U.S. Machinery & Construction: EPC Contractors Rack & Stack: The Folks Building the AI Infrastructure

Research evidence excerpt

U.S. Machinery & Construction: EPC Contractors Rack & Stack: The Folks Building the AI Infrastructure

Equity Research

12 June 2026

U.S. Machinery & Construction

EPC Contractors Rack & Stack: The

Folks Building the AI Infrastructure

Market consolidation again with Top 25 share at ~43% vs U.S. Machinery & Construction

~37% 3 years ago and only ~7% away from prior peak. Data POSITIVE

center boom largely responsible for overall market growth U.S. Machinery & Construction

Adam Seiden, CFA

with telecom now 2nd largest sector. Private contractors still +1 212 526 2212

dominate with ~73% of overall share limiting investable adam.seiden@barclays.com

BCI, US

universe. Vraj Patel

+1 212 526 2773

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Machinery, vraj.patel1@barclays.com

Engineering, & Construction category: Vote 5 Stars for Barclays » BCI, US

Tyler Russell

Construction activity remains uneven with pockets of localized strength (data centers, +1 212 526 7584

power, transmission, gas/LNG) and weakness (general manufacturing and local non-resi). tyler.russell@barclays.com

This note reviews which companies are most levered to the “C” or construction in BCI, US

engineering, procurement, and construction (EPC). Investor sentiment toward these

Benjamin Falk

contractor names is more "A" than "C" in an AI world. We break out relative market share +1 212 526 9497

and profiles of the largest players to better size who the major contractors are and where they benjamin.falk@barclays.com

specialize. We cover Fluor and MasTec while Quanta Services (not covered) has been a favorite BCI, US

of the Street for a long time. AECOM and Jacobs have more limited construction exposure. The