Maryland Gov. Martin O’Malley (D) says the state’s Nov. 20 agreement with an investor-owned private company to take over port operations in Baltimore for 50 years could generate $1.3 billion in berth expansion, port deepening and related infrastructure improvement. O’Malley says the deal would create about 3,000 construction jobs and 2,700 other positions. Ports America Chesapeake, which has operated two terminals at the port since the 1990s, will pay the state $100 million immediately for the long-term lease, which will give it control over facility net revenue, operations and technology investment. The pact must be approved by the state Board
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.