All right, I think we'll get started. Good morning, everyone. What an exciting day! It's an exciting day for our company and our company's history to hear more about Everus and its future as a standalone company. Of course, we will be making forward-looking statements. They are available on our website after the event. The agenda for today will include a series of prepared remarks, followed by a Q&A session, so we do ask that you hold your questions until the end. Today's event is a landmark milestone towards Everus becoming an independent, publicly traded company, and in fulfilling MDU Resources' strategy to become a pure-play energy delivery business. We believe this spin-off, which will be effective October thirty-first, sets both companies up for success and long-term value creation.
The board and I are fully confident in Everus' position to successfully operate as a standalone public company. We believe this spin-off will unlock inherent value in both MDU Resources and Everus, each of which have unique growth prospects and investment opportunities. The separation will allow Everus to realize a sharper strategic focus, more tailored capital structure and capital allocation strategies, unique growth prospects, and distinct investment opportunities. Over the past three decades, Everus has built a solid foundation, becoming a leading provider of specialty construction services in the United States, with a national platform and market-leading local brands. Building off that strong foundation, Everus' focused strategy and execution are designed to create long-term value as an independent, publicly traded company. You will hear more about this throughout the day.
Everus' capital structure and capital allocation framework are fully aligned to deliver that strategy with the flexibility to deploy capital into attractive growth opportunities. Today, you will hear more about the multiple levers that the company has to drive profitable growth and create long-term value for its shareholders. As an independent company, Everus will also have a dedicated and experienced board of directors with a highly qualified executive leadership team, who are committed to the company's strategy and to achieving its long-term potential. Everus' board of directors includes seven highly qualified individuals with unique backgrounds, experience, and skills, who will help provide Everus' strategy into its next phase of growth. The board makeup ensures both continuity as well as fresh perspective with Chair Dale Rosenthal, Mike Della Rocca, Ed Ryan, and David Sparby, transitioning from the board of MDU Resources, and Clark Wood and Betty Wyen joining as new members.
Everus' President and CEO, Jeff Thiede, will be the only non-independent director. With their deep industry and public company experience, the board is well positioned to guide Everus' long-term strategy and execution. Everus is a people-first business with a strong culture of safety and integrity, and it starts at the top. The company has one of the most experienced, talented, and dedicated executive leadership teams in the industry, many of whom I have had the privilege of working with over the past several years. Across Everus, from those out in the field all the way up to the top with Jeff Thiede as CEO, there is a remarkable level of drive, determination, and deep expertise. Today, you will hear more about the outstanding team at Everus and all that they are capable of accomplishing.
You will hear from the CEO, Jeff Thiede, the COO, Tom Nosbusch, and the CFO, Max Marcy, who are all talented and tested leaders. Jeff and Tom have both had very successful careers with Everus for more than 20 years in various leadership roles in different areas of the company. Jeff has led Everus through a period of significant growth as its president since 2012. In fact, during his leadership, earnings for this business have grown from $38 million in 2012 to $137 million last year. That is phenomenal growth. It has been an honor and a privilege to work alongside both Jeff and Tom throughout my career at this company. Max joined Everus earlier this year and has more than two decades of public company experience and extremely strong financial acumen.
Among his prior roles, Max was Vice President and Business Unit CFO of the Engineering Adhesive segment of H.B. Fuller. I am confident that Everus is strongly positioned for its next phase of growth and value creation as an independent public company. Thank you all again for joining us, and with that, I'd like to turn the presentation over to my-
... Thank you, Nicole. Really appreciate the warm welcome and your great leadership. MDU Resources has been a great partner for Everus as we've created the foundation to become an independent company. I echo Nicole's thanks to all of you for joining us here today to hear more about our company, Everus. This is such an exciting time for us as we embark upon our next chapter as a standalone company. As Nicole said, I'm Everus's President and CEO, Jeff Thiede. I am proud to be a third-generation electrician. My grandfather was a line worker and an electrician, and my father was also an electrician and the president of an electrical company. I'm humbled to carry on my family legacy and the legacy of those who came before me at Everus.
