Water and Sewer Line and Related Structures Construction (NAICS 237110)

An industry primer for public-market and private investors

1. Overview

This is the industry that physically builds, rehabilitates, and replaces the pipes, mains, pumps, tanks, and treatment plants that move drinking water into communities and carry sewage and stormwater away. It is heavy-civil construction — crews, excavators, and pipe in the ground — not the operation of the water utility itself. In the North American Industry Classification System (NAICS), code 237110 covers the contractors who do this work. [1]

It is a project-based business, not a recurring-utility business. A contractor makes money by winning work, controlling costs, converting backlog into cash, and avoiding losses on complex jobs — so the central investment question is execution, not just how much infrastructure the country needs. The customer base is overwhelmingly government (cities, towns, water and sewer districts, and public utility authorities), the assets in the ground are old, and the replacement bill is enormous and increasingly mandated by federal rule. The U.S. Environmental Protection Agency (EPA) puts the 20-year capital need at roughly $625 billion for drinking water and about $630 billion for wastewater and stormwater — on the order of $1.25 trillion combined. [6][7] That is a multi-decade, government-funded demand cycle with unusual visibility for a construction business.

The catch for investors is that there is no large, pure-play, publicly traded water-and-sewer construction company. The industry is extremely fragmented, mostly private and municipal. Public-market exposure is indirect — through diversified infrastructure contractors and engineering firms where water is one segment, and through the adjacent companies that make and distribute the pipe, valves, meters, and pumps. Private investors reach it more directly through private-equity-backed contractor platforms, private credit, utility assets, public-private partnerships (P3s), and the municipal bonds that fund the projects. Both routes are covered below.

2. What it is and how it's structured

Scope. NAICS 237110 comprises establishments primarily engaged in constructing water and sewer lines, mains, and connections; sanitary and storm sewers; pumping and lift stations; drinking-water and wastewater treatment plants; and storage tanks, towers, reservoirs, and wells. It also covers water reuse, irrigation, and desalination facilities, and buildings that are integral parts of the network. Work spans new construction, reconstruction, rehabilitation, and repair. [1]

The work splits into two broad methods. Open-cut means digging a trench, laying or replacing pipe, and backfilling. Trenchless rehabilitates or replaces pipe underground with minimal digging, using techniques such as CIPP (cured-in-place pipe — a resin-saturated liner cured inside the old pipe), sliplining, pipe bursting, and horizontal directional drilling. Trenchless is the faster-growing method because it avoids tearing up streets. [20][21]

What it excludes (and the adjacent codes). Keeping these straight matters, because "water infrastructure" in common usage often means something with very different economics:

• Oil and gas pipelines, power and communication lines → 237120 / 237130; highways, streets, and bridges → 237310.
• Marine facilities, flood-control structures, dams, and hydroelectric projects → 237990 Other Heavy and Civil Engineering Construction. [1]
• Septic-tank installation and plumbing inside buildings → 238220 Plumbing, Heating, and Air-Conditioning Contractors.
• Operating and maintaining the systems (the water utility itself) → 221310 Water Supply and Irrigation Systems and 221320 Sewage Treatment Facilities.
• Making the pipe, valves, meters, and pumps, or distributing them, sits in manufacturing and wholesale trade (NAICS 423), not construction.

Ownership mix. The physical infrastructure is overwhelmingly owned by the public sector — municipalities, counties, special-purpose water/sewer districts, and public utility authorities — with a minority owned by regulated investor-owned water utilities, and some private industrial, commercial, and real-estate owners as customers. The construction is done by private contractors, which is what this NAICS code measures. Those contractors range from small local firms to family-owned and employee-owned companies to a handful of large diversified public firms and private-equity-backed platforms. The federal data do not provide a clean public-versus-private ownership split for the work itself.

3. How big it is

Federal statistics for the private contractors in this industry:

A few things stand out. Average revenue per firm is only about $5.5 million ($56.9 billion ÷ 10,380), and the U.S. Small Business Administration (SBA) treats firms with up to $45 million in average annual receipts as "small" — so the overwhelming majority of the industry is, by federal definition, small business. [3][5] Average annual payroll works out to roughly $80,000 per employee, reflecting skilled trades and heavy-equipment work. [2]

Note that these figures are not a clean growth series: the County Business Patterns (CBP) numbers are for 2023 employer establishments, while the Economic Census (EC) receipts, firm count, and concentration ratios are for 2022. The supplied federal data do not include 2023 receipts, 2022 employment, or a 237110-specific nonemployer total, so those are not stated here.

