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Granite Awarded First Phase of CMGC Contract in Alaska for Parks Highway Realignment

1. Granite awarded $54 million contract with Alaska DOT for road realignment. 2. Project to improve safety on Parks Highway, involving extensive earthwork and paving. 3. Construction begins in May 2025, completion expected by September 2027. 4. Granite utilizes innovative CMGC approach for efficient project execution.

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$8705/20 05:18 PM EDTEvent Start
$86.3205/21 11:54 PM EDTLatest Updated
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FAQ

Why Bullish?

The $54 million project boosts GVA's revenue and visibility in infrastructure. Historically, significant contracts often lead to stock appreciation.

How important is it?

The awarded contract signals growth potential and operational efficiency, crucial for investor confidence.

Why Long Term?

Long-term growth is anticipated as the contract spans several years, enhancing GVA's portfolio and future projects.

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WATSONVILLE, Calif.--(BUSINESS WIRE)--Granite (NYSE:GVA) has been awarded a Federally funded $54 million contract to build the first of two construction phases under a Construction Manager/General Contractor (CMGC) contract with the Alaska Department of Transportation and Public Facilities (DOT & PF). This phase of the project involves the realignment of the Parks Highway from milepost 319 to 322, aimed to reduce sharp corners and improve traffic safety. Major work activities include 2.5 million cubic yards of onsite earthwork, 25,000 tons of asphalt paving, and implementation of a full traffic diversion. The project leverages all facets of Granite's equipment fleet, including a portable crusher and hot plant. The estimated construction contract value for the remaining segment is approximately $35 million. “By employing the CMGC approach, the project team was able to identify and design a 'best for project' plan that ensures the most efficient use of funding,” said Ryan Moren, Granite Vice President of Regional Operations. “This project sets the standard for collaboration, teamwork and partnering through preconstruction, with DOT&PF, Michael Baker International (Designer), and Granite all actively contributing to an optimal design and successful contract award.” Construction began May 1, 2025, and is estimated to be completed by September 2027. About Granite Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram.

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