Get To Know Your Stock: Everus Construction Group
Before the company was known as Everus Construction Group, history would see it begin under a different banner. Tracing its roots all the way back to 1997, the company launched as the utility maintenance division of MDU Resources, officially known as MDU Construction Services. As the years passed, MDU Construction grew to become one of the nation’s largest specialty construction services companies – all from starting out fixing substations and utility poles. MDU Resources eventually made the decision to spin off this utility division so it could focus solely on its regulated energy delivery business. With the spinoff finalized in November in 2024, MDU Construction Services became the independent, publicly traded company that we now know as Everus Construction Group. Shareholders of MDU received one share of Everus for every four shares of MDU they owned.
Still headquartered in Bismarck, North Dakota, Everus Construction Group continues to specialize in mechanical construction and electrical transmission distribution. The company may have grown from a name specializing in electrical and mechanical construction but today offers an even larger array of industrial services. From design to delivery and installation, Everus earned its expertise participating in more than 1,000 renewable energy projects and countless other projects. The company has made its mark in Las Vegas a few times, having built the Las Vegas Sphere, Caesars Palace and the High Roller Observation Wheel. The largest project Everus has completed to date – The Fontainebleau Resort & Casino – contracted under subsidiaries Bombard Electric & Desert Fire Protection, is the second most expensive resort built in Las Vegas, clocking in at $3.7 billion to complete (that’s $1.4 billion more than the Vegas Sphere!).
The company isn’t all neon lights and dice-rolls, though; Everus has also helped build the Multnomah County Courthouse, the Cincinnati Union Terminal, sports arenas and stadiums from Nevada to Ohio, various power substations, hospitals, bridges and datacenters
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Everus currently manages 15 different companies under 20 different brands in electrical and mechanical markets. A few of the brands include Desert Fire Protection, ILB Electric, and Oregon Electrical Group, one of the largest electrical contracting companies in the Pacific Northwest. The company operates out of 70 offices in 43 different states and boasts over 9,000 employees.
Everus Construction Group continues to maintain a laser-focus on safety. The company is a founding member of the OSHA Electrical Transmission and Distribution Partnership. In addition to safety, the company aims to maintain a disciplined bidding process and cultivate its existing customer relationships. Its backlog has grown 38% year over year – a stellar performance and a strong contrast to the company’s humble beginnings.
As of February 2025