Other Heavy and Civil Engineering Construction (NAICS 237990): An Investor's Primer

1. Overview

NAICS 237990 — "Other Heavy and Civil Engineering Construction" — is the catch-all bucket of the U.S. heavy-construction world. (NAICS, the North American Industry Classification System, is the standard code system the U.S. government uses to sort businesses.) The code covers the big, specialized civil projects that don't fit the separately named categories of water and sewer lines, oil and gas pipelines, power lines, land subdivision, or highways and bridges: dredging harbors and rivers, building docks and marine terminals, dams and flood-control works, tunnels and subways, railroads, land drainage, and large-scale site preparation for things like data centers and factories.[1]

This is essentially a picks-and-shovels business tied to physical America — ports, coastlines, water systems, and the ground under industrial megaprojects. Because so much of the work is funded by government budgets and a handful of very large private capital programs, demand is steadier than most cyclical construction but tightly tied to federal appropriations and infrastructure policy. The trade-off: earnings depend on winning and executing individual projects, not simply selling more units.

There are two ways in. Public-market investors can buy a small set of listed civil contractors (dredging, marine, and site-development pure plays) plus larger diversified builders and engineering firms with partial exposure. Private investors meet this industry more often — most firms are privately held, employee-owned, or family-run — and can own regional contractors directly, provide private credit, finance equipment, back project companies, or invest in public-private partnerships. The projects themselves are frequently financed through municipal and revenue bonds rather than equity.

2. What it is and how it's structured

The work in 237990 is "heavy and civil" — large horizontal infrastructure rather than vertical buildings — that isn't classified in a more specific code. Typical projects include dredging (canals, channels, ports, waterways), marine construction (docks, piers, jetties, bulkheads, terminals), dams and hydroelectric stations, flood-control and land-drainage systems, tunnels and subways, railroads, earth-retention and site-development work, and large open-space jobs such as parks, trails, and the graded pads for data centers and manufacturing plants.[1]

The industry spans general contractors that deliver an entire heavy-civil project, specialty contractors focused on one discipline (dredging, tunneling, marine, dams), firms that self-perform labor- and equipment-intensive work, and firms that subcontract large portions out.

What it excludes matters as much as what it includes. The rest of the "Heavy and Civil Engineering Construction" subsector (NAICS 237) is carved into its own codes: Water and Sewer Line construction (237110), Oil and Gas Pipeline construction (237120), Power and Communication Line construction (237130), Land Subdivision (237210), and Highway, Street, and Bridge construction (237310). General site preparation is 238910; vertical building work (offices, warehouses, apartments) sits in NAICS 236 and specialty trades in NAICS 238; engineering services are 541330 and remediation is 562910.[1] So 237990 is genuinely the "everything else heavy-civil" residual.

These boundaries have a practical consequence: a single company may build a tunnel, a bridge, a treatment plant, a utility corridor, and a data-center pad, each under a different classification. Public-company filings therefore rarely isolate NAICS 237990 revenue.

Ownership skews private. The industry is capital- and bonding-intensive rather than dominated by one-person shops, but it is still mostly small and mid-size regional contractors — many family-owned or employee-owned (via an ESOP, an employee stock ownership plan). A short list of very large diversified builders, some foreign-owned subsidiaries, and a few listed pure plays sit on top. Public equity is the exception, not the rule; the federal data does not report an exact ownership-mix percentage.

3. How big it is

The most complete federal snapshots come from the U.S. Census Bureau. Note the reference years differ: receipts and concentration are from the 2022 Economic Census, while establishment, employment, and payroll counts are from 2023 County Business Patterns (CBP).

That works out to roughly $7.8 million in average receipts per firm and about 18 employees per establishment — a fragmented industry of mostly modest-sized companies with a small number of large players on top. The concentration data confirm it: the four largest firms hold only about 17.9% of receipts, and the HHI of 139.4 is far below the 1,500 threshold that antitrust regulators treat as even mildly concentrated (HHI is a standard gauge that sums the squared market shares of all firms).[2] By that measure the overall category is highly competitive and dispersed. The $45 million SBA (Small Business Administration) figure is a federal-contracting eligibility threshold, not a measure of industry size.[5]

Undercount caveats — the real footprint is larger than $34 billion. First, this is a primary-business count: many of the biggest dams, tunnels, and marine jobs are built by diversified contractors whose main NAICS code sits elsewhere (highways, energy, general building), so their 237990-type work isn't captured here. Second, Census employer datasets generally exclude government-owned establishments and most government employees, and some of this work is done in-house by the public sector — for example, the U.S. Army Corps of Engineers (USACE) operates its own fleet of hopper dredges for readiness and emergency work, which never appears in private-industry receipts.[4][6] The gap here is not about tiny or informal operators (this is a bonded, licensed trade) — it's about work that flows through other codes and through government agencies. The federal file provides no figures for backlog, project margins, equipment utilization, or a forward market forecast, so none are asserted here.

