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Australia's largest construction firms are de-risking their operations with a focus on quality over quantity, according to the latest Hubexo Construction League rankings which reveal they started 722 projects worth a combined $43.9 billion over the past year, a 32 per cent surge in total value despite project numbers holding broadly flat.
The annual ranking, which tracks new project commencements by the country's top 50 builders, reveals a market increasingly defined by fewer but larger and more complex builds.
The top 10 firms alone accounted for $22.9 billion in new starts, even as the cohort broke ground on 15 per cent fewer projects year-on-year.
Melbourne-based Kapitol Group claimed the number one position for the first time, commencing 17 projects worth $3.5 billion.
Sydney-headquartered Lendlease climbed to second with nine projects valued at $3.3 billion, while Built rounded out the top three with 69 projects worth $2.8 billion - its third consecutive top-three finish and by far the highest project count among the leading firms.
CPB Contractors placed fourth with $2.5 billion in starts, followed by Icon at $2.3 billion.
Gold Coast-headquartered ADCO Constructions and Brisbane-based Hutchinson Builders both secured top-10 finishes for the fifth consecutive year, underscoring the consistency of two of Australia's largest privately held builders.
Deicorp returned to the top 10 after dropping out of the tier in the prior year's ranking.
The most active builders in the list are Built with 69 projects worth $2.9 billion in 2025, followed by Hutchinson Builders with 68 projects ($1.85 billion) and Mainbrace Constructions with 66 projects ($596.6 million).
The findings point to a structural shift in the development pipeline.
While the number of projects commenced by the top 50 was comparable to the prior year, the average value per project climbed sharply, reflecting a concentration of capital into large-scale residential, mixed-use and infrastructure developments.
Ashleigh Porter, president APAC at Hubexo, says the data shows the market has shifted from "high-volume volatility toward an era of disciplined selectivity".
"The industry has faced a permanent structural shift: heightened cost of delivery driven by persistent inflation and global supply chain friction," says Porter.
"Amidst chronic labour deficits and tightening regulatory oversight, the sector is becoming leaner and more resilient.
"Leading firms are trading traditional, high-risk procurement for data-led precision and technological maturity."
The prior year's Construction League reported the top 50 commenced $33.1 billion in new projects, itself a slight decline from the $36.1 billion recorded the year before that.
The latest 32 per cent jump to $43.9 billion represents the sharpest year-on-year increase in the ranking's recent history and suggests builders are winning - and choosing to pursue - materially larger mandates.
"These rankings highlight more than operational strength and investment capability," says Porter.
"They underscore the sector’s ability to evolve in response to shifting economic pressures.
"Supported by an increasing focus on technically demanding, higher-value developments, the industry is well placed to sustain its key role in shaping Australia’s built environment in the years ahead."
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