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U.S. Construction Industry Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies66
  • 7D-1.3%
  • 3M-0.6%
  • 1Y64.2%
  • YTD36.7%

Over the last 7 days, the Construction industry has dropped 1.3%, driven by a pullback from Quanta Services of 3.3%. Meanwhile, IES Holdings actually outperformed within the industry, gaining 5.2% in the last week. This takes the industry's 12 month performance to a gain of 64%. Earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

Has the U.S. Construction Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Jul 2026US$381.7bUS$180.4bUS$7.8b40.8x48.9x2.1x
Sat, 20 Jun 2026US$431.9bUS$180.4bUS$7.6b48.4x56.8x2.4x
Mon, 18 May 2026US$443.8bUS$179.6bUS$7.6b51.3x58.2x2.5x
Wed, 15 Apr 2026US$372.7bUS$172.5bUS$6.7b38.1x56x2.2x
Fri, 13 Mar 2026US$339.2bUS$173.7bUS$6.7b33.2x50.9x2x
Sun, 08 Feb 2026US$323.2bUS$166.1bUS$10.1b38.3x32.1x1.9x
Tue, 06 Jan 2026US$282.8bUS$165.7bUS$10.0b31.3x28.3x1.7x
Thu, 04 Dec 2025US$275.6bUS$165.4bUS$10.0b34.3x27.6x1.7x
Sat, 01 Nov 2025US$279.7bUS$163.6bUS$10.3b34.5x27.1x1.7x
Mon, 29 Sep 2025US$260.8bUS$160.0bUS$9.9b34.9x26.3x1.6x
Wed, 27 Aug 2025US$239.2bUS$157.7bUS$10.0b32.7x23.9x1.5x
Fri, 25 Jul 2025US$232.1bUS$153.3bUS$7.0b33.3x33x1.5x
Sun, 22 Jun 2025US$208.8bUS$153.2bUS$7.2b29.6x29.2x1.4x
Tue, 20 May 2025US$198.9bUS$153.1bUS$7.2b29.9x27.7x1.3x
Thu, 17 Apr 2025US$158.6bUS$149.6bUS$6.8b21.1x23.4x1.1x
Sat, 15 Mar 2025US$153.1bUS$149.6bUS$6.8b24.6x22.6x1x
Mon, 10 Feb 2025US$192.2bUS$146.6bUS$4.0b34.9x47.7x1.3x
Wed, 08 Jan 2025US$194.8bUS$146.2bUS$3.9b30.8x49.6x1.3x
Fri, 06 Dec 2024US$206.9bUS$146.1bUS$3.9b34.7x53x1.4x
Sun, 03 Nov 2024US$185.2bUS$146.8bUS$4.2b33.1x43.8x1.3x
Tue, 01 Oct 2024US$177.6bUS$144.8bUS$4.0b31.5x44.7x1.2x
Thu, 29 Aug 2024US$165.2bUS$144.7bUS$4.0b26.7x41.5x1.1x
Sat, 27 Jul 2024US$157.7bUS$142.9bUS$3.6b25.8x43.6x1.1x
Mon, 24 Jun 2024US$162.5bUS$141.8bUS$3.4b24.4x47.2x1.1x
Wed, 22 May 2024US$160.8bUS$141.8bUS$3.4b26.8x46.6x1.1x
Fri, 19 Apr 2024US$145.4bUS$139.2bUS$3.3b24.1x44x1x
Sun, 17 Mar 2024US$144.6bUS$136.3bUS$3.5b24.4x41.7x1.1x
Tue, 13 Feb 2024US$130.8bUS$132.9bUS$3.6b27.6x36.1x1x
Thu, 11 Jan 2024US$121.6bUS$135.1bUS$3.6b23.3x34x0.9x
Sat, 09 Dec 2023US$117.8bUS$135.2bUS$3.6b22.8x33.1x0.9x
Mon, 06 Nov 2023US$106.8bUS$134.3bUS$3.7b21.1x29.3x0.8x
Wed, 04 Oct 2023US$111.5bUS$130.5bUS$3.4b19.9x33.2x0.9x
Fri, 01 Sep 2023US$123.0bUS$130.4bUS$3.4b21.8x36.7x0.9x
Sun, 30 Jul 2023US$121.0bUS$127.5bUS$3.2b20x37.4x0.9x
Price to Earnings Ratio

37.4x


Total Market Cap: US$121.0bTotal Earnings: US$3.2bTotal Revenue: US$127.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Construction Industry Price to Earnings3Y Average 38.4x202420252026
Current Industry PE
  • Investors are optimistic on the American Construction industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 48.9x which is higher than its 3-year average PE of 38.4x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Construction industry have grown 34% per year over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Industrials industry?

