Published: February 03, 2011

Granite Construction Joint Venture Team Awarded $72 Million Highway Improvement Project in California

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WATSONVILLE, Calif. - (BUSINESS WIRE) - Granite Construction Incorporated (NYSE:GVA) announced today that Granite Construction Company and MCM Construction, Inc. have been awarded a $72 million contract by the California Department of Transportation to reconstruct and widen the existing State Route 101 in Monterey County. Granite's share of the contract is 67 percent, or approximately $48 million. Granite will book the project into backlog during the first quarter of 2011.

Scope of the project includes rehabilitating and elevating a portion of State Route 101 from Espinosa Road to Echo Valley Road just north of Salinas. The joint venture team will be responsible for excavation of the existing road, repaving with asphalt concrete, and installation of storm drains. The contract also calls for the establishment of retaining walls and fabrication of seven bridges.

Construction is estimated to begin in the spring of 2011 and be completed by the fall of 2013.

About Granite

Granite Construction Incorporated is a member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and the Russell 2000 Index. Granite Construction Company, a wholly owned subsidiary, is one of the nation's largest diversified heavy civil contractors and construction materials producers. Granite Construction Company serves public- and private-sector clients through its offices and subsidiaries nationwide. For more information about Granite, please visit its website at www.graniteconstruction.com.