Utah Construction Companies
Major construction contractors based in or operating heavily in Utah. Data sourced from ENR, company websites, and public filings. Revenue figures are approximate and may be dated — treat as order-of-magnitude.
companies.html file.
Mountain West Contractors
Major contractors operating across Utah, Colorado, Nevada, Arizona, Idaho, and the broader Mountain West region.
ENR Top 25 National Contractors
The 25 largest U.S. contractors by revenue per ENR 2025 Top 400 list. Combined, the Top 400 reported $600 billion in 2024 revenue. Source: ENR 2025 Top 400 ↗
ESOP & Employee-Owned Contractors
Employee Stock Ownership Plan (ESOP) companies are 100% or majority employee-owned. In heavy civil, ESOP companies often have stronger culture, lower turnover, and competitive compensation. See What is an ESOP? for more.
Publicly Traded Construction Companies
Construction companies with publicly traded stock. Financial data is publicly available via SEC filings. These are the companies you can invest in, and whose financials give a window into industry health.
Where to find their financials
Underground Utility Specialty Contractors
Companies that specialize in or are major players in underground utility construction — waterline, sewer, storm drain, gas, and electrical distribution.
What is an ESOP?
An Employee Stock Ownership Plan (ESOP) is a qualified retirement plan that holds company stock on behalf of employees. In an ESOP company, employees gradually become owners of the company — typically without paying for the stock out of pocket.
How it works
- The company sets up an ESOP trust — a legal entity that holds shares on behalf of employees
- Shares are allocated annually to employee accounts, typically based on compensation or years of service
- Vesting schedule — employees typically vest over 3–6 years (meaning they earn full ownership over time)
- When employees leave or retire, the ESOP buys back their shares at fair market value — providing a real payout
- Tax advantages — ESOP companies get significant tax benefits; S-corp ESOPs may pay no federal income tax on the ESOP-owned portion
Why contractors go ESOP
| Reason | How it works |
|---|---|
| Succession planning | Owner wants to retire without selling to a competitor or private equity. ESOP lets employees buy the company gradually, often at a tax-advantaged price. |
| Recruiting & retention | "You're an owner" is a genuine statement, not a slogan. Employees build real wealth. Turnover drops dramatically. |
| Tax benefits | S-corp ESOPs can eliminate federal income tax on ESOP-owned profit. Significant cash flow advantage over time. |
| Culture | Employee-owners have skin in the game. Safety improves, waste decreases, people care more about project outcomes. |
| Protect from PE/acquisition | ESOP protects a company's culture and local identity from being sold to private equity or a national firm. |
ESOP vs other ownership structures
| Structure | Who owns it | Liquidity | Common in construction? |
|---|---|---|---|
| Private / founder-owned | Founder, family, partners | Low — sell or pass down | Very common (most small–mid contractors) |
| ESOP | Employees (via trust) | Employees get cash on exit | Growing fast — particularly in heavy civil |
| Private equity-backed | PE firm + management | PE exits in 5–7 years | Increasingly common as PE rolls up contractors |
| Publicly traded | Public shareholders | High — stock market | Rare — only the largest firms (Granite, MYR, EMCOR) |
| Joint venture / partnership | Two or more firms | Varies | Common for large projects |
Construction Company Ownership Types
Understanding who owns a contractor and what that means for how they operate, how they bid, and what their long-term priorities are.
Owner or founding family holds equity. Decisions are made close to the work. Culture tends to reflect the founder's values directly.
Typical size: Small to large ($1M–$500M+)
Bid behavior: Can be aggressive or conservative depending on backlog and owner's risk tolerance
Examples: Most small and mid-sized contractors you compete against locally
Employees are the ultimate owners through a trust structure. Strong retention incentive. Often structured as S-corp for tax benefits.
Typical size: Mid to large ($50M–$2B+)
Bid behavior: Stable — employees think long-term. Less likely to take risky low-bid work.
Examples: Emery Sapp & Sons, Achen-Gardner, ESCO Construction, Rummel Construction
PE firm invested and is driving toward a 5–7 year exit (sale or IPO). Growth focus. May be rolling up smaller contractors in a platform strategy.
Typical size: $50M–$1B+
Bid behavior: Aggressive on volume, focused on EBITDA margins. May underbid to win work and grow top line.
Examples: ESS Companies portfolio, various regional rollups
Stock listed on NYSE or NASDAQ. Quarterly earnings pressure. Fully transparent financials via SEC filings.
Typical size: $1B–$20B+
Bid behavior: Volume-focused, margin-sensitive, driven by analyst expectations
Examples: Granite Construction (GVA), MYR Group (MYRG), EMCOR (EME), Primoris (PRIM)
Construction Market Data & Trends
Key data points on where the construction market is, where it's going, and what's driving growth in heavy civil and underground utility.
2024–2025 Market Snapshot (ENR / Census Bureau)
| Market Segment | 2024 Growth (YoY) | Driver |
|---|---|---|
| Telecommunications / data centers | +59.7% | AI infrastructure buildout — data center demand is exploding |
| Sewer & water | +23.7% | Infrastructure Investment & Jobs Act (IIJA) funding flowing through |
| Power / electrical | +18.9% | Grid modernization, EV infrastructure, renewable energy |
| Oil & gas | +16.6% | LNG export capacity, natural gas demand |
| Transportation | +11.4% | IIJA highway and bridge funding |
| Industrial process | -9.9% | Semiconductor fab buildout slowing after initial wave |
IIJA Infrastructure Spending (2022–2026)
- $1.2 trillion total Infrastructure Investment and Jobs Act — the biggest infrastructure bill in U.S. history
- $110 billion for roads and bridges over 5 years
- $73 billion for power grid upgrades
- $65 billion for broadband
- $55 billion for water (clean water, wastewater, lead pipe replacement)
- $39 billion for public transit
- $25 billion for airports
Water infrastructure alone ($55B) is the single largest injection of federal money into underground utility construction in history. This is why sewer/water grew 23.7% in 2024 and why the sector is expected to remain elevated through 2028+.
Labor Market
- Construction unemployment: ~4–5% (full employment for the industry)
- 400,000+ construction job openings unfilled at any given time (AGC data)
- Average age of skilled trade worker: 43 years. Retirement wave ongoing.
- Apprenticeship enrollments up — but 5–7 year pipeline before they hit the field as journeymen
- AI and machine control are not replacing workers — they're allowing fewer workers to do more with equipment