US Market-0.68%
Industrials-0.88%
Construction-1.31%
Construction and Engineering-1.31%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
IESC IES HoldingsUS$647.925.2%
+US$633.0m		109.8%PE34.2x
TPC Tutor PeriniUS$86.7811.6%
+US$474.1m		78.9%PE58.4x
STRL Sterling InfrastructureUS$694.402.2%
+US$453.5m		186.9%PE61.5x
ROAD Construction PartnersUS$103.216.0%
+US$331.3m		-0.3%PE45.9x
LGN LegenceUS$72.553.9%
+US$211.4m		n/aPE1588.3x

Latest News

VMI
US$505.35
Valmont Industries
7D
-7.0%
1Y
42.9%
MTZ
US$351.40
MasTec
7D
-3.8%
1Y
102.1%
CTRI
US$28.00
Centuri Holdings
7D
6.5%
1Y
35.4%
PWR
US$639.20
Quanta Services
7D
-3.3%
1Y
61.9%
Seeking Alpha • Jul 18

Quanta Services: Buy The Bottleneck Between AI And Energized Power

Summary Quanta Services is evolving from a construction contractor to a capacity brokerage firm, uniquely positioned across critical-path power delivery elements. PWR's integrated platform, in-house labor, and transformer capacity expansion underpin its ability to capture long-duration, high-value infrastructure projects amid industry constraints. 2026 guidance implies 22.7% revenue and 29.3% adjusted EPS growth, but valuation reflects a significant scarcity premium with a forward EV/EBITDA of 28.3x. I recommend buying PWR for investors seeking high-quality, long-duration infrastructure growth, acknowledging the considerable risks embedded in its premium valuation. Read the full article on Seeking Alpha
APG
US$39.09
APi Group
7D
-5.8%
1Y
13.7%
STRL
US$694.40
Sterling Infrastructure
7D
2.2%
1Y
186.9%
EME
US$760.27
EMCOR Group
7D
-1.9%
1Y
36.0%
MYRG
US$400.10
MYR Group
7D
-4.5%
1Y
116.4%
IESC
US$647.92
IES Holdings
7D
5.2%
1Y
109.8%
Seeking Alpha • Jul 16

IES Holdings: The Investment Cycle Looks Longer Than I Expected

Summary IES Holdings is upgraded to Buy as record backlog and capacity expansion signal sustained demand, especially from AI-driven infrastructure. Communications and Infrastructure Solutions segments, with higher margins and growth, now comprise a larger revenue share, supporting a structurally stronger earnings outlook. Backlog surged 63% to $3.9 billion, with management expecting new capacity to meaningfully boost revenue and earnings from H2 2026 onward. Read the full article on Seeking Alpha
AGX
US$605.52
Argan
7D
-2.5%
1Y
194.4%
Narrative Update • Jul 16

AGX: Rich Multiple May Struggle To Justify AI Power Backlog

Analysts have lifted their price target on Argan from $375 to $500, citing a premium P/E multiple that reflects the company's unique market position, strong execution, and a solid pipeline of new projects supported by favorable industry tailwinds. What's in the News Argan reported record Q1 fiscal 2027 results with revenue of US$291 million, net income of US$46.1 million, and adjusted EPS of US$3.24, supported by a project backlog of about US$2.77b and net liquidity above US$421 million.
ROAD
US$103.21
Construction Partners
7D
6.0%
1Y
-0.3%
Narrative Update • Jul 15

ROAD: Highway Funding And Oklahoma Expansion Will Support Further Upside

The analyst price target for Construction Partners has been revised to $145 from $150. Analysts made this change after updating their assumptions for discount rates, revenue growth, profit margins, and future P/E expectations, following recent research commentary on weather risks and demand drivers.
GVA
US$124.78
Granite Construction
7D
3.2%
1Y
31.4%
TPC
US$86.78
Tutor Perini
7D
11.6%
1Y
78.9%
LGN
US$72.55
Legence
7D
3.9%
1Y
n/a
Narrative Update • Jul 10

LGN: AI Demand And Backlog Expansion Will Support Higher Future Pricing

Analysts have lifted their price target for Legence from approximately $100.12 to about $106.41, citing updated assumptions for revenue growth, profit margins, and future P/E levels as the key drivers of this change. What’s in the News for Legence Barclays raised its price target on Legence Corp.
DY
US$423.23
Dycom Industries
7D
1.0%
1Y
67.5%
AIAI
US$6.78
AIAI Holdings
7D
-28.3%
1Y
n/a