4. The investable universe

There is no large listed U.S. company whose financial statements map cleanly to NAICS 237990; every public name below is a partial exposure, not an equivalent investment. The cleanest listed exposures are a dredger, a marine contractor, a site-development roll-up, and a smaller water/climate specialist:

Diversified builders do meaningful 237990-type work (dams, tunnels, transit, rail, marine) inside broader portfolios — useful for exposure, but their results are driven by many other lines: Tutor Perini (TPC, heavy civil and mass transit, about $4.3 billion in 2024 revenue),[10] Granite Construction (GVA, civil infrastructure and construction materials, roughly $4 billion),[11] Primoris Services (PRIM, about $6.4 billion, record ~$11.9 billion backlog),[12] and MasTec (MTZ, about $12 billion).[13]

Engineering and program-management proxies design and manage many of these projects but are classified as professional services, not heavy-civil contractors: AECOM (ACM), Jacobs Solutions (J), and Fluor (FLR). Their construction exposure is broader and more diluted than the pure plays.

Foreign-listed owners reach U.S. civil construction through subsidiaries: Spain's Ferrovial owns Webber; Spain's ACS and Germany's HOCHTIEF own FlatironDragados; and Italy's Webuild owns Lane Construction.[27][28][29] These do not trade as standalone U.S. stocks.

The private side is where most of the industry lives. In dredging specifically, the U.S. market is essentially an oligopoly: Great Lakes plus privately held Weeks Marine, Manson Construction, and Cashman Dredging, with Dutra Group also a significant player.[15] In broad heavy-civil, the largest builders are privately or employee-owned — Kiewit,[30] Bechtel, The Walsh Group, Hensel Phelps, Ames Construction, Sundt Construction,[31] Barnard Construction, and Traylor Bros. (tunnels), among others. None trade as standalone stocks.

5. How the money works

Owners in this industry make money by winning projects, executing them without blowing the budget, and keeping expensive equipment busy. The metrics that matter are backlog, margin mix, asset utilization, cash conversion, and bonding capacity — not same-store sales or occupancy.

• Bidding and contract type. Work is awarded by competitive bid (often to the lowest responsible bidder) or negotiated. Common structures include fixed-price design-bid-build, design-build, engineering-procurement-construction (EPC), cost-plus/construction-management, and public-private partnerships (P3s, where a private consortium may design, finance, build, operate, or maintain the asset). On fixed-price and unit-price work the contractor — not the customer — eats cost overruns, so disciplined estimating is the whole game. Overruns, disputes, and unpaid change orders are the classic way these firms lose money.

• Backlog and book-to-bill. Backlog — signed contract value not yet performed — is the single most-watched metric because it gives forward revenue visibility. Great Lakes ended 2024 with a ~$1.2 billion dredging backlog; Orion's marine backlog was about $582.8 million; Sterling has carried multibillion-dollar backlog led by data-center work.[7][8][9] A "book-to-bill" above 1.0 (new awards outpacing revenue) signals a growing pipeline. But a large backlog is not automatically valuable — a poorly priced backlog can destroy equity.

• Margin mix. Gross margins in heavy-civil are typically thin — often single digits to the low teens — but vary sharply by work type. In dredging, capital and coastal-protection projects carry higher margins than routine maintenance dredging, and Great Lakes reports that higher-value capital and coastal work makes up the bulk of its backlog.[7] Scarce specialized assets earn the most.

• Asset intensity and utilization. Dredging and marine work is equipment-heavy: dredges, barges, tugs, and specialized vessels cost tens or hundreds of millions of dollars. Returns depend on keeping that fleet utilized — the industry's version of an airline's load factor. Idle steel destroys returns; a fully booked, high-spec vessel is a cash machine.

