More environmental cleanup work may be on the horizon for remediation contractors as a result of a $773-million settlement that will set up a trust fund—the largest of its kind—to clean up and repurpose numerous former General Motor sites across the country. The settlement, filed Oct. 20 in the Manhattan court overseeing the bankruptcy proceedings, is between the United States, along with 14 states and a tribal government, and the liquidation company that now owns the assets of the old General Motors Corp. (Old GM). Under the agreement, Old GM will commit $773 million for the cleanup of 89 property
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.