Construction Players
The incumbents, systemizers, and protocol builders reshaping how we build.
The Transformation
Construction is transitioning from fragmented, owner-dependent operations to systemized, technology-enabled building. Understanding who wins and loses:
| Player Type | Current Position | 2028 Position | Opportunity |
|---|---|---|---|
| Systemized builders | Top quartile margin | Market leaders | High |
| Ad-hoc builders | Majority, low margin | Squeezed out | Declining |
| ConTech platforms | Growing fast | Infrastructure layer | High |
| Industry coaches | Niche | Essential | Growing |
| DePIN protocols | Absent in construction | Emerging | Greenfield |
| Trades/Subcontractors | Fragmented | Credential-portable | Transforming |
Traditional Players
Builders (by Systemization Level)
| Level | Characteristics | Revenue | Net Margin | Owner Hours |
|---|---|---|---|---|
| Ad-hoc | Owner does everything, no documented processes | Under $2.5M | 2-3% | 60+ |
| Partially systemized | Some SOPs, basic financial tracking | $2.5-5M | 5-6% | 50 |
| Systemized | Full process documentation, delegation, KPIs | $3.9M+ | 10-15% | 40-45 |
| System architect | Business runs without owner, exception-based management | $5M+ | 15%+ | Under 40 |
The SORCI gap: Systemized builders earn $490K/year owner returns vs $235K for non-systemized. Same industry, same hours, double the income. The difference is systems.
General Contractors
| Aspect | Current State | Systemized State |
|---|---|---|
| Function | Coordinate trades, manage clients | Operate documented systems |
| Margins | 12-16% gross, 5-6% net | 30%+ gross, 10-15% net |
| Bottleneck | Owner is single point of failure | Exception reporting only |
| Moat | Relationships, reputation | Systems + reputation + data |
Subcontractors / Trades
| Trade Category | Key Trades | Typical Challenge |
|---|---|---|
| Site preparation | Excavators, surveyors | Weather dependency |
| Structural | Concrete, carpentry, steel, masonry | Scheduling coordination |
| Building systems | Electrical, plumbing, HVAC | Code compliance, inspections |
| Finishing | Paint, tile, flooring, drywall | Quality consistency |
| Specialty | Roofing, insulation, glazing, landscape | Availability, booking lead times |
The credential gap: No standardized, portable system for verifying trade credentials across projects, companies, or regions. Paper-based, phone-reference world.
Trade Directory
Buying and Selling: Analyst, Appraiser, Agent, Building Inspector, Commercial Broker, Director of Real Estate, Home Inspector, Loan Underwriter, Mortgage Specialist, Real Estate Attorney
Design and Planning: Architects, Civil Engineers, MEP Engineers
Site Preparation: Excavators, Surveyors
Structural Work: Concrete Workers, Carpenters, Steelworkers, Masons
Building Systems: Electricians, Plumbers, HVAC Technicians
Finishing Trades: Painters, Tilers, Flooring Installers, Drywall Installers
Specialty Trades: Roofers, Insulators, Glaziers, Landscapers
Project Management: Construction Managers, Quantity Surveyors, Health and Safety Managers
Support: Labourers, Equipment Operators
Innovators
How can tokenization, fractionalization, and decentralized tech make the property development cycle more efficient?
