Construction News for the Week Ending March 6, 2026
Jacobs to Lead The Gate Storm Surge Barrier Design
Jacobs will lead the engineering design for The Gate, a coastal storm surge barrier system in Texas. The project, part of the $35 billion Coastal Texas Project, aims to protect over 6 million residents and safeguard $800 billion in assets.
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Turner to Start Final WTC Tower Construction
Turner Construction will begin construction this spring on the final commercial tower at the World Trade Center, a 2 million square foot, 55-floor building for American Express. The project, developed by Silverstein Properties and designed by Foster + Partners, is expected to be completed in 2031.
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Nonresidential Construction Spending Declines in December
Nonresidential construction spending fell 0.6% in December, driven by a 2.5% decline in manufacturing construction. This marks the eleventh consecutive month of decline in manufacturing spending, attributed to trade policy uncertainty and the waning effects of the CHIPS Act. While some subcategories like power and office construction saw slight increases, the overall trend remains weak.
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Payra Secures $15M to Expand AR Automation for Construction
Payra, a software startup, automates accounts receivable operations for construction businesses, integrating with legacy ERP platforms to facilitate digital payments and automate reconciliation. The company, founded two years ago, recently received a $15 million investment from Edison Partners to support its growth and expansion. Payra’s solution aims to alleviate payment friction for general contractors, enabling easier payments directly from invoices.
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Construction Input Prices Rise Due to Tariffs
Construction input prices rose 0.7% in January, driven by tariff-affected materials like copper and steel. While overall and nonresidential construction input prices increased significantly year-over-year, the monthly rise is not concerning. However, tariffs continue to inflate costs, prompting calls for federal officials to renew infrastructure measures to support domestic production and mitigate price escalation.
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Minneapolis Construction Boom Continues with Over $1 Billion in Permits
Minneapolis Mayor Jacob Frey announced the city passed over $1 billion in construction permits for the 15th consecutive year. Three significant ongoing projects include a $35 million investment in North Commons Park, updates to the Native American Community Clinic, and the $78 million Spring Manor Highrise project, the largest public housing redevelopment in the city’s history.
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Turner Construction Achieves Record 2025 Financials
Turner Construction reported record financials for 2025, driven by hyperscaler data center builds and marquee stadium projects. The company’s revenue increased by 40% to $29.2 billion, with a 34% increase in project backlog to $44.3 billion. Turner’s focus on data centers and AI, along with its diversified market presence, contributed to its strong performance.
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Miami Airport’s $1 Billion Gate D60 Expansion
A $1 billion upgrade to Miami International Airport will include a three-level Gate D60 expansion, creating 17 new aircraft gates and boarding areas. This project is part of the $9 billion Modernization in Action Plan, which aims to transform the passenger experience at MIA. Construction will begin in 2027 and be completed by 2030.
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Balfour Beatty Completes NC Infrastructure Projects
Balfour Beatty completed two North Carolina infrastructure projects: the Fayetteville Outer Loop and the Havelock Bypass. The Fayetteville Outer Loop, a $1 billion project, connects U.S. 401 to I-95, enhancing travel and freight movement. The Havelock Bypass, a $323 million project, reduces congestion and improves hurricane evacuation routes.
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Tutor Perini’s 2025 Profit Surge
Tutor Perini, a major civil construction company, reported a profit of $80.4 million for 2025, reversing a loss from the previous year. This success was attributed to reduced litigation expenses and securing better contract terms with clients due to limited competition for large projects. The company’s backlog reached $20.6 billion, with a focus on infrastructure spending and selective bidding on projects with favorable terms.
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