Masonry Contractors (U.S.) — Industry Primer

NAICS 2022 code 238140. NAICS is the North American Industry Classification System, the standard the U.S. government uses to group businesses by their primary activity.

1. Overview

Masonry contractors are the specialty-trade firms that build with brick, concrete block, and stone — laying up walls and veneers, setting stone, applying stucco, building chimneys and fireplaces, and repairing and restoring the masonry on older buildings. It is one of the oldest building trades and remains a real, cash-generating business, but it is mature, slow-growing, and highly localized. Federal data put the employer side of the industry at about $28.6 billion in annual receipts (2022) across roughly 18,000 firms [1]. A broader private estimate that also counts self-employed one-person operators puts the full market near $40 billion and shrinking about 1.6% in 2025 [8].

This is, first and foremost, a private-market industry, and that shapes the whole investment picture. There is no publicly traded pure-play masonry contractor — no ticker delivers the trade directly. Public-market investors get exposure only indirectly, through the companies that make and distribute the brick, block, cement, mortar, and restoration products masons use (Section 4). The direct opportunity is private: owning, building, or lending to a masonry firm. Either way the industry is shaped by two powerful forces pulling in opposite directions — a severe, worsening shortage of skilled masons, and steady substitution toward cheaper, faster wall materials.

2. What it is and how it's structured

Scope. NAICS 238140 covers contractors whose primary work is installing brick, structural and decorative concrete block (CMU — concrete masonry unit), and stone: bricklaying and blocklaying, stone setting, exterior marble/granite/slate installation, stucco, glass-block work, chimneys and fireplaces, masonry foundations, and tuckpointing/repointing (repairing mortar joints), plus cleaning, pointing, and restoration of façades and historic masonry [6]. The unit of measure is the establishment, classified by its primary activity — a firm may do several trades, but the statistics count it once, under its main line [6].

What it excludes — adjacent NAICS codes that are not in this industry:

Ownership mix. Overwhelmingly small, private, owner-operated businesses. Federal figures imply an average of roughly $1.6 million in annual receipts and about 7.7 employees per establishment [1][2]. Most are family- or founder-owned; a handful of larger operators are employee-owned (Western Specialty Contractors converted to an employee stock ownership plan, or ESOP, in 2026 [12]), and a small but growing number are held by private-equity roll-ups (Section 8). There is no cooperative, government-run, or franchised layer of consequence. Federal data do not report the family-/employee-/PE-owned split directly; the near-zero concentration ratios and the disclosures of the leading operators are what tell us the industry is dominated in practice by local private firms [1][11].

3. How big it is

Ground-truth federal statistics for NAICS 238140:

County Business Patterns (CBP) is the Census Bureau's annual count of employer establishments; the Economic Census is its every-five-years benchmark. SBA is the U.S. Small Business Administration; its size standard is the revenue ceiling below which a firm counts as "small" for federal programs. At $19 million, essentially the entire industry qualifies as small.

Some useful derived figures: average payroll is about $61,500 per employee [2], consistent with a roughly $60,000 median wage for masons employed in the industry (Section 5). Seasonality is visible in the payroll split — first-quarter payroll is about 22% of the full-year total (an even quarter would be 25%), reflecting the winter slowdown in an outdoor trade [2]. Figures come from different reference years and should not be read as a single-year income statement.

The undercount caveat — important here. Federal business statistics for 238140 understate the true masonry economy in two ways. First, the Economic Census and CBP cover only employer firms and exclude government-performed work; tens of thousands of self-employed, single-person masonry operators are not counted, which is why a private estimate that includes them reaches ~$40 billion across ~22,000 businesses [7][8]. Second, masons are employed across many industries, not just this one: the Bureau of Labor Statistics (BLS, the federal labor-statistics agency) counts roughly 294,000 workers in its broad masonry-and-related occupational group (brickmasons, blockmasons, stonemasons, plus cement masons, concrete finishers, and helpers) economy-wide [4] — well above the ~140,000 on the payrolls of firms classified as masonry contractors [2], because many masons work directly for general contractors and homebuilders. The trade is bigger than the "industry" line item suggests; the 238140 figures capture the specialty-subcontractor slice of it. No suppressed value is used here.