It has been my greatest honor to lead this company as it has scaled to be one of the nation's largest construction services providers. Since I joined Everus twenty years ago, it has grown from an annual revenue of $400 million to more than $2.7 billion, and we've accomplished that growth in an incredibly disciplined manner. Today, we are a top 10 specialty construction solutions provider with over 9,000 highly skilled employees at peak across the United States. We have differentiated capabilities across complex projects of all sizes. We have a repeatable execution playbook and a disciplined capital allocation strategy to deliver sustained growth and create long-term value. Our mission is foundational to who we are as a company. We are safely building America's future as an industry-leading construction services provider while achieving sustained growth.
Our values at Everus are integrity, safety, respect, and teamwork, and they are deeply embedded throughout our company. They guide the way we operate in ensuring we provide high-quality outcomes for customers, employees, and shareholders. We have an excellent, highly skilled team with deep industry expertise and a track record of success. Joining me today in our presentation, our Chief Operating Officer, Tom Nosbusch, and Chief Financial Officer and Treasurer, Max Marcy. Also here with us, our Chief Accounting Officer, John Hunke, Vice President of Human Resources, Brittany Hendricks, and Chief Legal Officer, Paul Sanderson. Rounding out the rest of our executive leadership team are Ray Kelly and Jason Behring. I have the utmost confidence that this team, along with our highly experienced operating brand presidents and other key personnel, will lead Everus to continued long-term success.
Everus is one of the country's largest specialty construction services providers, with a national platform of 20 market-leading local brands positioned across the United States. We had more than 9,000 highly skilled team members at peak last year, with 82% represented by unions, where we have very strong relationships. Our highly skilled team, strong brands, and disciplined execution are all competitive advantages that enable us to execute on complex projects across our two segments, electrical and mechanical, or E&M, and transmission and distribution, T&D. We have an established track record of delivering consistent, high-quality outcomes for our customers, resulting in strong growth. We generated $2.7 billion in revenue over the last twelve months, achieving a compounded annual revenue growth rate of 9% from 2019 through June 30, 2024.
Our backlog has grown by 18% over the same time period and was at an all-time record of $2.4 billion as of June 30th. Over the next several minutes, I will dive into our revenue drivers, including our two business segments, diverse end markets, and our high volume of projects across more than 3,700 customers. This will illustrate the diversity of our business, which we believe positions us for sustained growth and resiliency across cycles. Let me give you a little more detail about our E&M and T&D segments. Our E&M segment provides construction and maintenance of electrical and communications wiring, fire suppression systems, and mechanical piping and services.
We serve general contractors and end-use customers, and we are seeing increasing demand for these services, driven by secular tailwinds for infrastructure development, data centers, reshoring of manufacturing, as well as expansions and upgrades to facilities in commercial, industrial, institutional, and renewable end markets. When you walk through the Kansas City International Airport or Portland International Airport, the Fontainebleau Las Vegas Resort, or the Fredericksburg VA Hospital, you see tangible examples of the services that we provide. Our highly skilled team members are the people behind the conduit, wires, light fixtures, the low-voltage systems in data centers, hospitality and entertainment venues, and healthcare and higher education facilities. We focus on high-growth end markets where we have deep expertise and excel at providing diverse services.... We have seen strong growth in E&M, with revenue increasing at 9% CAGR since 2019.
We have proven our ability to deliver in a dynamic macroeconomic environment and are strongly positioned to benefit from growth opportunities going forward. Our T&D segment specializes in constructing and maintaining overhead and underground electrical, gas, and communication infrastructure, and is primarily focused on serving utilities and local municipalities. We primarily serve utility customers in the West and Midwest, but also provide emergency repair services in other parts of the country when needed following weather events. In fact, we have approximately 250 team members working on restoring power in the Southeast that was recently ravaged by hurricanes. We are grateful for the opportunity to provide restorative repair services throughout our T&D business to help those in need. Our T&D services are increasingly important as aging infrastructure across the country needs to be replaced.