• Working capital and bonding. Projects bill in milestones and hold back "retainage" (a slice of each payment kept until completion), so reported revenue is not the same as cash collected — a contractor can show accounting profit while consuming cash through receivables, contract assets, and equipment. Because public owners require surety bonds guaranteeing performance and payment, a contractor's bonding capacity effectively caps how much work it can carry at once. The most useful operating tells are backlog quality and expected margin, book-to-bill, cost-to-complete estimates and margin fade, change-order/claims recovery, operating cash flow versus earnings, and equipment age and utilization.

6. What drives demand

Demand is mostly a function of government budgets and a few large private capital cycles.

• Federal water and port programs. The Army Corps of Engineers is both the industry's chief regulator and its biggest customer. Its civil-works budget, the Harbor Maintenance Trust Fund (HMTF, funded by a tax on waterborne cargo and holding roughly $9 billion by 2020), and periodic Water Resources Development Acts (WRDAs) set the pace for dredging, port deepening, locks, dams, and flood control.[6][17][18]

• Bigger ships and trade. As container ships grow, ports must deepen and widen channels to stay competitive — a durable source of capital dredging.

• Coastal and climate resilience. Beach renourishment, storm-surge barriers, levees, and flood control expand with hurricane damage and sea-level concerns. WRDA 2024 raised the depth to which the federal government cost-shares harbor deepening (up to 55 feet) and made "beneficial use" of dredged material — reusing it for restoration and coastal protection — a national priority.[17]

• Water and wastewater. The Environmental Protection Agency's (EPA) State Revolving Funds finance drinking-water, wastewater, stormwater, and water-reuse infrastructure — a steady, state-administered demand channel.[26]

• Data centers and reshoring. The AI and cloud buildout, plus reshored chip, battery, and EV plants, has created a boom in heavy site preparation — grading, earthwork, and utilities for enormous industrial pads. This is the engine behind Sterling's E-Infrastructure segment, whose data-center revenue has grown rapidly.[9]

• Power and energy transition (policy-sensitive). Nuclear, hydroelectric, and renewable projects need heavy civil work. Offshore wind farms in particular need scour protection and cable-landing work: Great Lakes built the first U.S.-flagged, Jones Act-compliant subsea rock-installation vessel, Acadia, delivered in June 2026 to serve projects such as Empire Wind and Sunrise Wind.[16] This is a real new market, but one exposed to shifting federal energy policy.

• General infrastructure funding. The 2021 Infrastructure Investment and Jobs Act (IIJA) authorized about $1.2 trillion in total, of which roughly $550 billion was new spending above baseline; its surface-transportation authorizations run through September 30, 2026, keeping funding elevated near-term.[19]

Not every project above falls inside 237990 — but contractors routinely compete across these adjacent codes, so the whole pipeline is relevant. Near-term revenue stays lumpy because appropriations, permits, labor, interest rates, weather, and owner decisions determine when projects actually start.

7. Regulation

The same agency that pays for much of the work also polices it, and the industry is regulated heavily on both the environmental and labor sides.

• Water and dredging permits. Under Section 404 of the Clean Water Act (CWA), discharging dredged or fill material into U.S. waters and wetlands requires a permit from the Army Corps (jointly administered with the EPA); Section 10 of the Rivers and Harbors Act of 1899 requires a permit for any work in navigable waters.[20][6] Permitting timelines, environmental reviews, and seasonal "dredging windows" that protect wildlife can all delay or reshape projects.

• The Jones Act — the industry's biggest structural moat. U.S. dredging is reserved for vessels that are American-built, -flagged, and -crewed. This effectively shuts out foreign dredgers and protects domestic operators, and it is why the industry is in the middle of a large new-build fleet-expansion cycle for U.S. hopper and cutter-suction dredges.[15]

• Environmental review. The National Environmental Policy Act (NEPA) still governs federal environmental review, but the Council on Environmental Quality (CEQ) rescinded its government-wide NEPA regulations effective April 11, 2025, so agencies now lean more on their own procedures — a live source of uncertainty in project timelines.[24] Construction that disturbs at least one acre generally needs stormwater permit coverage under the National Pollutant Discharge Elimination System (NPDES).[23]

• Labor, domestic content, and bonding. Federal (and many state) projects carry prevailing-wage requirements under the Davis-Bacon Act (generally applicable to federal contracts above $2,000), and the Miller Act requires performance and payment bonds on federal construction.[22] Build America, Buy America (BABA) imposes domestic-preference rules on materials used in many federally funded projects.[25] Worksite safety falls under the Occupational Safety and Health Administration (OSHA), whose construction rules sit mainly in 29 CFR Part 1926.[21] State licensing, public-bidding rules, and insurance requirements add further barriers to entry.

