Granite Secures $40 Million Project on State Highway 288 Including New Overpass in Houston, Texas

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $40 million contract for enhancements to State Highway 288 in the Houston Metro Area. This project aims to improve connectivity and access to the Texas Medical Center, funded by TxDOT. The initial phase spans 1 mile and includes a new overpass and additional lanes, benefiting commuters by reducing congestion. The project will begin in Q4 2022 and is set for completion in early 2024. This contract marks the first in a series of four planned improvements for the SH 288 corridor.

Positive

• Awarded a $40 million contract for SH 288 improvements.
• The project aims to enhance connectivity and access in the Houston Metro Area.
• First of a series of four projects, indicating potential for future contracts.
• Expected to improve daily commuting experiences by reducing congestion.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) announced today that it has been awarded an approximately $40 million dollar contract for improvements to State Highway 288 in the Houston Metro Area. The project will increase connectivity on the south side of the Houston metro area and improve access to the Texas Medical Center. The contract was awarded by and will be funded by the TxDOT. The award is anticipated to be included in Granite’s third quarter CAP.

This contract is the first in a series of four projects to improve the SH 288 corridor. The first phase of the project covers 1 mile of SH 288; consisting of a new overpass along the highway, frontage roads, and four main lanes which will improve access into Houston for the communities using County Road 48. Granite will work with approximately 250,000 cubic yards for embankments, and another 50,000 cubic yards during excavation.

“This project will reduce congestion on SH 288 and will improve the daily lives of commuters in the Houston metro area,” said Domingo Gonzalez, Granite project executive. “In addition, this win bolsters the Texas Region’s strategy to expand Granite’s home market presence in Houston. We have a great relationship with the subcontractor and supplier communities in the area and this project will improve Granite’s strategic position to pursue the additional contracts in TxDOT’s upcoming bid lettings later this summer."

The project is anticipated to begin in Q4 2022 and expected to be completed in early 2024.

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, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005210/en/

Media

Erin Kuhlman - 831-768-4111



Investors

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Source: Granite

FAQ

What is the recent contract awarded to Granite (GVA)?

Granite has been awarded a $40 million contract for improvements to State Highway 288 in the Houston Metro Area.

How will the SH 288 project benefit the Houston area?

The project will enhance connectivity and improve access to the Texas Medical Center, reducing congestion for commuters.

When is the SH 288 project expected to begin and end?

The project is anticipated to begin in Q4 2022 and is expected to be completed in early 2024.

What is the significance of this contract for Granite (GVA)?

This contract strengthens Granite's market presence in Houston and is the first among four planned projects.