4. The investable universe

Public companies (indirect exposure only)

There is no publicly traded U.S. masonry contractor, and none of the companies below reports NAICS 238140 revenue as a standalone segment. They are exposure vehicles — the materials, restoration products, and distribution around the trade. Tickers, yields, and multiples belong here, not in the prose above; judge these as materials/building-products equities, whose fortunes track construction volumes broadly rather than masonry specifically.

The brick makers (Wienerberger, Brickworks, Berkshire/Acme) are the most direct materials link — they make the units masons lay — but brick is a small slice of each parent. The cement/aggregates names are broad construction plays with only partial masonry relevance.

Major private operators and owners

The largest masonry contractors are all private and regional. Engineering News-Record's Top 600 Specialty Contractors ranking (ENR, the construction industry's standard ranking) lists the leaders by reported 2024 masonry revenue [11]:

Other leading private names include Telligent Masonry, Otto Baum, Mid-Continental Restoration, The Witmer Group, Brodie Contractors, and Dee Brown [11]. Note the scale: even the biggest firm is ~$114 million, a rounding error against the $28.6 billion industry — this is a very long tail of small shops.

In adjacent materials, two large private consolidators matter. QUIKRETE Holdings runs a masonry group (Best Block, Oberfields, Pavestone, Keystone, Tremron) and took the former public company Summit Materials private in a ~$11.5 billion deal in February 2025 [24]. US LBM, a major building-products distributor jointly owned by Bain Capital Private Equity and Platinum Equity, sits upstream of contractors as a supplier, not a masonry firm [25].

5. How the money works

Masonry is a labor-and-materials, fixed-price subcontracting business. A contractor wins work by bidding a lump sum (or negotiated subcontract, design-assist scope, or unit-price schedule) to a general contractor (GC), homebuilder, or building owner, then makes money on the spread between that price and its actual costs. Revenue is recognized as crews complete work; change orders, claims, and retainage move the final economics.

The cost base is: field labor and crew productivity; brick/block/stone/mortar/stucco/sealants; scaffolding, lifts, cranes, and trucks; and supervision, estimating, insurance, and bonding. The economic engine is output per crew-day, not factory capacity — BLS reports that construction-and-extraction occupations make up about 80% of employment in the industry, with a ~$60,160 median wage for masons employed by masonry contractors (2024) [5].

Key economics specific to this trade:

• Margins are thin and project-based. Our federal source does not report operating margins, and materials-company margins are not a valid proxy for contractor economics. As a trade rule of thumb, third-party estimates put gross margins around 25–40% and net margins in the high-single to mid-teens (higher for larger, well-run firms) [26]. There is no recurring maintenance revenue as in service trades like HVAC or plumbing.
• Labor is the swing factor. Masonry is skilled, hands-on, and slow to scale; wages are the largest controllable cost and, in tight regions, have reportedly jumped 20–30% [27]. Productivity per crew and per bricklayer is the core operating metric.
• "Margin fade" is the central risk. On a lump-sum bid, any labor overrun, material-price inflation, weather delay, or failed change-order negotiation comes straight out of profit — the estimated margin "fades" as the job runs [26]. Disciplined estimating and weekly cost-tracking against the bid separate winners from losers.
• Bonding capacity and working capital gate growth. Institutional jobs require surety bonds and the balance sheet to carry payroll and materials while waiting on progress payments. Scale buys bonding capacity, supplier discounts (roughly 5–20% on high-volume orders [26]), and the ability to self-perform prefabricated/panelized masonry.

The metrics that matter most in a private deal: backlog and new awards, bid-hit rate, estimate-to-actual performance, revenue and gross profit per crew-day, labor utilization and turnover, change-order conversion, accounts-receivable aging, retainage and days sales outstanding (DSO), work-in-progress (WIP) schedules, and safety/warranty/surety-bond capacity.

