Spain serves as a fertile ground for global construction players, yet it is no longer their primary focal point. Leading Spanish firms in the sector — ACS, Acciona, FCC, Sacyr, Ferrovial, OHLA, and Grupo San Jose — have steered growth abroad, with only 19.79% of their accumulated turnover in 2022 generated inside Spain (EUR 13,903.99 million out of a total of 70,270.6 million). The transfer of Ferrovial to the Netherlands underscores a broader pattern: major players increasingly base themselves outside the country, with about 80% of their turnover derived from international activities. This shift began in the 1970s and gained momentum following the 2008 real estate crisis. Many of these groups pursue franchise-like models across borders, prioritizing stability and profitability from global operations over pure domestic construction.
Although Spanish constructors carry prestige globally, they face fierce competition from Asian and other European peers. China ranks among the top global players, with state-owned enterprises reporting substantial revenues in 2021, including the China State Construction Engineering Corp at approximately USD 293,194 million and the Power Construction Corp of China at around USD 69,601 million. Even so, Vinci surpasses ACS with a turnover of USD 58,437 million in the same period.
The world’s largest Spanish construction company often cited, Florentino Pérez’s group, ranks among the top ten globally with a 2022 turnover of EUR 33,615 million, of which only EUR 3,025.35 million occurred within Spain. The United States remains its primary market, generating about 56% of sales, followed by Australia at 19%. Canada accounts for 6% and Germany 3% of activity. In Spain, sales represent about 9% of total revenue (EUR 3,025.35 million). The company’s service sector dominates with about 89% of sales, while 11% comes from other European markets. Its concessions division, including Abertis and Iridium, helps boost EBITDA through projects in France, Mexico, and Chile. For Abertis, duties include managing the Autopista Central and the AP-7 concession in Santiago de Chile.
In the rail sector, the company has moved its leadership to the Netherlands while sustaining only around 18% of its 2022 sales in Spain (about EUR 1,359.18 million out of EUR 7,551 million). The majority of revenue stems from the United States and Canada (36%), with the United Kingdom at 21%, Poland 11%, and other markets making up the rest. Cintra, its subsidiary, plays a key role in North American franchises. Notable assets include four British airports (Heatrow, Glasgow, Aberdeen, and Southampton) and the LBJ Freeway in Dallas, Texas.
Acciona remains the second-largest contributor to Spain’s turnover, accounting for 17%, with significant activity in Australia (34%). Under the leadership of José Manuel Entrecanales, the firm invoiced EUR 1,903.15 million, up from EUR 11,195 million in 2022. Much of its revenue arises from Latin America. Sacyr contributed EUR 5,852 million in 2023, representing 5% of total turnover, with 80% of its business in concessions, 14% in infrastructure, and 6% in services. OHLA’s turnover is 29.4% Spain-based, about EUR 958.35 million of a EUR 3,259.7 million total, with the rest coming from Europe, North America, and Latin America. Its concessions include the A-30 Highway in Canada and the Álvaro Cunqueiro Hospital in Vigo.
The remaining two firms focus more on the domestic market. FCC earns 55.4% of its revenue in Spain (EUR 4,268.96 million of EUR 7,705.7 million), with notable activity in the United Kingdom (13.6%), the Americas (9.9%), and the Middle East and Africa (4.7%). The group has a strong emphasis on the environmental sector, and construction accounts for only about 9.4% of its revenue. Grupo San Jose concentrates 84% of its order book in Spain (EUR 2,081 million), with construction representing roughly 88.7% of activity. In the UK, FCC Concesiones manages portions of the Barcelona metro and the Mersey Bridge, while Grupo San Jose holds concessions for projects such as the Louvre Abu Dhabi and a resort in Cape Verde.
More concessions from construction
Ovidio Turrado, a KPMG Infrastructure partner in Spain, notes that the Spanish market’s small share of total construction revenue reflects a strategic move toward international markets rather than a withdrawal from Spain. Exits from the Spanish market began in the latter part of the 1970s, prompted by the oil crisis and economic shifts. Public works contracts dropped significantly as the country restructured.
Carlos Fernández, technical director at Cype, explains that the strongest players reduced their national bidding. This pushed several firms, including Dragados, to design projects abroad, such as in Iraq. Typsa also faced the challenge and recalls tough years when surviving in Spain was nearly impossible. The 1990s intensified the trend, and by the late 2000s, international revenue often exceeded local revenue.
The new century saw a surge in franchise-like strategies, particularly after the 2008 financial crisis. Building groups used concessions to diversify revenue streams, achieving greater stability and profitability than pure construction work and lowering exposure to public project cycles. As one industry observer notes, concession ventures have produced sizable margins and have enabled Spanish firms to enter mature markets like the United States and Australia.
Yet Spain’s market alone cannot sustain the scale of revenue these companies generate. Authorities have considered allocating funds for investments that include public works, but current figures are insufficient to support the large teams and equipment these firms deploy. Analysts argue that activity within Spain has declined markedly over the past 15 years, making international markets, especially North America, Latin America, and Australia, more critical for ongoing construction and concessions activity.