Award: Freeway interchange improvement
Value: $267 million
Location: Diamond Bar and City of Industry, California
Client: San Gabriel Valley Council of Governments
Sweden-based contractor and developer Skanska has signed a contract on a major road project, which it says is worth $267 million.
The San Gabriel Valley Council of Governments has contracted Skanska to make improvements to California State Route 57/60 interchange, which runs through the city of Diamond Bar and the City of Industry in California. The purpose is to reduce traffic in the interchange.
The stretch, a little under two miles, is the sixth most congested freeway in the U.S. and the third most congested in California, according to the company release. Improvements will include the reconstruction of an overpass bridge, reconfiguration of on- and off-ramps and construction of a roughly 875-yard bypass.
Construction on the interchange will begin in June 2023, and complete in June 2028, Skanska said. The project is included in the company’s U.S. order booking for Q2 of 2023.
The timing is key, too. On May 4, Skanska will host its earnings call for the second quarter of 2023. During its first earnings report of the year, the contractor’s confidence in the U.S. market and backlog was high, even as its profits dipped.
CEO Anders Danielsson said during an investor call in February that money from the Infrastructure Investment and Jobs Act starting to pour into projects was “encouraging,” and CFO Magnus Persson said Skanska expected to “continue to deliver at a high performance level in the U.S.,” despite whatever economic headwinds remain.