6. What drives demand

• Nonresidential and institutional building — the heart of the market. Schools, hospitals, government buildings, warehouses, houses of worship, and increasingly data centers and manufacturing plants favor masonry for its fire resistance, durability, low maintenance, and mass. This ties demand to state and local budgets, school-bond measures, and institutional capital spending.
• Residential veneer. Brick and stone veneer on single-family and multifamily homes, plus chimneys and fireplaces — regionally concentrated (strong in Texas and the South) and tied to housing starts, mortgage rates, and remodeling. Recent context: June 2026 privately owned housing starts ran at a seasonally adjusted annual rate (SAAR) of 1.427 million units, with permits at 1.367 million [9].
• Restoration, repair, and historic preservation. Repointing, façade repair, water-intrusion and building-envelope work, and restoration of aging masonry — a steadier, higher-margin niche, partly driven by municipal façade-inspection ordinances that force periodic exterior repair on tall buildings. Construction spending counts improvements to existing structures, not just new building, which supports this stream [10].
• Interest rates and construction financing. As a downstream construction input, demand is rate-sensitive through its effect on project starts.
• The substitution headwind (structural). Brick and field-laid masonry are a minority of the U.S. exterior-cladding market — estimates range from roughly 10% of all cladding to about a fifth of new single-family walls — behind vinyl, fiber cement, and engineered wood [22][27]. When masonry labor is scarce or costly, architects specify faster, cheaper claddings, precast panels, or thin/mortarless veneer that lower-skilled crews can install [27]. This slowly erodes masonry's share of new construction and is the industry's defining long-run demand problem. Labor replacement is itself a demand-and-capacity issue: BLS projects masonry-worker employment to grow only ~2% over 2024–2034, with about 20,700 openings a year, mostly to replace retirees [4].

7. Regulation

• Worker safety — OSHA silica rule. The Occupational Safety and Health Administration (OSHA, the federal workplace-safety agency) enforces a respirable-crystalline-silica standard for construction (29 CFR 1926.1153). Cutting, grinding, and drilling brick, block, and stone releases silica dust that causes silicosis and lung cancer. The rule sets a permissible exposure limit (PEL) of 50 micrograms per cubic meter and an action level of 25, and its "Table 1" prescribes water controls, vacuums, and respirators for common masonry tasks [28]. Enforcement is intensifying — third-party trackers report more than $78 million in silica penalties since the 2018 deadline, with construction citations up sharply in FY2025 [33]. General construction rules for scaffolds, aerial lifts, fall protection, and falling objects also apply, since masons work at height [29].
• Lead — EPA RRP rule. The Environmental Protection Agency's (EPA) Renovation, Repair and Painting (RRP) rule requires firm certification and lead-safe work practices when paid work disturbs painted surfaces in pre-1978 housing or child-occupied facilities — relevant to restoration [30].
• Prevailing wage. Public projects trigger prevailing-wage rules: the federal Davis-Bacon and Related Acts set minimum wage-and-benefit rates by trade and locality on covered federally funded construction above $2,000, and state "little Davis-Bacon" laws do the same on state work [31].
• Building codes. Structural masonry follows the International Building Code (IBC) — a model code that jurisdictions adopt and may amend, not automatic federal law; the 2024 IBC has a dedicated masonry chapter and references the TMS 402/602 masonry design standard (TMS, The Masonry Society) [32]. Tightening energy codes affect wall-assembly design.
• Licensing, bonding, liens. Contractor licensing, permits, mechanic's-lien rules, bonding, and workers' compensation are set by states and localities and vary widely; many require a specialty or general contractor license to bid.
• Labor and immigration policy. Masonry relies heavily on an immigrant workforce, so E-Verify mandates and immigration enforcement directly affect labor supply and cost. Much union labor is affiliated with the International Union of Bricklayers and Allied Craftworkers (BAC), founded in 1865 — North America's oldest continuous trade union, ~74,000 members — which also advocates prevailing-wage enforcement [34].

Compliance depth (silica plans, bonding, licensing across states) is itself a competitive advantage for larger operators and a material diligence item for private investors.

8. Competitive dynamics and consolidation

This is one of the most fragmented industries in the economy. Federal concentration data show the four largest firms hold just 4.1% of receipts, the top eight 6.6%, the top 20 11.1%, and the top 50 17.5%; the Herfindahl-Hirschman Index (HHI, a standard concentration gauge running 0–10,000) is 9 — essentially zero [1]. Competition is local, relationship-driven, and won on price and reliability, with low barriers to entry (a crew, tools, and a truck). Individual local markets can be tighter than the national numbers suggest, because crews, estimators, scaffolding, licenses, and GC relationships are geographically constrained.

