With the 2024 presidential election in the rearview mirror, executives at publicly traded construction companies saw more clarity during third- and fourth-quarter earnings calls.
While there was still uncertainty about the impacts of President-elect Donald Trump’s proposed tariffs on foreign goods, several leaders expressed optimism about the industry’s prospects under the incoming administration.
Ronald Tutor, the outgoing president and CEO of Los Angeles-based heavy civil contractor Tutor Perini, summed up a common thread when asked about the results on Nov. 6, a day after the election.
“I’ve always considered Trump to be good for business, and since his background is construction, I can’t imagine him being anything but positive,” Tutor said.
The view from Europe was similar, with Pontus Winqvist, CFO of Sweden-based Skanska, telling Construction Dive that a second Trump term would almost certainly mean a tax cut for businesses, which which would benefit the company’s results. He also expressed confidence that infrastructure spending will continue.
AECOM CEO Troy Rudd was equally upbeat, expressing optimism that the Jobs and Infrastructure Investments Act, President Joe Biden’s signature law, would remain intact, while allowing reform, under Trump, it would ease “one of the biggest bottlenecks for infrastructure investment.”
This summary provides insight into executives’ views on the election outcome and where opportunities, as well as some challenges, may arise for the industry over the next four years.