- Boxabl — Modular housing
- See Real Estate Tokenization for more
Technology Players
ConTech Platforms
| Company | Category | Scale | Competitive Position |
|---|---|---|---|
| Procore | Project management | $1B+ ARR, 94% retention | Category leader, expanding into AI |
| Autodesk | BIM/Design | Market dominant | Government mandate tailwinds |
| Trimble | Positioning/construction | Enterprise | Hardware + software integration |
| EquipmentShare | Equipment rental + tech | 373 locations, $6B IPO pending | T3 platform, DePIN-adjacent model |
| Buildertrend | Residential PM | Growing | SMB focus, accessible pricing |
| Buildots | AI progress tracking | Growing | Computer vision + BIM comparison |
| OpenSpace | Visual intelligence | Growing | 360 cameras + AI + drone integration |
Industry Bodies
| Organization | Focus | Value to Builders |
|---|---|---|
| APB (Association of Professional Builders) | Systemization coaching | SORCI benchmarks, peer groups, proven methodology |
| NAHB (National Association of Home Builders) | Policy, advocacy | 140K+ members, market data, lobbying |
| AGC (Associated General Contractors) | General contractors | 27K+ firms, standards, training |
| ASA (American Subcontractors Association) | Subcontractors | Advocacy, education, networking |
Sustainability Players
| Company | Focus | Construction Relevance |
|---|---|---|
| Tvinn Solutions | BIM + material reuse | Circular economy in construction |
| One Click LCA | Lifecycle carbon assessment | 2028 mandate compliance |
| Cubi Casa | Floor plan digitization | Property data oracles |
DePIN Opportunity
No major DePIN protocol targets construction specifically. This is greenfield.
Where DePIN Could Enter
| Domain | Current Solution | DePIN Enhancement | Market Size |
|---|---|---|---|
| Equipment | EquipmentShare (centralized) | Tokenized usage, trustless sharing | $171B rental market |
| Materials | Paper COCs, spreadsheets | On-chain provenance, carbon passports | Driven by $619B green building |
| Credentials | Manual verification | Portable on-chain work history | 439K worker gap creates urgency |
| Safety | Paper inspections | Immutable IoT-verified records | Regulatory compliance driver |
| Carbon | Self-reported estimates | Verified on-chain credits | 2028 mandate forcing function |
Why Construction DePIN Hasn't Happened Yet
| Barrier | Explanation |
|---|---|
| Low digitalization | Second-least digitalized industry. Hard to add blockchain when basic software isn't adopted |
| Fragmentation | Millions of small firms, no coordination layer |
| Traditional culture | "We've always done it this way" resistance |
| Unclear ROI | Benefits abstract until regulatory mandates force compliance |
| No protocol champion | No Helium equivalent for construction |
What Would Change This
| Catalyst | Timeline | Impact |
|---|---|---|
| 2028 carbon mandate | 2 years | Forces material tracking infrastructure |
| EquipmentShare IPO success | 2026 | Validates equipment-as-service model |
| AI adoption accelerates | Now | Creates data layer DePIN can build on |
| Labor crisis deepens | Now | Forces credential portability |
| Insurance pricing | 1-3 years | Verifiable safety records lower premiums |
Human/AI Split
| Function | Current AI % | 2028 AI % | Human Edge |
|---|---|---|---|
| Estimating | 15% | 50% | Local knowledge, relationships |
| Scheduling | 20% | 60% | Trade availability, weather judgment |
| Progress tracking | 25% | 70% | Physical inspection, quality judgment |
| Safety monitoring | 10% | 40% | Hazard recognition in novel situations |
| Financial reporting | 30% | 65% | Judgment on margin actions |
| Client communication | 10% | 25% | Relationship management, trust |
| Trade coordination | 5% | 30% | Local network, negotiation |
| Physical building | 2% | 10% | Craft skill, problem solving on site |
The pattern: Back office and monitoring go to AI. Physical work, relationships, and judgment stay human. The builder's job shifts from doing to designing systems.
Investment Thesis
| Player Type | Thesis | Risk |
|---|---|---|
| ConTech SaaS | Picks and shovels for construction's digital transformation | Already competitive, winner-take-most |
| Systemization coaching | APB model works, massive TAM of unsystemized builders | Labor-intensive, hard to scale |
| Equipment-as-service | EquipmentShare model + tokenization | Execution, fleet management complexity |
| Material provenance | 2028 carbon mandate creates demand | Adoption timeline uncertain |
| Builder KPI tools | SORCI proves the gap, software fills it | SMB SaaS churn |
| Ad-hoc builders | Avoid | Margin compression, no moat |
Context
- Protocols — What these players execute
- Platform — Technology they use
- Work Charts — Human/AI split methodology
- Real Estate — Adjacent industry
- Property Development — Development cycle