8. Competitive dynamics and consolidation

The industry has two very different competitive layers. The broad category is fragmented — thousands of small regional contractors, low concentration (CR4 of 17.9%, HHI of 139.4), and mostly local, capability-specific bidding.[2] But specific niches are concentrated oligopolies. Dredging is the clearest example: a Jones Act moat plus enormous fleet costs limits the field to a handful of serious players, and Great Lakes alone won about 33% of a record $2.9 billion federal bid market in 2024.[7][15] Marine construction is more fragmented and regional; site development sits in between.

Durable competitive advantages are specialized equipment and self-performing crews, a proven safety and on-time record, deep relationships with public agencies and repeat private customers, bonding and working-capital capacity, and experience with hard ground conditions, permits, and claims.

Consolidation runs along a few tracks. Site-development roll-ups (Sterling has grown partly through acquisitions) are assembling scale in the fast-growing data-center niche. Megaprojects — big tunnels, transit lines, and dams — are increasingly delivered by joint ventures of the largest builders (Tutor Perini, Kiewit, FlatironDragados, Walsh), which pool balance sheets and bonding because no single firm has every capability. And private equity has taken interest in specialty civil platforms. Fragmentation plus retiring owners creates deal flow — but the main consolidation risk is buying a company with underpriced backlog, unresolved claims, weak cost controls, or excessive equipment debt. Scale helps only when management preserves bidding discipline. The Jones Act and bonding requirements keep new entrants scarce in the highest-barrier niches.

9. Risks

• Appropriations and the funding cliff. Because so much demand is government-funded, the industry rides federal and state budget cycles, continuing resolutions, and shutdown risk. IIJA surface-transportation authority expires at the end of September 2026; without reauthorization, formula funding for highways and transit reverts to lower baseline levels — a real near-term overhang.[19]

• Fixed-price execution risk. Cost overruns, weather and permitting delays, ground-condition surprises, utility conflicts, and disputed change orders can turn a profitable job into a loss, and liquidated-damages clauses penalize late delivery. Tutor Perini, for example, reported a loss from construction operations in 2024 tied partly to legacy project claims.[10] Earnings are lumpy when a few large projects dominate.

• Input and labor costs. Steel, cement, and fuel inflation squeeze fixed-price margins, and skilled-trades labor is chronically short.

• Asset and cyclicality risk. Dredging and marine firms carry heavy, aging fleets that require large capital spending; underutilization in a soft year hits returns hard.

• Cash vs. accounting profit. Contractors can post accounting earnings while consuming cash through receivables, contract assets, equipment purchases, or disputed claims — balance-sheet and cash-conversion risk is real.

• Permitting, weather, and climate. Environmental reviews, wetlands permits, litigation, and local opposition can postpone construction; hurricanes, flooding, and extreme conditions disrupt schedules and raise insurance costs.

• Policy reversals. The offshore-wind opportunity in particular depends on federal energy policy that can change with administrations.

• Customer concentration and small-cap volatility. Dependence on one agency, state, or industrial customer raises volatility, and the listed pure plays are small companies whose shares swing on single contract awards, quarterly backlog moves, and appropriations headlines.

10. How to invest and the outlook

Public-market routes. The most direct exposures are the listed pure plays — Great Lakes Dredge & Dock (GLDD) for dredging and offshore-wind scour protection, Orion Group (ORN) for marine construction and coastal concrete, Sterling Infrastructure (STRL) for data-center and industrial site development, and Shimmick (SHIM) for water and climate-resilience civil work. Investors wanting the theme with less single-name risk can look to diversified builders (Tutor Perini, Granite, Primoris, MasTec), engineering proxies (AECOM, Jacobs, Fluor), or U.S. infrastructure-development ETFs (exchange-traded funds), several of which hold these contractors. When comparing names, separate self-performing contractors from engineering/consulting proxies, and weigh the share of revenue tied to self-performed civil work, backlog age and expected margin, cash conversion, net debt and surety capacity, and management's record of avoiding aggressive bids. Value these on normalized (not peak-project) earnings — enterprise value to EBITDA (earnings before interest, taxes, depreciation and amortization) and free-cash-flow (FCF) yield alongside balance-sheet risk. These are small-to-mid-cap, project-lumpy stocks; most are backlog-and-margin plays, and dividends are minimal or absent.

