Residential Building Construction

Businesses and organizations in the Residential Building Construction industry (NAICS code 2361, part of the Construction sector) received 317,667 PPP loans totaling $12.98B during the COVID-19 pandemic.

The average loan for this industry was $40,852 — below the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

89.0% of loans in this industry were forgiven — totaling $12.05B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include ADAM'S EUROPEAN CONTRACTING INC. of BROOKLYN, NY ($10,000,000); TRADEMARK CONSTRUCTION CO., INC. of SAN DIEGO, CA ($9,313,600); and WEST SHORE HOME LLC of MECHANICSBURG, PA ($9,275,100).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Construction sector — building construction, heavy and civil engineering construction, and specialty trade contractors. — businesses in NAICS 2361 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.