Initiatives to modernize the electric grid are gaining momentum, too, because of the uptick in electricity demand for data centers and AI computing. This gives us significant growth opportunities. With utility CapEx budgets increasing, we see our T&D business continue to grow well into the future. Our success across both our T&D and E&M segments is made possible through our market-leading local brands that are strategically positioned in high-growth geographic areas and are supported by our scaled national platform. Across our national platform, we have strong relationships with customers, our workforce, and labor unions. Our healthy relationships with labor unions give us consistent access to high-quality team members so we can readily scale to meet our project demands.
We also use our national platform to develop, to share, and implement best practices, skills, and knowledge across our operating brands to ensure that our proven, repeatable playbook can be executed wherever and on whatever project we're called upon to perform. Our platform enables us to leverage our customer relationships and skills across our two segments. For example, the large data center customer, they had us perform E&M work on their facility. They also hired us on the T&D side to perform the work on an associated substation. Our scale also allows us to invest in our building information modeling and prefabrication resources, which Tom will talk more about. This gives us a competitive advantage on complex projects. Through our two business segments, we serve diverse and attractive end markets.
Our commercial work includes data centers, which I'll talk a little bit more about shortly, as well as hospitality and entertainment, such as Fontainebleau Resort and The Sphere in Las Vegas, and other commercial structures. Our utility-related work is best in class. 58% of our T&D revenue comes from master service agreements, providing visible and recurring work. The industrial market for us includes high-tech facilities, such as semiconductor manufacturing, as well as renovations and installations at refineries, water treatment plants, and other complex facilities. Within our institutional market, projects include new construction, as well as renovations and expansions of education and government facilities, including universities and courthouses. We also perform work at airports. Examples include the new modern terminals in Kansas City and Portland that I mentioned earlier. Our services business includes recurring and routine maintenance work, as well as emergency response work.
This type of work helps us develop long-term relationships with our customers. We also serve the renewable energy and transportation markets and are excited about the growth opportunities in those areas. Our ability to serve multiple end markets provides business resiliency across cycles and positions us for sustained long-term growth. Now that we've spent a few minutes on what we do and how we are well positioned for the future, let me give you a little history on how we got to where we are today. We are built on a strong foundation that started twenty-seven years ago when MDU entered the construction services business by acquiring a power line construction company. In two thousand and one, we expanded into the electrical and mechanical area through an acquisition. Since then, we have grown Everus both organically and through acquisitions of strong local brands.
In total, we've acquired and successfully integrated more than twenty companies, forming the foundation of Everus' national platform. As our business has grown, we have strengthened our people-first culture with a focus on safety, while systematically sharing best practices across our local brands to develop a proven, repeatable playbook. Our focus on operational excellence and bidding discipline has ensured strong, profitable growth and business resilience. Everus is scaled for success, and we're built for growth, bringing us to where we are today... one of the nation's top 10 largest specialty contractors, ready to stand on our own as an independent, publicly traded company. We are extremely excited about our future and are confident in our ability to capitalize on our strong industry position and future growth prospects to create long-term value.
We believe by the end of the presentation today, you will share in our excitement and optimism about Everus's future, because Everus is strongly positioned to benefit from a diverse set of secular growth megatrends, such as data centers and grid modernization. We have a seasoned leadership team with a proven track record, and we are fully committed to executing on our Forever Strategy for operational excellence, disciplined growth, and long-term value creation. We have a scaled national platform with market-leading local brands. We leverage our scale to deploy our proven, repeatable playbook that utilizes best practices across our operations. We are a people-first business. We've set an industry standard of high-quality training, development, retention, and safety programs. Our ability to attract, retain, and mobilize a highly skilled workforce makes us a go-to partner across complex projects of any size and across diverse end markets and diverse geographies.
