Ashtead said part of the reason it wants to move is to attract US investors.

Although the US construction industry has been affected by higher interest rates making borrowing more expensive, the firm expects the market for its services to strengthen as rates are cut.

Dan Coatsworth, investment analyst at AJ Bell, said there had been “rumblings” that the firm also wanted to make the move as a “justification to pay the top brass big money”.

He said Ashtead had been criticised over a proposed $14m (£11m) pay deal for chief executive Brendan Horgan which was deemed “excessive”.

“That might be the case for UK-listed companies, but not US-listed ones,” Coatsworth said.

He added incoming US President Donald Trump “favours American companies doing things for American people” – moving the listing would be “another tick in the box in its favour”.

Coatsworth said the next logical move would be to sell its remaining UK operations which are “tiny compared to the US business”.

But an Ashtead spokesman said the move would not affect investment plans in the UK.