Granite Construction On A Contract Winning Spree: Bags Utah's Major Dam Project Work

Granite Construction Inc GVA won a contract worth $73 million from the Provo River Water Users Association (PRWUA).

The contract includes a Construction Manager/General Contractor (CM/GC) project to boost and modernize the famous Deer Creek Dam & Reservoir in Heber Valley, Utah. 

The company's work comprises adding a bypass intake onto the existing infrastructure, allowing the rehabilitation of the existing guard gates that also haven't been inspected for over 80 years. 

Jason Klaumann, GVA's Vice President of Regional Operations, said, "By modernizing the Deer Creek Dam & Reservoir, we are not only ensuring a dependable water supply and safeguarding the reservoir's cherished recreational opportunities, but we are also contributing to the long-term economic sustainability of the entire region."

The project is expected to start in May of 2023 and completed in March of 2026.

Last week, the company bagged a contract worth $72 million from the California Department of Transportation (Caltrans) for building auxiliary lanes and bus-on-shoulder facilities on Highway 1 between Bay/Porter and State Park Drive in Capitola, California. 

Earlier, GVA got a $215 million contract to construct the Northside Interceptor Tunnel Project (NSIT) in the city of Akron, Ohio. 

As of June 30, 2023, the company had committed and awarded projects worth $5.44 billion. 

Price Action: GVA shares closed lower by 0.41% at $41.08 on Wednesday.