Labor — not capital — is the true moat. The workforce is aging and shrinking; masonry ranks among the hardest construction trades to staff, employment is projected to grow only ~2% over 2024–2034 (mostly replacement of retirees) [4], and few young workers enter the trade. Firms that can recruit, train, and retain masons — often union shops [34] — plus strong GC/architect relationships, estimating accuracy, geographic density, safety records, and bonding capacity, hold a durable edge.

Consolidation is early and modest. The private-equity (PE) roll-ups that swept HVAC, plumbing, electrical, and roofing are only beginning in masonry — recent examples include Maddix Capital's majority stake in AK Masonry and the KCM Capital / Gladstone Investment acquisition of Mason West [35]. But masonry is a less attractive roll-up target: it is labor-intensive, lower-margin, seasonal, and project-based (no recurring service revenue), and it depends heavily on local managers and craft culture — so acquirers can destroy value through poor integration, weak project controls, or inherited warranty/claims liabilities. Specialty-trade (NAICS 238) deals broadly trade around 5.7x–8.2x EBITDA (earnings before interest, taxes, depreciation, and amortization) depending on size [36]. The attractive target is often not the largest contractor but a well-run regional operator with repeat GC relationships, clean WIP reporting, and an underdeveloped back office. Meanwhile the materials layer above the contractors (brick, cement, aggregates) is far more consolidated and capital-intensive — e.g., Quikrete's ~$11.5 billion take-private of Summit Materials [24].

9. Risks

• Structural labor shortage. The defining risk: too few skilled masons, an aging workforce, and thin new supply, driving wage inflation and capping how much work a firm can take [4][27].
• Substitution / secular share loss. Cheaper, faster claddings and precast/panelized systems keep taking share from field-laid masonry [22][27].
• Cyclicality. Demand follows nonresidential and residential construction and public budgets, which are rate- and budget-sensitive; downturns hit a thin-margin, fixed-cost business hard [9].
• Fixed-price execution / margin fade. A bad estimate, weather delay, material escalation, or failed change order can erase project profit [26].
• Safety, silica, and liability. Falls, silica exposure, lead contamination, and façade failures can produce fines, insurance losses, litigation, and loss of prequalification [28][33].
• Seasonality and weather. Outdoor work compresses into warmer months, straining cash flow and crew utilization [2].
• Customer concentration and payment/bonding risk. A single GC or owner may control payment timing; reliance on progress payments, retainage, and surety bonding creates working-capital and counterparty exposure.
• Immigration enforcement. Tighter labor-and-immigration policy can abruptly shrink the available workforce.
• Data limitations. Federal statistics exclude many nonemployers and provide none of the job-level margin, backlog, or cash-flow detail investors most need [7][8].

10. How to invest and the outlook

Public-market routes (indirect only). No pure-play stock exists. Investors seeking exposure buy the materials and distribution layer — brick through Wienerberger (WIE) or Brickworks (BKW); cement/aggregates/masonry products through CRH (CRH), Cemex (CX), Vulcan (VMC), Martin Marietta (MLM), or Eagle Materials (EXP); restoration products through RPM International (RPM); distribution through Builders FirstSource (BLDR); and Berkshire Hathaway (BRK.B) owns Acme Brick, though it is immaterial to the whole [14]–[24]. Screen these on balance-sheet strength, pricing discipline, cash conversion, and acquisition returns — and judge share price, dividend yield, and valuation multiples against the actual masonry exposure, which is partial, not the broad "construction" label.

Private routes (the direct way in).

• Own or operate. Buy or build a regional masonry firm. With a fragmented, aging-owner base, succession-driven deal supply is ample, and entry multiples (mid-to-high-single-digit EBITDA [36]) are modest by private-markets standards.
• Minority growth capital / roll-up. Provide growth equity to a regional operator, or back the nascent PE consolidation of the trade — accepting that masonry scales less cleanly than service trades [35][36].
• Private credit. Finance contractors' equipment, receivables, or seasonal working capital, as private lenders and business-development companies already do (Gladstone Investment helped finance the Mason West deal [35]).
• Adjacent materials/distribution. Invest in private masonry-products or distribution businesses upstream of the contractors.

