Safety and Mobility Improvement Project nets Granite Approximately $46 Million Contract

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $46 million contract from the California Department of Transportation (Caltrans) to enhance safety on U.S. Highway 101 in Humboldt County. Funded by the Federal Highway Administration, this project includes constructing the new Indianola Interchange, aimed at improving motorist mobility by eliminating a T-intersection on the vital route between Arcata and Eureka. The construction will start in Spring 2023 and is expected to complete by 2025, featuring innovative solutions for challenging conditions.

Positive

• Awarded a significant contract worth $46 million, enhancing company revenues.
• Project aligns with Granite's strategic growth plan in the Humboldt County market.
• Improvements to U.S. Highway 101 contribute to long-term infrastructure development.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) has been awarded an approximately $46 million contract by the California Department of Transportation (Caltrans) to improve safety and mobility along U.S. Highway 101 in Humboldt County, California. The project will be funded by the Federal Highway Administration (FHWA) and was included in Granite’s fourth quarter 2022 CAP.

Granite's California region team sets its sights on the stunning coast of Humboldt County, where the redwoods meet the sea. (Photo: Business Wire)

Granite’s work will enhance the safety and mobility of motorists by constructing the all-new Indianola Interchange on U.S. Highway 101, effectively eliminating a T-intersection along the primary route between Arcata and Eureka. The project will include a column-stabilized embankment with over 5,000 columns averaging 65 feet deep, 42,000 cubic-yards of cement-treated load transfer platform, and 24,000 cubic yards of lightweight foam fill to support the new roadway.

“This project includes several unique construction features to address challenging subsurface conditions and completion will result in safer passage along this stretch of highway,” said Granite VP of Regional Operations, Brent Fogg. “The Indianola Interchange project is in direct alignment with our strategic plan for geographic growth and adds to our presence in the Humboldt County market, strengthening our relationship with Caltrans District 1.”

The project will begin in the Spring of 2023 and is expected to be completed in 2025.

About Granite

Celebrating its centennial year, 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 graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230126005038/en/

Media

Erin Kuhlman 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the value of the contract awarded to Granite on January 26, 2023?

Granite has been awarded a $46 million contract.

When is the expected completion date for the Indianola Interchange project?

The project is expected to be completed in 2025.

Which department awarded Granite the contract for the U.S. Highway 101 project?

The contract was awarded by the California Department of Transportation (Caltrans).

What improvements will the Indianola Interchange bring to U.S. Highway 101?

The project aims to enhance safety and mobility by eliminating a T-intersection.

When does the construction for the Indianola Interchange project begin?

Construction is scheduled to begin in Spring 2023.