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In comments about the market’s most pressing challenges, Top 600 Specialty Contractors are widely optimistic that the worst of pandemic-induced delays are done—buttressed by another year of double-digit revenue growth for listed firms.
The East Bay Municipal Utility District in Oakland, Calif., awarded a $237-million contract to Flatiron for construction projects at two of the utility’s water treatment plants: the Upper San Leandro Water Treatment Plant, built in 1927, and the Sobrante Water Treatment Plant.
Construction is underway, with new contracts awarded, on the first phase of Sempra Infrastructure’s $13-billion Port Arthur LNG export terminal in Texas near the Gulf of Mexico, following the energy firm’s award to Bechtel Energy of an EPC contract to manage the two-train project.
Construction is set to begin later this year on the $3-billion TransWest Express Transmission Project, a 732-mile high-voltage interregional transmission system designed to deliver about 20,000 GW of renewable energy per year to western states and in early September on the estimated $8-billion SunZia transmission project that will carry an initial 3 GW of clean power to southwest U.S. markets.
Turner Construction will begin work on the University of Kansas David Booth Kansas Memorial Stadium in December, following the conclusion of the 2023 football season.
Specialty contractors are seeing a market steering back toward normal following the upheaval of the COVID-19 pandemic, and while inflation and other storm clouds linger, 2022 was a sunny year in the Southeast for most.
Contractors grew revenue in 2022, buoyed by rising populations and favorable business climates amid labor and materials shortages and rising interest rates
Contractors working in the Southeast continued to enjoy rising revenue in a hot market in 2022. And even as some see the momentum of recent years starting to cool a bit, activity remains high.