Daily Newsletter

07 October 2024

Daily Newsletter

07 October 2024

Skanska secures two US construction contracts 

The first contract involves the construction of a four-storey building to house Harris Health Central Fill Pharmacy and more.

Upasana Mukherjee October 07 2024

Project development and construction company Skanska has entered a contract with Harris Health System for a new healthcare facility in Houston, Texas.  

The $54m contract will be included in the US order bookings for the third quarter of 2024.  

This project involves the construction of a four-storey building to house the Harris Health Central Fill Pharmacy and associated departments. 

The new building is designed with future expansion in mind, featuring spaces on the first and second levels that can be adapted for clinical use as healthcare demands evolve.  

Construction is set to commence in November 2024, with an anticipated completion date in May 2026. 

In addition, Skanska announced a joint venture (JV) with McCourt Construction and AETNA Bridge Company for an initiative in the US.  

This JV secured a design-build contract with the Rhode Island Department of Transportation for the I-95 15 Project, spanning Providence, Cranston, and Warwick, Rhode Island.  

The total contract value stands at $625m, with Skanska's share amounting to $417m, which will also be recorded in the third quarter of 2024 order bookings. 

The I-95 15 Project is aimed at improving the daily transit of 185,000 vehicles.  

The plan includes the removal of 15 bridges, a 17.5% reduction in total deck area, and enhancements to facilitate the movement of 45.2bn tonnes of truck freight annually.  

The project commenced in August 2024, with completion targeted for August 2031. 

In September 2024, Skanska also confirmed a joint venture partnership with ECCO III Enterprises in a contract worth $848m with the New York City Department of Environmental Protection.  

This contract involves the construction of the Hillview Reservoir Chemical Addition Facilities in Yonkers, US, which is part of the Hillview Reservoir Consent Decree and Judgment. 

India Construction Market Overview

Per GlobalData, the Indian construction industry is expected to register an average annual growth of 5.8% between 2025 and 2028, supported by investment in green energy projects, road, rail and housing projects. Growth over the forecast period will be also supported by the government’s aim to increase renewable energy capacity from 197.2GW as of July 2024 to 500GW by 2030 and achieve net zero emissions by the end of 2070.

India Construction Market Overview

Per GlobalData, the Indian construction industry is expected to register an average annual growth of 5.8% between 2025 and 2028, supported by investment in green energy projects, road, rail and housing projects. Growth over the forecast period will be also supported by the government’s aim to increase renewable energy capacity from 197.2GW as of July 2024 to 500GW by 2030 and achieve net zero emissions by the end of 2070.

India Construction Market Overview

Per GlobalData, the Indian construction industry is expected to register an average annual growth of 5.8% between 2025 and 2028, supported by investment in green energy projects, road, rail and housing projects. Growth over the forecast period will be also supported by the government’s aim to increase renewable energy capacity from 197.2GW as of July 2024 to 500GW by 2030 and achieve net zero emissions by the end of 2070.

India Construction Market Overview

Per GlobalData, the Indian construction industry is expected to register an average annual growth of 5.8% between 2025 and 2028, supported by investment in green energy projects, road, rail and housing projects. Growth over the forecast period will be also supported by the government’s aim to increase renewable energy capacity from 197.2GW as of July 2024 to 500GW by 2030 and achieve net zero emissions by the end of 2070.

India Construction Market Overview

Per GlobalData, the Indian construction industry is expected to register an average annual growth of 5.8% between 2025 and 2028, supported by investment in green energy projects, road, rail and housing projects. Growth over the forecast period will be also supported by the government’s aim to increase renewable energy capacity from 197.2GW as of July 2024 to 500GW by 2030 and achieve net zero emissions by the end of 2070.

India Construction Market Overview

Per GlobalData, the Indian construction industry is expected to register an average annual growth of 5.8% between 2025 and 2028, supported by investment in green energy projects, road, rail and housing projects. Growth over the forecast period will be also supported by the government’s aim to increase renewable energy capacity from 197.2GW as of July 2024 to 500GW by 2030 and achieve net zero emissions by the end of 2070.

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