Granite Construction Incorporated (NYSE: GVA) today issued a statement following rejection of the Proposition 6 ballot measure in California:
By rejecting Proposition 6, California voters delivered a loud and clear message that transportation infrastructure is a priority, said Granite President and Chief Executive Officer James H. Roberts. Voters have expressed their will, and SB-1 funding will be used to fund bridge and road safety, transportation and public transit improvement projects across the state.
Although SB-1 funding represents the most important action in nearly a quarter century to improve the quality of roads, streets and bridges across the state, more work needs to be done. Californias roads and freeways were once the envy of the nation. Chronic underinvestment in infrastructure in the state has changed that. At the local, state and national levels, there is agreement that current infrastructure funding must increase. Today, we expect to be an important player in rebuilding and modernizing the California transportation system, making conditions safer for the traveling public and improving the efficiency of our corridors of commerce. We now look forward to Washington D.C. passing bi-partisan legislation in 2019 to provide sustainable federal funding for the Federal Highway Trust Fund.
Roberts concluded: Granites nearly century-old roots are in California, and we are committed to growing our business here. Our more than 2,800 California employees remain focused on the execution of diverse growth plans across the state. We are confident that our deliberate, bottom-line focus is sound, practical and strategic. With solid demand trends across our business, we are confident that our approach will create significant top- and bottom-line value over the next few quarters and years, especially considering healthy near- and long-term public- and private-market demand.
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Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE: GVA) is a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite, Americas Infrastructure Company, is an award-winning firm in safety, quality and environmental stewardship and has been honored as one of the Worlds Most Ethical Companies by Ethisphere Institute for nine consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. For more information, visit www.graniteconstruction.com.
Granite Construction Incorporated
Jacque Fourchy, 831-761-4741