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


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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230126005038/en/

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 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/

Granite Construction Stock

€63.50
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Granite Construction gained 0.810% compared to yesterday.
Based on 2 Buy predictions and 1 Sell predictions the sentiment towards Granite Construction is rather balanced.
However, we have a potential of -8.66% for Granite Construction as the target price of 58 € is below the current price of 63.5 €.
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