While we are a capital-light business, we will continue to be disciplined in how we allocate our capital, balancing the high return growth investments while maintaining a strong balance sheet that gives us strategic flexibility. Our foundation, scale, and disciplined approach to executing on our proven, repeatable playbook, have positioned us for sustained, profitable growth and value creation. Our Forever Strategy is designed to continue building upon our foundation, which has generated strong growth over the past decade. We believe we are well positioned to deliver sustained and profitable growth. We expect to generate long-term organic revenue growth of 5-7% on a compounded annual basis, and EBITDA growth of 7-9% on a compounded annual basis. Max will provide more details later in the presentation on our financial expectations.
Helping us deliver on our financial targets is our Forever Strategy for sustained growth and value creation. This consists of our employees, where we attract, retain, and train an industry-best workforce. Long-term value creation. We grow shareholder value by continuing to add value for our customers. Execution. We will continue to deliver top-quality results through safe, exacting, and precise execution. Relationships. We will continue to enhance our existing long-term relationships while growing new ones. Let me go through each aspect in detail. Our Forever Strategy starts with E for our employees. They are critical to ensuring successful outcomes for our customers and creating long-term value for our shareholders. Our highly skilled team brings extensive experience to every project, ensuring consistent, top-quality results for our customers. Our executive team, on average, has a tenure of 28 years with Everus and its operating companies.
This extensive experience helps us maintain our disciplined approach to growth and execution across our entire platform. Our focus on training and retaining our workforce also ensures that we have the expertise to execute on our project playbook. For example, our general foremen have an average tenure of about eleven years, ensuring consistent project execution and outcomes. Our extensive training program ensures that we constantly maintain, grow, and share our skills across our national platform, and our strong union relationships, representing 82% of our workforce, ensures that we have access to highly skilled and scalable workforce as we grow. The second E in our Forever Strategy is execution. Tom will go into greater detail on our proven, repeatable project playbook, but I wanna highlight a handful of our processes that enable us to provide consistent, top-quality execution. First, we bid with discipline, leveraging platform-wide lessons learned and best practices.
We focus on complex projects where we can maximize the value of our differentiated capabilities and our very highly skilled team. Our pre-construction, design-assist, and planning processes create greater project efficiency. We partner early with our customers, which helps us identify and solve potential issues before commencing work. Our rigorous pre-construction approach results in accurate bidding, which is crucial to ensuring margin resilience, as we've demonstrated over the past two decades. During our construction phase, we deploy our well-tested execution playbook that ensures consistent, top-quality outcomes. Our playbook includes our rigorous standards for job site safety, and our industry-leading safety record is a testament to our employees' commitment each day to our high standards. We have a robust communication process that ensures project stakeholders are informed, aligned, and we systematically share best practices across our brands. Communication is a key to our customer satisfaction and long-term relationships.
Finally, in post-construction, we prioritize customer relationships. Keeping detailed records of each system we install positions us to anticipate and win follow-up service work, ensuring long-term customer relationships, and relationships is the R in our Forever Strategy. Our high-quality execution on complex projects for marquee customers ensures repeat business. We are very committed to building and maintaining these long-term relationships. We have partnered with our top customers for an average of more than thirty years, with some of the relationships predating our acquisition of the local operating brand. These long-tenured relationships prove that our highly capable team provides long-term added value through safe, top-quality project execution. Our customers view us as a trusted partner, and they choose Everus because of our distinguished safety record, our differentiated capabilities, and our proven execution on very complex projects.
Our Forever Strategy is designed for sustained growth, and our diverse opportunities provide us with multiple levers to grow our company. We have a strong track record of growing with our customers, as we are well-positioned to continue doing so through strong relationships. Tom's gonna share a couple of those examples during his presentation. Another way we grow with customers is through satellite projects. When we've successfully executed on a complex project in one geographic location, our customers have asked us to perform the same or similar work in another location. Because we have a national platform with local operating brands across the country, we can readily transfer our capabilities to another area and utilize our proven, repeatable playbook to efficiently execute the work. This expands our geographic footprint. We are also well-positioned to continue growing and gaining market share across high growth end markets.