Balfour Beatty secures Texas highway upgrade contract

5th Nov 2024 09:38

(Sharecast News) - Balfour Beatty announced on Tuesday that it has secured a $746m (£575m) contract from the Texas Department of Transportation to rebuild a section of Interstate 35 through Austin.

The FTSE 250 company said the major infrastructure project would involve reconstructing a four-kilometre stretch on the south side of downtown Austin.

Once completed, the upgraded route would feature eight general-purpose lanes, a new intersection, and multiple access road enhancements to improve traffic flow and connectivity.

A new bridge would be built across the 416-acre Lady Bird Lake, replacing an existing bridge constructed in 1956.

The expansive and water-based nature of the work would require complex marine engineering, with the bridge being constructed from a barge.

Additionally, the project would incorporate an innovative bridge and intersection at Riverside Drive, designed to support the region's future light rail network, enhancing public transport infrastructure in central Texas.

Part of Texas' I-35 Capital Express Central initiative, the project was designed to boost capacity and connectivity for over 200,000 daily drivers.

Main construction was set to begin in early 2025, with project completion targeted for 2033.

During peak construction periods, Balfour Beatty said it expected to employ over 150 people directly.

At 0926 GMT, shares in Balfour Beatty were up 1.06% at 440.6p.

Reporting by Josh White for Sharecast.com.