Structural Steel and Precast Concrete Contractors

The 3,900 structural steel and precast concrete contractors in the US erect, assemble, and install structural elements of buildings. Large firms may offer design/build services or fabrication services. Firms may also offer repair or restoration services.

Dependence on Nonresidential Construction Activity

Demand for structural steel, reinforcing steel, and precast concrete is primarily dependent on nonresidential construction activity, which can be cyclical and influenced by economic conditions.

Hazardous Work

Structural iron and steel work is one of the top 10 most hazardous occupations in the US, as the incidence of injury and illness for structural steel and precast concrete contractors was 20% higher than the national average in 2024.

Nonresidential Construction Spending Drops

Nonresidential construction spending has slowed amid mounting challenges, including inflation and higher interest rates.

Sep 8, 2026 - Construction Spending Declines

• The total value of nonresidential construction put in place rose 0.1% in July 2026 compared to the prior month, according to the US Census Bureau. Spending for most types of nonresidential structures was uneven in July. Office projects, which include data centers, saw the strongest growth with a 2.9% rise in July over June, followed by communication (+0.4%) and public safety (+0.1%). Educational and healthcare project spending declined by 0.4% and 0.5%, respectively, while amusement and recreation spending dropped by 0.3%. Commercial and lodging spending were flat, while manufacturing projects declined by 1%. The Associated General Contractors of America (AGC) said just three segments are propping up the construction sector: data centers, power projects, and highways. However, the AGC suggests these three areas are under pressure from labor shortages, political headwinds, and a lapse in highway funding.
• The Wall Street Journal reports that investors are increasingly buying aging hotels that need renovations as property prices fall and new hotel construction slows. According to MSCI data cited by the Journal, US hotel sales rose 28% in the first half of 2026 compared with a year earlier. Lower borrowing costs, improving hotel revenue, and discounted property prices are helping attract buyers, while major hotel brands are becoming more aggressive about enforcing renovation requirements. Many owners have delayed upgrades because of debt burdens and limited cash. Increased hotel renovations could support structural steel and precast concrete contractors when projects involve additions, structural modifications, facade replacements, parking structures, or other major upgrades. New hotel room supply is growing just 0.5% this year, well below the historical average of 1.6%, making acquisitions and renovations more attractive than new development.
• The US industrial real estate market remains active, but new development faces shifting demand, rising vacancies, and growing resistance to data center construction, according to Yardi Matrix. National industrial rents rose 5.4% year over year in July, while vacancy reached 9.3% as the market continued adjusting to a recent supply wave. About 427.6 million square feet of industrial space was under construction in July, and Yardi Matrix expects 2026 starts to increase for a second consecutive year. However, state and local opposition to data centers could delay or cancel some large projects. Continued industrial construction should support demand for structural steel framing, precast concrete panels, columns, beams, and other structural components, while data center restrictions could reduce opportunities for contractors that serve large, steel- and precast-intensive projects.
• Multifamily developer confidence weakened in the second quarter of 2026, according to the National Association of Home Builders’ (NAHB) latest Multifamily Market Survey. The Multifamily Production Index (MPI) dropped three points to 43 compared to the second quarter of 2025. The Multifamily Occupancy Index (MOI) decreased by 8 points to 74 over the same period. An MPI or MOI reading of 50 or more indicates that multifamily production or occupancy, respectively, is growing. Multifamily developers’ headwinds include volatility in building materials costs, high interest rates, and regulatory difficulties. While the NAHB expects the recently enacted 21st Century ROAD to Housing Act to help alleviate some of the building industry's challenges, the law's policies will take time to implement.

Industry size & Structure

The typical structural steel and precast concrete contractor operates out of a single location, employs about 22 workers, and generates about $5.3 million annually.

• The structural steel and precast concrete contracting industry consists of about 3,900 companies that employ about 86,000 workers and generate about $20.6 billion annually.
• The industry is fragmented; no true national firm dominates, however the largest companies, such as Span Construction & Engineering and Crossland, operate it numerous states. Integrated companies design, fabricate, and install structural steel products.