The undercount caveat — read this. These figures capture private construction contractors with employees only. They miss two large pools of activity. First, government force-account work: municipal public-works and utility crews who build and repair their own lines are counted as government employment, not in NAICS 237110. [18] Second, self-employed and very small nonemployer operators are excluded from CBP and not included in the supplied totals. [18] So total water-and-sewer construction activity in the U.S. economy is meaningfully larger than the $56.9 billion of measured private-contractor receipts. Conversely, because demand is funded almost entirely by public budgets, the real "size" driver is government capital spending, not private industry balance sheets.

4. The investable universe

There is no large, pure-play public company whose reported revenue cleanly equals NAICS 237110. Investors use proxies. Company sizes below are described qualitatively (large-, mid-, or small-cap) because market values move constantly; verify current figures before acting, and treat water as a slice of most of these businesses, not the whole.

Diversified heavy-civil contractors (self-perform construction; water is a minority of revenue):

Engineering, design, and program management (design exposure, not self-performed line construction):

Products, equipment, and distribution (manufacturing/distribution economics, not construction):

Regulated water utilities (asset owners and capital-spending proxies, not contractors):

Major private and private-equity-backed players:

• Azuria Water Solutions (formerly Aegion; owner of the Insituform CIPP brand and Corrpro) — the leading pipeline-rehabilitation/trenchless group. Taken private by New Mountain Capital in 2021 (announced at ~$963 million, ~$1.1 billion including debt), rebranded to Azuria in 2024, and combined with water-operations firm Inframark in 2026. [19]
• Employee-owned and family-owned contractor platforms with real scale but no public listing: Garney (employee-owned, water/wastewater specialist), Kiewit, Michels, Black & Veatch, The Walsh Group, PCL Construction, and Sundt Construction. These illustrate that substantial operating scale exists outside the public markets. [25]
• The long tail of thousands of small, regional private contractors that make up most of the 10,380 firms.
• Asset owners that fund the work: municipalities and districts (via taxes, bonds, and federal loans) plus the investor-owned utilities above — they own and operate systems and hire contractors; they are not in NAICS 237110 but are a source of the capital that flows to it.

5. How the money works

These are contractors, so owners make money by winning projects and executing them profitably. The contractor usually does not own the pipe or plant: it wins a contract, supplies labor and equipment, buys materials, manages subcontractors, completes the work, and collects progress payments from the owner. The economics are those of heavy-civil construction, tuned to a public-sector customer.

• Bidding and backlog. Most public work is awarded by competitive bid (historically low-bid, increasingly design-build and progressive design-build). The key visibility metric is backlog — contracted future revenue — and book-to-bill (new awards versus revenue burned). A growing, funded backlog signals future revenue; watching it is how investors read these firms.
• Contract type and margin risk. Contracts run fixed-price/lump-sum, unit-price (common for linework, where final quantities move), time-and-material, cost-reimbursable, design-build, or P3. Public bid work is usually fixed- or unit-price, so the contractor bears the risk of cost overruns from pipe, steel, cement, fuel, and labor inflation, from weather, and from surprises underground (rock, groundwater, undocumented utilities). Heavy-civil gross margins are typically high-single to low-double digits, and a few bad jobs can erase a year's profit — Southland's transportation-segment losses are a live example. [22]
• Revenue recognition and cash timing. Revenue is generally recognized as work is performed (costs incurred or units completed measure progress), but cash can lag reported revenue because of mobilization costs, retainage (money the owner withholds until completion), unbilled work, disputed change orders, and slow owner payments.
• Working capital and bonding. Jobs tie up cash, and contractors must post surety bonds; bonding capacity is a real constraint on how much work a small firm can take on.
• Labor and equipment. Skilled crews (union in many markets) and specialized equipment (tunnel-boring machines, trenchless rigs) are the scarce inputs; labor availability caps growth.
• Recurring vs. one-off. Rehabilitation and repair — especially trenchless relining — is recurring, higher-margin, and often technology- or IP-differentiated (Insituform CIPP), which is why it commands better economics than commodity open-cut trenching. [20][21]
• The demand is a government budget. Because customers are public bodies, revenue ultimately depends on tax receipts, municipal bond issuance, State Revolving Fund loans, and federal grants — the pipeline is fiscal and political, not consumer-driven.

