 million square feet compared to a quarterly average of 102.5 million square feet in 2022. However, CBRE believes industrial starts will bounce back once the fresh round of new supply is absorbed and additional space is needed as demand increases.
- According to the recently released 2024 version of the What Home Buyers Really Want study by the National Association of Home Builders (NAHB), US home buyers are looking for smaller homes. The study found that in 2023, the typical buyer wanted a home with 2,067 square feet of finished area, down from 2,260 in 2003. The NAHB study is supported by data from the US Census Bureau on housing starts. In 2023, the average size of new homes started in the US fell to 2,411 square feet, the lowest in 13 years. The size of homes started has been trending lower since peaking at 2,689 square feet in 2015.
- North American construction and engineering spending in 2024 is expected to grow by about 2%, down from 10% growth in 2023, according to FMI’s first-quarter 2024 North American Engineering and Construction Outlook. Slower spending for residential and some other private sector construction segments will slow overall construction and engineering spending. Construction subsectors that are expected to see double-digit growth in 2024 include manufacturing (up 18% in 2024 over 2023), conservation and development (+13%), public safety (+13%), lodging (+12%), transportation (+12%), power (+11%), sewage and wastewater (+11%), and educational (+10%). Other pockets of steady growth include highway and street, water supply, and healthcare. High interest rates continue to put downward pressure on residential and commercial projects. Single-family construction spending is forecast to drop 5% in 2024 after falling 14% in 2023. Spending for multifamily is expected to decline 15% in 2024 after projects in development peaked at 1 million units in mid-2023. The only nonresidential building construction segments projected to post negative growth in 2024 are commercial (down 4% compared to 2023) and office (-2%).
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