Granite Construction Bags $75M California Transportation Contract

Granite Construction Incorporated GVA has bagged a contract worth $72 million from the California Department of Transportation (Caltrans).

The contract is for building auxiliary lanes and bus-on-shoulder facilities on Highway 1 between Bay/Porter and State Park Drive in Capitola, California.

The project is funded by the Santa Cruz County Regional Transportation Commission (SCCRTC), with Local Measure D-Highway Corridor funds, Senate Bill 1 grants, and other SCCRTC discretionary funds.

The project will include concrete retaining walls, noise reduction measures, storm drains, a bicycle and pedestrian bridge, and reconstruction of a 165 ft long vehicle bridge adding bicycle and pedestrian features.

Granite will recycle about 12,000 tons of existing asphalt and concrete into recycled aggregates and utilize about 88,000 tons of subbase & base from its local aggregate and recycled aggregate plants.

The project is planned to begin in September 2023 and is expected to be completed in Q3 2025.

Price Action: GVA shares closed lower by 1.06% at $40.04 on Tuesday.