The most useful operating indicators for any contractor here: funded backlog and its conversion rate, new-award and book-to-bill trends, gross-margin fade or improvement on active jobs, change-order and claims recovery, operating cash flow versus reported earnings, bonding capacity, skilled-labor availability, safety record, self-perform capability, and customer/geography/project concentration.

(For the regulated utilities in the investable universe, the economics differ: capital spending is recovered through rates and regulated returns over time — steadier, but with interest-rate, regulatory, and political risk. Don't value a contractor and a rate-regulated utility the same way.)

6. What drives demand

• Aging infrastructure. Much U.S. water and sewer pipe is 50–100+ years old. The American Society of Civil Engineers (ASCE) graded U.S. drinking water C− and wastewater D+ in its 2025 Infrastructure Report Card — essentially unchanged from 2021, a plateau rather than a recovery. [8]
• The replacement bill. EPA's 7th Drinking Water Infrastructure Needs Survey and Assessment (2023) put the 20-year need at $625 billion, of which roughly $423 billion is distribution and transmission pipe. [6] EPA's 2022 Clean Watersheds Needs Survey put wastewater/stormwater needs at about $630 billion — including roughly $151 billion for conveyance (sewer) repair and new lines and $115 billion for stormwater management — up sharply from the 2012 survey (partly reflecting an expanded methodology). [7]
• Lead pipe removal (a mandate, not a wish). EPA's Lead and Copper Rule Improvements (LCRI), finalized October 2024, require most water systems to replace essentially all lead service lines within about ten years (compliance from 2027, replacement by roughly 2037). EPA estimates about 4 million lead service lines remain (revised down from an earlier ~9.2 million estimate). [9]
• PFAS and emerging contaminants. Drinking-water limits on per- and polyfluoroalkyl substances (PFAS, or "forever chemicals") drive treatment-plant construction and upgrades — though, as of 2026, the federal PFAS standard is unsettled (see Regulation). [13]
• Federal funding surge. The Infrastructure Investment and Jobs Act (IIJA, also called the Bipartisan Infrastructure Law, 2021) directed roughly $50 billion to water — the largest-ever federal water investment (some accounts cite ~$55 billion) — including about $15 billion dedicated to lead service lines and about $10 billion for PFAS/emerging contaminants, much of it routed through the State Revolving Funds. [10] For fiscal year 2026, EPA announced $7.2 billion in Clean Water and Drinking Water State Revolving Fund allotments. [11]
• Growth and development. New subdivisions and Sun Belt population growth require new mains and collection systems; industrial, semiconductor-fab, and data-center projects add large point-source water and wastewater demand.
• Wet-weather and resilience mandates. Combined-sewer-overflow (CSO) and sanitary-sewer-overflow consent decrees under the Clean Water Act force multi-year sewer capital programs, and drought, flood, and reuse/desalination projects add work.

Judgment. The long-term demand outlook is favorable, but "identified need" converts to construction revenue only through local rate increases, state matching funds, municipal borrowing capacity, permitting, engineering readiness, and available labor. The need is durable; the timing is lumpy.

7. Regulation

Regulation drives this industry from two directions: it creates the mandates that generate work, and it sets the rules contractors must build to.

• Safe Drinking Water Act (SDWA). EPA sets national drinking-water standards; tightening them (lead, PFAS) drives treatment and pipe-replacement work. The LCRI is the current marquee mandate. [9][14]
• Clean Water Act (CWA). Governs wastewater discharges through National Pollutant Discharge Elimination System (NPDES) permits; overflow consent decrees are a major, court-enforced source of sewer capex. NPDES also requires stormwater permit coverage for construction that disturbs one acre or more. [15]
• PFAS uncertainty. As of 2026 the federal PFAS drinking-water framework is unsettled: EPA has signaled retaining some limits while reconsidering others. That uncertainty can delay design, procurement, and awards even where the underlying need is clear. [13]
• Funding programs (the regulatory plumbing). The Drinking Water and Clean Water State Revolving Funds (DWSRF/CWSRF) provide low-interest loans to communities; the Water Infrastructure Finance and Innovation Act (WIFIA) offers low-cost federal loans for large projects and can be stacked with SRF loans, municipal bonds, and grants. These, plus IIJA top-ups, are the money spigot. [10][11][12]
• Procurement, sourcing, and labor rules. Federally funded projects carry Davis-Bacon prevailing-wage requirements [17] and Build America, Buy America (BABA) domestic-content rules; the separate American Iron and Steel (AIS) provision applies to many SRF-funded projects — both affect costs and supplier choices. [16] Local low-bid statutes, licensing, right-of-way permits, bonding, and disadvantaged-business-participation rules shape who can compete.
• Worker safety. Occupational Safety and Health Administration (OSHA) trenching and excavation standards (cave-in protection) are strict, and safety performance affects a contractor's ability to prequalify for work.

