BESIX Watpac becomes Australia’s biggest builder as John Holland falls out of construction rankings
There are major moves in the top builders across the country, with some players hit by cost blowouts while others have risen up the ranks with huge project pipelines.
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Australia’s construction industry is showing resilience as it is battered by large players going into administration and the scramble for labour as major infrastructure projects are undertaken around the country.
The latest construction league report, compiled by BCI Central and powered by Hubexo, ranks Australia’s top construction firms by the total value of projects that commenced in 2024.
Based on live construction data tracked by BCI across thousands of projects, the report captures activity across sectors including commercial, community, industry, legal and military and multi-residential.
This year’s top 10 builders collectively delivered more than 272 projects valued at over $18.6bn, showing the sector’s ongoing capacity for large-scale delivery despite the volatile climate.
The sector has also faced higher costs and interest rate pressures, as well as the lingering effects of the Covid pandemic, which interrupted supply chains and sent many subcontractors to the wall.
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The tough conditions have even led business tycoon Andrew Roberts to end his involvement in construction industry, with the sale of the NSW operations of the Roberts Co building business to Middle Eastern company Arada for a nominal sum.
Other big players have been hit by cost blowouts, with Multiplex affected at both the Star Entertainment Group’s $3.6bn Queen’s Wharf project in Brisbane and the Sydney Fish Market
Top 10 builders
BESIX Watpac topped the rankings in 2024 with more than $3.45bn in commencements across just 11 projects – averaging $314m per build.
In second place, Built continued its national dominance, launching 72 projects totalling $3.02bn.
Other high-performing firms include Multiplex and Hutchinson Builders, each sustaining strong project pipelines across both metropolitan centres and emerging markets.
Hickory, Kane Constructions and Richard Crookes made notable climbs into the top 10 this year, while ADCO, FDC, and Icon retained their top 10 positions – each surpassing $1bn in project commencements.
Family-owned Richard Crookes returned to profitability last year after enduring one of its toughest periods when it was hit by loss-making contracts. The company said last November that there were now more trades in the market and it could deliver projects on time and profitably.
Builders going backwards
The rankings also showed some of the changes that have swept through the industry. Notably, Chinese-owned John Holland, which topped the rankings in the previous year, fell out of the top 50.
At that time it had $6.8bn worth of projects across 14 sites, which were worth more than the second and third-placed builders combined, with Multiplex coming in second at $2.7bn and Sydney-based Built taking out third place at $2.6bn.
“While economic pressures persist, these rankings highlight the strategic focus and adaptability of Australia’s leading builders,” said Ashleigh Pattison, director of project content, Asia-Pacific at Hubexo, BCI Central’s parent company. “There’s a clear shift toward high-value, complex builds – delivered at scale,” she said.
John Holland was hampered as it plunged to a $60m financial loss last year as contracting markets remained tough and big-ticket loss-making projects hurt its bottom line.
It had almost no new commencements in 2024 after a huge year for commencements and breaking ground for them on high value projects in 2023.
The company is among a slew of contractors to be hit by unprofitable projects from striking fixed price contracts that proved problematic as input costs soared in the wake of the pandemic.
Lendlease, which was ranked 14th in the previous year, when it had about $1.13bn of starts, also fell out of the top 20 as it began work on projects worth just $455m in 2024. The company is undergoing a major restructure after heavy losses offshore and it is refocusing on core operations locally, with less focus on low margin building work.
Builders spreading their bets
Altogether, the top 50 builders commenced more than $33.17bn in projects – down from $36.11bn in last year’s construction league, but still a strong contribution to national development.
“The league underscores construction’s vital role in driving employment, infrastructure and economic stability,” Hubexo president Ashleigh Porter said. “These firms continue to lead through uncertainty with innovation and delivery strength.”
She said that top construction groups were taking on a broader range of projects.
“In total, the top 10 builders secured nearly $18.6bn in new projects this year—but it’s not just the size of the pipeline that stands out. What’s more telling is how these firms are spreading their bets across sectors, strengthening their capabilities and actively diversifying to stay competitive,” Ms Porter said.
She added that builders were also helping to address the housing crisis. “Despite broader concerns around housing affordability and interest rates, the value of residential commencements for the top 10 builders more than doubled year-on-year among the top-performing firms. With over $4.5bn of new activity recorded in the residential sector, demand remains resilient and Australia’s leading builders are finding ways to move projects forward,” she said.
Despite a fall off in commercial starts, BCI believes this part of the industry also remains robust. “Total commercial commencements across the top 10 builders dipped to $3.8bn from $5.9bn in 2024’s construction league, the numbers hide a story of reinvention. Activity is consolidating around future-proof formats: mixed-use precincts, redeveloped office stock and flexible retail footprints that reflect a hybrid economy and changing consumer behaviour,” Ms Porter said.
Originally published as BESIX Watpac becomes Australia’s biggest builder as John Holland falls out of construction rankings
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