Lunda Construction Wins $28.6M Highway Project Bid — Tutor Perini Corporation

Event summary

Lunda Construction, a Tutor Perini subsidiary, is the apparent low bidder for a $28.6M project on Highway 243.
The project scope includes grading, pavement work, ADA improvements, and bridge construction.
Work is expected to begin in fall 2026 with substantial completion by fall 2028.
The contract value will be reflected in Tutor Perini's backlog for Q3 2026.

The big picture

This win underscores Tutor Perini's strong position in the civil construction sector, particularly in public works projects. The project aligns with broader trends of increased infrastructure spending in the Midwest, driven by both state and federal funding initiatives. With a contract value of $28.6M, this award contributes to Tutor Perini's backlog but represents a relatively modest addition compared to its larger-scale projects.

What we're watching

Backlog Dynamics: How this $28.6M project will impact Tutor Perini's backlog growth and revenue visibility for the next two years.
Execution Risk: Whether Lunda can deliver the project on time and within budget, given the complexity of the scope.
Public Sector Demand: The pace at which similar infrastructure projects will be awarded in Minnesota and Wisconsin, indicating future opportunities for Tutor Perini.