Granite Construction Furthers Richardson Highway Rehabilitation Project in Alaska

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $20 million contract from the Alaska Department of Transportation to rehabilitate a 10-mile section of the Richardson Highway north of Glennallen, AK. Funded by the Federal Highway Administration, the project includes realignment, drainage, intersection upgrades, and guardrail installation, set to commence in May 2023 and conclude by December 2023. This initiative complements an existing Granite project in the region, optimizing resource utilization and enhancing the company's operational portfolio.

Positive

• Awarded $20 million contract enhancing revenue potential.
• Project complements existing work, maximizing resource efficiency.
• Expected to provide full-season work for crews in 2023.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) has been awarded an approximately $20 million contract by the Alaska Department of Transportation (ADOT) to rehabilitate a 10-mile section of Richardson Highway north of Glennallen, AK. The project will be funded by the Federal Highway Administration (FHWA) and will be included in Granite’s 2023 first-quarter CAP.

Under the project, Granite will restore Richardson Hwy from milepost 128 to 138, including realignment at MP 134, drainage improvements, intersection improvements, and the installation of a guardrail along the 10-mile stretch of the highway. This project is complementary to an existing Granite project on the Richardson Highway from milepost 40 to 51, allowing Granite to use the portable plant already operating in the area to produce 30,000 tons of hot mix asphalt (HMA) to complete this project.

"We are thrilled to expand and enhance our relationship with the Northern Region of Alaska DOT by undertaking another project on the Richardson Hwy,” said Granite VP of Regional Operations, Derek Betts. “This provides a full season of work for our crews on this highway corridor in 2023. We are eager to make the most of our resources while delivering a high-quality product to the DOT and the surrounding communities."

The project will begin in May 2023 and is expected to be completed by December 2023.

About Granite

Granite is America’s Infrastructure Company™. Incorporated in 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 provider in the transportation, water infrastructure, and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its more than 6,000 employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for ten consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

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Media

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Source: Granite

FAQ

What is the value of the contract awarded to Granite (GVA) by the Alaska Department of Transportation?

Granite (GVA) was awarded a $20 million contract.

When is the construction project on the Richardson Highway expected to begin and end?

The project is set to begin in May 2023 and is expected to be completed by December 2023.

What improvements will be made to the Richardson Highway under the new contract?

Improvements include realignment, drainage enhancements, intersection improvements, and guardrail installation.

How does this new project benefit Granite’s operational efficiency?

The new project complements an existing contract, allowing Granite to utilize a portable plant for asphalt production.