With the 2024 presidential election in the rearview mirror, executives at publicly traded construction companies saw more clarity ahead during third- and fourth-quarter earnings calls.
Although there was still uncertainty over the impacts of President-elect Donald Trump’s proposed tariffs on foreign goods, several leaders expressed optimism about the prospects for the industry under the incoming administration.
Ronald Tutor, the chairman and outgoing CEO of Los Angeles-based heavy civil contractor Tutor Perini, summed up a common takeaway when asked about the results on Nov. 6, one day after the election.
“I’ve always considered Trump 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 Sweden-based Skanska’s CFO Pontus Winqvist telling Construction Dive that a second Trump term would almost certainly mean lower taxes for businesses, which would benefit the firm’s bottom line. He also expressed confidence that infrastructure spending would continue.
AECOM CEO Troy Rudd was similarly upbeat, voicing optimism that the Infrastructure Investment and Jobs Act, President Joe Biden’s signature piece of legislation, would remain intact, while permitting reform, under Trump, would alleviate “one of the greatest bottlenecks to infrastructure investments.”
This roundup provides insight into executives’ views on the outcome of the election, and where opportunities, as well as some challenges, may emerge for the industry in the next four years.