8. Competitive dynamics and consolidation

This is one of the most fragmented industries in the construction economy. The four largest firms hold only about 4.2% of revenue (CR4), the top eight about 6.5%, the top twenty about 11.3%, and the top fifty about 19.2% (CR50). The Herfindahl-Hirschman Index (HHI, a standard concentration measure) is roughly 11 — essentially zero on the 0–10,000 scale, signaling near-atomistic competition. [4] Independent industry analysis likewise finds no single company above roughly 5% share. [20]

Why it stays fragmented: work is intensely local (crews, equipment, permits, bonding, and knowledge of local subsurface conditions all travel poorly), owner relationships and prequalification matter, and the low-bid model rewards lean regional operators. The barriers to scaling are bonding capacity, skilled labor, and specialized equipment rather than brand or proprietary technology.

Scale still matters at the margin. Larger contractors can self-perform more work, maintain specialized fleets, qualify for larger bonds, manage complex alternative-delivery (design-build/P3) contracts, and absorb working-capital swings. Smaller firms compete on local relationships, niche expertise, speed, and lower overhead.

The consolidation that does happen runs on two tracks. Diversified public contractors (MasTec, Primoris, Granite) bolt on regional water builders to add self-perform capability and geographic density — MasTec's water-distribution acquisition is a recent example. [22] Private equity runs roll-ups — New Mountain's assembly of Azuria (Aegion/Insituform) plus Inframark is the clearest case, pairing trenchless-rehab technology with water-utility operations. [19] A separate but adjacent trend is utility consolidation (e.g., Essential Utilities acquiring smaller systems), which creates ownership of rate-regulated assets rather than operating construction scale — the two should not be valued the same way. [24] The industry's shift toward design-build and alternative delivery favors larger, more sophisticated firms, giving consolidators a structural tailwind, but the long tail of thousands of small contractors is durable.

9. Risks

• Funding cliff / political risk. Demand is a government budget. Much IIJA water money is being obligated through roughly 2026; if Congress does not reauthorize or top up the State Revolving Funds, the surge fades toward a slower baseline. This is the single biggest swing factor for the forward outlook.
• Fixed-price margin risk. Bids that underestimate labor, materials, subsurface conditions, or schedule hit lump-sum contractors directly; a few troubled jobs can wipe out a year's profit.
• Input-cost inflation. Pipe, steel, cement, fuel, equipment, and subcontractor costs can outrun bid assumptions.
• Labor scarcity and safety. The skilled-trades workforce is aging; crews are the binding constraint on capacity, and safety incidents affect both cost and prequalification.
• Execution and timing. Permitting delays, right-of-way access, engineering readiness, and weather (floods, hurricanes, winter) interrupt schedules.
• Cash conversion. Retainage, mobilization costs, disputed change orders, claims, and bonding limits constrain small firms and amplify cash swings.
• Interest rates and municipal budgets. Higher borrowing costs and tighter city budgets can defer project starts.
• Compliance. BABA/AIS sourcing, prevailing-wage, environmental, and reporting requirements add cost and failure points.
• Concentration. For the smaller public names, a handful of large projects — or one bad one — can dominate results.
• Regulatory whipsaw. Trenchless methods carry their own issues (e.g., styrene-emissions concerns around CIPP) and long-dated warranty exposure, and shifting standards (PFAS) can stall otherwise-needed work.

10. How to invest and the outlook

Start with exposure, not the ticker. For any public name, ask: how much revenue actually comes from water and wastewater, is that work self-performed construction or design/engineering or equipment sales or utility rate recovery, and which of those margins are you really buying?

