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Research Outline

Prepared for Eric B. | Delivered March 11, 2021

Subcontractor Total Addressable Market (TAM) in the US

Goals

To find the number of rough carpentry, framing, finish carpentry, bricklaying, plumbing, roofing, painting, electrical, excavating, and HVAC subcontractors in the US. These numbers should be broken down by revenue into subcontractors that generate between $10 million and $30 million, those that generate $30 million to $50 million and those that generate $50 million and above.

Early Findings

Subcontractors in the US

  • There are about 460,000 sub-contractors in the US, with about $875 billion in combined annual revenues.
  • As of 2018, the top 10 subcontractors in the US by revenue were Qanta Services ($11.2 billion), Emcor Group ($8.1 billion), Mastec ($6.9 billion), Brandsafway ($4.9 billion), API Group ($3.6 billion), Henkels & McCoy Group ($1.98 billion), Rosendin Electric ($1.64 billion), Comfort Systems USA ($1.62 billion), Keller North America ($1.54 billion) and MYR Group Inc ($1.53 billion)
  • As of 2019, number of people employed in the US subcontractor industry was as follows:
    • Carpenters: 248,290 
    • Construction laborers: 370,730 
    • Electricians: 499,690 
    • First-line supervisors/managers of construction trades and extraction workers: 231,840 
    • Plumbers, pipe fitters, and steamfitters: 327,550 
  • The percentage of revenue that the US subcontractor industry gets from each of the following verticals is as follows:
    • Electrical power installation and service contracting: 14%  
    • HVAC contracting: 11% 
    • Plumbing contracting: 6% 
    • Concrete contracting: 5% 
  • The Engineering News Record (ENR) has a list of the top 600 subcontractors in the US by revenue. From this, it is possible to find the subcontractors from different verticals.