Private diligence should center on job-level gross profit, normalized owner compensation, WIP schedules, aged receivables and retainage, customer concentration, backlog quality, safety history, bonding, licenses, tax compliance, key-person dependence, and the accuracy of historical estimates.

Outlook. Expect a durable but low-growth industry. The broad market dipped ~1.6% in 2025 [8], and the twin structural forces — a persistent skilled-labor shortage and ongoing substitution toward alternative claddings — cap growth for the foreseeable future. The brighter pockets are institutional and restoration work (durable demand, better margins), infrastructure- and reshoring-driven nonresidential building, and productivity gains from prefabricated/panelized masonry that stretch scarce labor. For a patient private owner, the same labor scarcity that constrains the industry also protects incumbents with trained crews and raises the value of a well-run book of business. For public-market investors, masonry remains a theme best played through the materials and distribution supply chain rather than the trade itself.

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Sources

1. U.S. Census Bureau, 2022 Economic Census — Concentration & Receipts, NAICS 238140 (2024–25). Receipts, firm count, concentration ratios (CR4/CR8/CR20/CR50), HHI. https://api.census.gov/data/2022/ecnsize/groups/EC2200SIZECONCEN.html
2. U.S. Census Bureau, County Business Patterns, NAICS 238140 (2023, rel. 2025). Establishments, employees, annual and Q1 payroll. https://www.census.gov/programs-surveys/cbp.html
3. U.S. Small Business Administration, Table of Small Business Size Standards (2023). $19M receipts standard for NAICS 238140. https://www.sba.gov/document/support-table-size-standards
4. U.S. Bureau of Labor Statistics, Occupational Outlook Handbook: Masonry Workers (2025). Broad masonry-and-related occupational group ~294,000 jobs; +2% employment 2024–34; ~20,700 annual openings. https://www.bls.gov/ooh/construction-and-extraction/brickmasons-blockmasons-and-stonemasons.htm
5. U.S. Bureau of Labor Statistics, OEWS Industry Estimates, NAICS 238140 (May 2023 / May 2024). Construction-and-extraction ~80% of industry employment; ~$60,160 median wage for masons employed by masonry contractors. https://www.bls.gov/oes/current/naics5_238140.htm
6. U.S. Census Bureau, 2022 NAICS Definition — 238140 Masonry Contractors (scope and index; establishment-level classification). https://www.census.gov/naics/?chart=2022&details=238140&input=238140
7. U.S. Census Bureau, County Business Patterns / Nonemployer Statistics — coverage and methodology (employer-only coverage; nonemployer sole-proprietor exclusion). https://www.census.gov/econ/overview/mu0800.html
8. IBISWorld, Masonry in the US — Industry Report (2025). Market size ~$40.0bn; −1.6% in 2025; ~22,000 businesses (includes nonemployers). https://www.ibisworld.com/united-states/industry/masonry/191/
9. U.S. Census Bureau, Monthly New Residential Construction — June 2026 (2026). Housing starts 1.427M SAAR; permits 1.367M. https://www.census.gov/construction/nrc/current/index.html
10. U.S. Census Bureau, Monthly Construction Spending (2026). Spending covers new structures and improvements to existing buildings. https://www.census.gov/construction/c30/current/index.html
11. Engineering News-Record, Top 600 Specialty Contractors 2025 (2025). Largest masonry operators by reported 2024 masonry revenue. https://www.enr.com/toplists
12. Western Specialty Contractors, Our History; ButcherJoseph & Co., Western Specialty Contractors Transitions to an ESOP (2026). https://westernspecialtycontractors.com/about/our-history/
13. Sun Valley Masonry, About Sun Valley (2026). Family ownership. https://sunvalleymasonry.com/about/
14. CRH plc, Form 10-K for 2025 (2026). Concrete masonry products, blocks, pavers, packaged mixes, cement, aggregates. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000849395&type=10-K
15. Cemex, S.A.B. de C.V., Form 20-F for 2025 (2026). Cement, ready-mix, aggregates, masonry cement/mortar. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001076378&type=20-F