Public routes.

• Diversified contractors (MTZ, STRL, PRIM, GVA, SLND) give exposure to water construction, but water is a minority of revenue — you are buying broad infrastructure with water as a tailwind. Southland (SLND) is the most water-concentrated but is small and execution-challenged. [22]
• Engineering and program-management firms (AECOM/ACM, Tetra Tech/TTEK, Jacobs/J) capture the design and management side of the same spending. [23]
• Products, equipment, and distribution (Mueller/MWA, Core & Main/CNM, Xylem/XYL, NWPX) and regulated water utilities (American Water/AWK, Essential Utilities/WTRG) offer cleaner "water" exposure, but with manufacturing, distribution, or rate-base economics rather than contractor economics. [23][24]
• Thematic ETFs — Invesco Water Resources (PHO), First Trust Water (FIW), Invesco S&P Global Water (CGW) — bundle utilities, products, and some contractors; a diversified way in, but light on pure construction. Check current holdings before buying.

Private routes.

• Private equity and infrastructure funds own the contractors and roll-ups directly (the Azuria/New Mountain model) and own utility assets that fund construction.
• Private credit and equipment finance lend against the working-capital and equipment needs that constrain smaller contractors.
• Municipal bonds are the demand side — buying the debt that finances the projects rather than the firms that build them.
• Direct ownership or P3/project-finance stakes in regional contractors are feasible given the fragmentation, but bonding capacity, labor, and project execution are the make-or-break variables, and disclosure and liquidity are lower.

A practical diligence checklist: Is backlog funded, awarded, and profitable? Are contracts fixed- or adjustable-price? How often does management revise project estimates? Are change orders collected or merely claimed? Can the firm finance payroll and equipment before it gets paid? Does it have bonding capacity and local relationships? Is growth organic or acquisition-driven? Does the relevant regulation create funded work or only theoretical demand?

Outlook (forward-looking judgment). The structural case is a multi-decade replacement supercycle: roughly $1.25 trillion of identified 20-year need, aging pipe, and — crucially — mandated lead-line and (pending) PFAS work that must be done largely regardless of the economic cycle. [6][7][9] That gives unusually long, non-discretionary demand visibility. The near-term swing factor is federal funding: IIJA money is flowing hard through 2026, and the key question is whether Congress reauthorizes and refills the State Revolving Funds before the surge tapers. The investment outcome will be far more uneven than the demand story — project execution, funding timing, labor productivity, and cash conversion separate winners from losers. Watch municipal fiscal health and interest rates (they gate project starts), labor and input costs (they gate margins), and the pace of design-build adoption and consolidation (it gates who captures the growth). For most investors, the honest summary is that the tailwind is strong and durable, but the cleanest way to own it is indirect — through diversified contractors, engineering firms, product/distribution names, utilities, private platforms, or the bonds that pay for the pipe. Prefer demonstrated execution over headline exposure to the water theme.

