The U.K.’s new government has begun slashing public budgets, but enough cash remains for a $1-billion upgrade of London’s Victoria subway, or tube, station. Construction is due to begin next year, with a 2018 completion deadline. Photo: Transport For London. Victoria subway-station upgrade will include new entrance. Transport for London (TfL) on June 10 signed a construction contract for the major tube station with the Vinci BAM Nuttall Ltd. joint venture. The same team won a $730-million contract to upgrade the system’s Tottenham Court Road station last December. Used by some 80 million people a year, the Victoria tube station
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.