Private-market routes. Because the industry is overwhelmingly private, most direct ownership happens through buying or backing regional contractors (often via private equity or employee-ownership structures), and projects are frequently financed through municipal and revenue bonds — an indirect, income-oriented way to lend into the same buildout. Here the highest-value diligence is at the project level: work-in-progress schedules, cost-to-complete estimates, bonding lines, claims, customer concentration, equipment condition, safety history, and the true cash needs of growth. Private credit can offer strong contractual protection, but recovery may hinge on receivables, surety rights, equipment, and project completion.

Near-term outlook (forward-looking judgment, not a return forecast). The reported backdrop is unusually supportive: record dredging backlogs, WRDA 2024 funding deeper channels and prioritizing beneficial reuse of dredged material, a well-funded Harbor Maintenance Trust Fund, EPA water funding, and a historic data-center site-work boom.[7][17][19][26] The clearest tailwinds are port deepening, coastal resilience, water resilience, and industrial/data-center site development; the clearest risks are the September 2026 IIJA reauthorization cliff and shifting offshore-wind policy. Structurally, dredging remains protected by the Jones Act and high barriers to entry, while site development rides the secular capital wave into AI and reshoring — leaving the industry better positioned than most construction niches heading into the back half of the decade, provided federal funding is renewed on schedule. Investors should not mistake a large federal authorization — or the $34 billion of employer receipts — for a smooth, fully investable market.