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Sources

1. U.S. Census Bureau, "2022 NAICS Definition: 237110 Water and Sewer Line and Related Structures Construction." https://www.census.gov/naics/?details=237110&year=2022
2. U.S. Census Bureau, County Business Patterns: 2023 (establishments, employment, annual and first-quarter payroll for NAICS 237110). https://www.census.gov/data/datasets/2023/econ/cbp/2023-cbp.html
3. U.S. Census Bureau, 2022 Economic Census — Construction Summary Statistics (receipts and firm count for NAICS 237110). https://data.census.gov/table/ECNBASIC2022.EC2223BASIC
4. U.S. Census Bureau, 2022 Economic Census — Concentration of Largest Firms (CR4/CR8/CR20/CR50 and HHI for NAICS 237110). https://data.census.gov/table/ECNSIZE2022.EC2200SIZECONCEN
5. U.S. Small Business Administration, Table of Size Standards (2023) — $45 million receipts threshold for NAICS 237110. https://www.sba.gov/document/support-table-size-standards
6. U.S. EPA, 7th Drinking Water Infrastructure Needs Survey and Assessment (2023) — ~$625 billion 20-year need, ~$423 billion distribution/transmission. https://www.epa.gov/dwsrf/epas-7th-drinking-water-infrastructure-needs-survey-and-assessment
7. U.S. EPA, Clean Watersheds Needs Survey 2022 (2024) — ~$630 billion wastewater/stormwater need (~$151B conveyance, ~$115B stormwater). https://www.epa.gov/cwns
8. American Society of Civil Engineers, 2025 Infrastructure Report Card — Drinking Water (C−), Wastewater (D+). https://infrastructurereportcard.org/
9. U.S. EPA, Lead and Copper Rule Improvements (LCRI) (Oct. 2024) — 10-year lead-service-line replacement mandate; ~4 million lines remaining. https://www.epa.gov/ground-water-and-drinking-water/lead-and-copper-rule-improvements
10. U.S. EPA, Water Infrastructure Investments / Bipartisan Infrastructure Law — ~$50 billion for water. https://www.epa.gov/infrastructure/water-infrastructure-investments
11. U.S. EPA, Clean Water and Drinking Water State Revolving Funds — FY2026 allotments (~$7.2 billion). https://www.epa.gov/dwsrf
12. U.S. EPA, Water Infrastructure Finance and Innovation Act (WIFIA) Program. https://www.epa.gov/wifia
13. U.S. EPA, Per- and Polyfluoroalkyl Substances (PFAS) — Drinking Water. https://www.epa.gov/sdwa/and-polyfluoroalkyl-substances-pfas
14. U.S. EPA, Overview of the Safe Drinking Water Act. https://www.epa.gov/sdwa/overview-safe-drinking-water-act
15. U.S. EPA, NPDES Stormwater Discharges from Construction Activities. https://www.epa.gov/npdes/stormwater-discharges-construction-activities
16. U.S. EPA, CWSRF American Iron and Steel and Build America, Buy America Requirements. https://www.epa.gov/cwsrf/cwsrf-american-iron-and-steel-and-build-america-buy-america-requirements
17. U.S. Department of Labor, Davis-Bacon and Related Acts / Bipartisan Infrastructure Law Fact Sheet #66A. https://www.dol.gov/agencies/whd/fact-sheets/66a
18. U.S. Census Bureau, County Business Patterns Methodology and Nonemployer Statistics (coverage/undercount notes). https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html; https://www.census.gov/programs-surveys/nonemployer-statistics.html
19. Engineering News-Record and Trenchless Technology — Aegion take-private by New Mountain Capital (~$963M announced; ~$1.1B with debt, 2021), rebrand to Azuria (2024), and Azuria–Inframark combination (2026). https://www.enr.com/articles/51228-major-pipeline-firm-aegion-corp-agrees-to-963m-private-equity-buy; https://trenchlesstechnology.com/aegion-corp-rebrands-as-azuria-water-solutions/
20. IBISWorld, Sewer & Pipeline Rehabilitation in the US — Industry Analysis (2025) — fragmentation, no firm above ~5% share. https://www.ibisworld.com/united-states/industry/sewer-pipeline-rehabilitation/4709/
21. ResearchAndMarkets / GlobeNewswire, Trenchless Pipe Relining Market (2025) — ~$6.0B (2023) to ~$8.4B by 2030; CIPP dominance. https://www.globenewswire.com/news-release/2025/03/04/3036214/28124/en/Trenchless-Pipe-Relining-Industry-Report-2024-An-8-4-Billion-Market-by-2030-Smart-Cities-and-Water-Management-Strategies-Boost-Market-Growth.html
22. Public heavy-civil contractor filings — MasTec (MTZ), Sterling Infrastructure (STRL), Primoris Services (PRIM), Granite Construction (GVA), and Southland Holdings (SLND) Forms 10-K (2025 fiscal year), SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar
23. Public engineering, equipment, and distribution filings — AECOM (ACM), Tetra Tech (TTEK), Jacobs Solutions (J), EMCOR Group (EME), Core & Main (CNM), Mueller Water Products (MWA), Xylem (XYL), and NWPX Infrastructure (NWPX), SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar
24. Regulated water utility filings — American Water Works (AWK) and Essential Utilities (WTRG) Forms 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar
25. Private contractor platform disclosures (corporate websites, 2026) — Garney, Kiewit, Michels, Black & Veatch, The Walsh Group, PCL Construction, and Sundt Construction. https://www.garney.com/about/; https://www.kiewit.com/our-markets/water/; https://www.bv.com/; https://www.walshgroup.com/