16. Eagle Materials Inc., Form 10-K for FY2025 (2025). Cement, aggregates, gypsum. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000918646&type=10-K
17. Martin Marietta Materials, Inc., Form 10-K for 2025 (2026). Aggregates, cement, ready-mix. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000916076&type=10-K
18. Vulcan Materials Company, Form 10-K for 2025 (2026). Aggregates, asphalt, ready-mix. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001396009&type=10-K
19. RPM International Inc., Form 10-K for FY2025 (2025). Sealants, coatings, waterproofing, building-envelope repair products. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000110621&type=10-K
20. Builders FirstSource, Inc., Form 10-K for 2025 (2026). Building-products distribution and installation. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001316835&type=10-K
21. Wienerberger AG, Company profile / Top Brick Manufacturers (2025). World's largest brick maker; U.S. brand General Shale; ~€4.6bn revenue. https://www.wienerberger.com/
22. Brickworks Ltd., Glen-Gery acquisition and U.S. brick operations (2018/2025). Glen-Gery a top-tier U.S. brick maker; brick a minority of U.S. exterior cladding. https://www.brickworks.com.au/
23. Berkshire Hathaway / Acme Brick, Acme Brick as a Berkshire Hathaway unit (2025). Immaterial to the group. https://www.brick.com/
24. The QUIKRETE Companies, Masonry Group (Best Block, Oberfields, Pavestone, Keystone, Tremron); World Cement, Summit Materials completes merger with Quikrete (~$11.5bn take-private, Feb 2025). https://masonry.quikrete.com/; https://www.worldcement.com/the-americas/11022025/summit-materials-completes-merger-with-quikrete/
25. US LBM, Joint ownership by Bain Capital Private Equity and Platinum Equity (2023). Building-products distributor. https://news.uslbm.com/us-lbm-announces-joint-ownership-agreement-with-bain-capital-private-equity-and-platinum-equity/
26. BusinessDojo, What is the Profit Margin of a Masonry Business? (2025). Third-party trade estimate: gross 25–40%; net high-single to mid-teens; supplier discounts; margin fade. https://dojobusiness.com/blogs/news/masonry-profit-margin
27. Mortar Net Solutions / Evolve Stone, Masonry Labor Shortage (2024–25). Regional wage inflation ~20–30%; substitution to mortarless/thin veneer. https://mortarnet.com/labor-shortage-rise/
28. U.S. Occupational Safety and Health Administration, Respirable Crystalline Silica — Construction (29 CFR 1926.1153). PEL 50 µg/m³, action level 25, Table 1 controls. https://www.osha.gov/laws-regs/regulations/standardnumber/1926/1926.1153
29. U.S. Occupational Safety and Health Administration, Scaffolding — Construction (fall protection, aerial lifts, falling objects). https://www.osha.gov/scaffolding/construction
30. U.S. Environmental Protection Agency, Renovation, Repair and Painting (RRP) Program — Contractors. Firm certification and lead-safe practices, pre-1978 structures. https://www.epa.gov/lead/renovation-repair-and-painting-program-contractors
31. U.S. Department of Labor, Davis-Bacon and Related Acts. Prevailing wage/fringe on covered federal construction above $2,000; state "little Davis-Bacon" laws parallel it. https://www.dol.gov/agencies/whd/government-contracts/construction
32. International Code Council, 2024 International Building Code (model code; masonry chapter; references TMS 402/602). https://codes.iccsafe.org/content/IBC2024V1.0
33. Buildermuse, OSHA Silica Dust Enforcement (2026). Third-party tracker: >$78M in penalties since 2018; construction citations up in FY2025. https://buildermuse.com/labor-wages/silica-dust-enforcement-is-getting-serious-/
34. International Union of Bricklayers and Allied Craftworkers (BAC), About / Prevailing Wage (2025). Founded 1865; ~74,000 members; oldest continuous North American trade union. https://bacweb.org/
35. PrivSource, Masonry Acquisitions (2024–25). Maddix Capital / AK Masonry; KCM Capital & Gladstone Investment / Mason West. https://www.privsource.com/acquisitions/construction/2024
36. Capstone Partners, Construction Services M&A Update (2025). NAICS 238 specialty-trade TEV/EBITDA ~5.7x–8.2x. https://www.capstonepartners.com/insights/article-construction-ma-update/