Tutor Perini Corp. (TPC), a civil and building construction company, said its joint venture's bid, valued at about $985 million, was recently identified by the California High-Speed Rail Authority as the "apparent best value" for the design and construction of the initial Madera to Fresno segment of the California high-speed rail system. The Authority's board is likely to approve the design-build contract for this project in the coming weeks. Once the contract is granted, Tutor Perini's portion of the contract value would be added to the company's backlog.
Tutor Perini is the managing partner of the joint venture team, which includes Zachry Construction Corporation of San Antonio, Texas and Parsons Corporation of Pasadena, California. Initial work on this project is planned to begin by July 2013. The project is anticipated to create more than 1,000 construction jobs per year over its four-year duration.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.