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Sources

1. U.S. Census Bureau. "2022 NAICS Definition — 237990 Other Heavy and Civil Engineering Construction" (definition and adjacent-code exclusions). https://www.census.gov/naics/?details=23&input=23&year=2022
2. U.S. Census Bureau. "2022 Economic Census — Concentration of Largest Firms" (receipts $34.016B; 4,377 firms; CR4 17.9%, CR8 26.7%, CR20 39.3%, CR50 51.7%; HHI 139.4). https://api.census.gov/data/2022/ecnsize.html
3. U.S. Census Bureau. "County Business Patterns: 2023, NAICS 237990" (4,806 establishments; 84,360 employees; $8.041B annual payroll; $1.856B Q1 payroll). https://www.census.gov/data/datasets/2023/econ/cbp/2023-cbp.html
4. U.S. Census Bureau. "Economic Census Overview" (employer-data exclusions: government establishments and most government employees). https://www.census.gov/econ/overview/mu0000.html
5. U.S. Small Business Administration. "Table of Size Standards" (NAICS 237990: $45 million average annual receipts). https://www.sba.gov/document/support-table-size-standards
6. U.S. Army Corps of Engineers. "Civil Works — Navigation, Dredging, and the Government Dredge Fleet" (also Section 10 permitting). https://www.usace.army.mil/Missions/Civil-Works/
7. Great Lakes Dredge & Dock Corporation. "Fourth Quarter and Full Year 2024 Results" (revenue $762.7M; ~$1.2B backlog; ~33% of a record $2.9B 2024 bid market). https://investor.gldd.com/news-releases
8. Orion Group Holdings, Inc. "Fourth Quarter and Full Year 2024 Results" (revenue $796.4M; marine backlog $582.8M). GlobeNewswire, 2025. https://www.globenewswire.com/news-release/2025/03/04/3036962/0/en/Orion-Group-Holdings-Reports-Fourth-Quarter-and-Full-Year-2024-Results.html
9. Sterling Infrastructure, Inc. "Record Fourth Quarter and Full Year 2024 Results" (revenue $2.12B; E-Infrastructure/data-center growth). PR Newswire, 2025. https://www.prnewswire.com/news-releases/sterling-reports-record-fourth-quarter-and-full-year-2024-results-and-provides-full-year-2025-guidance-302385172.html
10. Tutor Perini Corporation. "Full Year 2024 Results" (~$4.3B revenue; heavy-civil and mass transit; 2024 construction-operations loss tied to legacy claims). https://investors.tutorperini.com/
11. Granite Construction Inc. "2024 Annual Report / Full Year 2024 Results" (~$4B revenue; civil infrastructure and construction materials). https://investor.graniteconstruction.com/
12. Primoris Services Corporation. "Fourth Quarter and Full Year 2024 Results" (revenue ~$6.4B; record ~$11.9B backlog). Business Wire, 2025. https://www.businesswire.com/news/home/20250224368407/en/Primoris-Services-Corporation-Reports-Fourth-Quarter-and-Full-Year-2024-Results
13. MasTec, Inc. "Fourth Quarter and Full Year 2024 Results" (revenue ~$12B). https://investors.mastec.com/
14. Shimmick Corporation. "Form 10-K" (water, climate-resilience, and complex civil infrastructure). U.S. SEC. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001887944&type=10-K
15. Dredging Contractors of America. "The American Dredging Industry and the Jones Act" (Big Four dredgers; fleet-renewal cycle; federal bid market). https://dredgingcontractors.org/
16. Great Lakes Dredge & Dock Corporation. "Great Lakes Takes Delivery of Acadia, a Subsea Rock Installation Vessel" (first U.S.-flagged, Jones Act SRI vessel). GlobeNewswire, June 2026. https://www.globenewswire.com/news-release/2026/06/25/3317894/36795/en/Great-Lakes-Dredge-Dock-Takes-Delivery-of-Acadia-a-State-of-the-Art-Subsea-Rock-Installation-Vessel.html
17. Engineering News-Record. "WRDA 2024 — Authorizations for Corps of Engineers Projects" (55-ft federal cost-share depth; beneficial use of dredged material). 2025. https://www.enr.com/articles/60125-biden-signs-wrda-bill-authorizing-107b-for-corps-of-engineers-projects
18. Congressional Research Service. "Harbor Maintenance Finance and Funding" (Harbor Maintenance Trust Fund; ~$9B balance by 2020). https://www.congress.gov/crs-product/R43222
19. U.S. Department of Transportation. "Implementing the Infrastructure Investment and Jobs Act" (~$1.2T total / ~$550B new; surface-transportation authorizations through Sept 30, 2026). https://www.transportation.gov/setting-new-foundations-implementing-infrastructure-investment-and-jobs-act-native-communities
20. U.S. Environmental Protection Agency. "Clean Water Act Section 404 — Permitting Dredged or Fill Material." https://www.epa.gov/cwa-404
21. Occupational Safety and Health Administration. "Safety and Health Regulations for Construction, 29 CFR Part 1926." https://www.osha.gov/laws-regs/regulations/standardnumber/1926/
22. U.S. Department of Labor. "Davis-Bacon and Related Acts" (prevailing wages; federal contracts above $2,000). https://www.dol.gov/agencies/whd/government-contracts/construction
23. U.S. Environmental Protection Agency. "Stormwater Discharges from Construction Activities" (NPDES; one-acre threshold). https://www.epa.gov/npdes/stormwater-discharges-construction-activities
24. Council on Environmental Quality. "NEPA Implementing Regulations" (government-wide regulations rescinded effective April 11, 2025). https://ceq.doe.gov/laws-regulations/regulations.html
25. Office of Management and Budget. "M-24-02: Build America, Buy America Implementation Guidance." https://www.whitehouse.gov/wp-content/uploads/2023/10/m-24-02-buy-america-implementation-guidance-update.pdf
26. U.S. Environmental Protection Agency. "Water Infrastructure — State Revolving Funds." https://www.epa.gov/water-infrastructure/water-infrastructure-state-revolving-funds
27. HOCHTIEF. "Flatiron and Dragados North America Integration Complete." 2025. https://www.hochtief.com/news-media/press-releases/press-release/flatiron-and-dragados-north-america-integration-successfully-complete
28. Ferrovial. "Webber Rebrands Waterworks and Commercial Business Lines." 2025. https://newsroom.ferrovial.com/en/local-news/webber-rebrands-waterworks-commercial-businessline-acquisitions/
29. Webuild Group. "Lane Wins U.S. Contract (Seminole Expressway)." 2024. https://www.webuildgroup.com/en/media/press-releases/lane-wins-usd-299-million-contract-seminole-expressway-us/
30. Kiewit Corporation. "About Kiewit" (privately held, employee-owned). https://www.kiewit.com/about-us/
31. Sundt Construction. "Employee Ownership" (100% employee-owned). https://www.sundt.com/our-culture/employee-ownership/