Latest news with #HudsonTunnelProject
ME Construction
2 days ago
- Business
- ME Construction
Mace Group announces investment in Mace Consult
Financial Mace Group announces investment in Mace Consult By In addition to the investment, several Mace Group shareholders, including Executive Chair Mark Reynolds and Mace Group CEO Jason Millett, will retain a minority stake in Mace Consult Mace Group has announced a significant investment in Mace Consult, a program management consulting firm. This investment, facilitated by Goldman Sachs Alternatives through a carve-out from Mace Group, aims to support Mace Consult's goal of becoming independent program management consultant. Mace Consult plays a crucial role as a delivery partner for some of the complex infrastructure and built environment projects, including the Hudson Tunnel Project in New York, Qiddiya in Saudi Arabia, and the New Hospitals Programme in the UK, said a statement. In 2024, Mace Consult generated substantial revenues of US $926mn and employs over 5,200 people across four global hubs, Europe, the Americas, Asia Pacific, and the Middle East and Africa. In addition to the investment, several Mace Group shareholders, including Executive Chair Mark Reynolds and Mace Group CEO Jason Millett, will retain a minority stake in Mace Consult. They will actively collaborate with Goldman Sachs Alternatives as members of the newly formed Mace Consult Board, with Mark Reynolds being appointed as the Chair. Building on over a decade of consistent double-digit organic growth and a strategic expansion into delivering major programs across the Americas, Europe, Asia Pacific, and the Middle East and Africa, the new partnership will enable Mace Consult to further strengthen its presence in key growth markets. Mark Reynolds, Mace Group's Executive Chair said, 'This transaction is a key milestone in securing the long-term future of Mace Consult, enabling the next phase of growth for our global consultancy practice. The shareholders, the board and I are extremely proud of the progress we've made collectively to achieve this outcome. Since 1990, and accelerating since the success of the London 2012 Olympics, Mace Consult has transformed the industries it serves, delivering to exceptional standards and redefining the boundaries of ambition. We have established a foundation to enable the business to flourish for decades to come.' Jose Barreto, Partner within Private Equity at Goldman Sachs Alternatives added, 'We are delighted to invest in Mace Consult and accelerate its growth trajectory as an independent business both organically and through strategic acquisitions. Through the global Goldman Sachs network and value acceleration resources, we see the potential to support Mace in delivering critical client outcomes during this period of heightened uncertainty and transformation.' Davendra Dabasia, Mace Consult's CEO commented, 'I am excited to lead Mace Consult on this next stage in our journey, working in close partnership with Goldman Sachs Alternatives. Our teams around the world have delivered exceptional growth over the past few years, and our new partnership will enable us to build on that to become the world's leading delivery consultant. As a standalone business, we will be positioned to further support our global infrastructure and built environment clients by scaling up at pace in North America and enhancing our digital solution delivery for clients.' Alex Mass, Managing Director within Private Equity at Goldman Sachs Alternatives, added, 'The long-dated trends of climate change, technological disruption, demographic shifts and urbanisation represent one of the fundamental project delivery challenges in history, requiring innovative management approaches, as demonstrated by Mace Consult over the years. As an independent business, Mace Consult is distinctly positioned to support clients in unlocking the full potential of every project around the world – and we are proud to support the employees of Mace Consult in this journey.' Mace Group was advised by UBS (M&A) and Linklaters (Legal). Goldman Sachs Alternatives was advised by Lazard (M&A and Financing), Jefferies International Limited (M&A) and White & Case (Legal). The transaction is subject to regulatory approvals (amongst other conditions) and is expected to close in 2025.
Newsweek
04-07-2025
- Business
- Newsweek
Amtrak July 2025 Update Shows Map of New Rail Projects
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Amtrak has revealed the current progress of almost 30 high-speed rail infrastructure projects as part of its July update on the Northeast Corridor. The map shows progress on headline projects like the Frederick Douglass Tunnel, Susquehanna River Bridge, and the Portal North Bridge. Why It Matters The Northeast Corridor from Massachusetts to Virginia is the most active trainline in the U.S, and Amtrak has long-term plans to double the number of passengers it carries in the next three decades. If these construction works go to plan, the route could transport 66 million people a year by 2040. What To Know Amtrak splits its infrastructure progress into four phases: concept planning, procurement, advanced design/preconstruction, and major construction/manufacturing. In February, the 29 projects currently under progress showed nine projects in the advanced design and six in the major construction phase. As of July 2, there are now eight projects in the advanced design phase, while two more have entered the major construction phase. The projects that have entered the final stage, displayed as green in Amtrak's key, are the Frederick Douglass Tunnel Program and the upgrades to Seattle's rail yard. A map of Amtrak's several expansion and modernization projects, upgrading trains, tracks and stations, on July 2, 2025. A map of Amtrak's several expansion and modernization projects, upgrading trains, tracks and stations, on July 2, 2025. Amtrak There are currently six major construction sites: Hudson Tunnel Project, Portal North Bridge, Connecticut River Bridge, Baltimore Penn Station, Philadelphia Gray 30th Street Station, and Philadelphia rail yard. The Northeast Corridor, which runs between Boston and Washington, D.C., with major metropolitan stops in New York City and Philadelphia, accounted for more than 14 million riders in 2024, a 15.9 percent increase from the previous year. Much of the construction activity is concentrated between New York and northeastern New Jersey, as well as between Baltimore and Washington, D.C. The 2021 Infrastructure Investment and Jobs Act (IIJA) allocated $66 billion for rail projects, which was the largest federal investment in passenger rail since Amtrak was created. What People Are Saying In the update statement, Amtrak said: "America deserves world-class infrastructure, and here at Amtrak we are doing our part. With new investments, Amtrak is transforming into a modern and efficient intercity passenger rail operator achieving historic ridership demands while leading an innovative construction arm that leverages industry expertise to safely and efficiently deliver quality assets." We're leading a strong American workforce and private-sector partners in building new bridges, tunnels, and trains to help meet the historic demand for intercity passenger rail and improve connections for millions of people in more than 500 cities, towns, and rural areas around the country." What Happens Next The projects are expected to progress through all four phases to completion by 2040.
Yahoo
09-06-2025
- Business
- Yahoo
Mace Group reports revenue of $3.2bn in 2024
Mace Group, a delivery consultant and construction expert company, has reported a year of strategic progress and growth, achieving a revenue of £2.79bn ($3.2bn) in 2024. The company's operating profit for the year stood at £50.7m. Mace revealed its cash position was £320.2m as of 31 December 2024. The company also boasts a future work pipeline valued at £7.2bn and has seen its headcount exceed 8,000 employees for the first time. Mace stated that it is poised for a new era of expansion and on track to grow its revenue to £3bn by 2026. In 2024, Mace set ambitious targets for its Consult business, aiming to double its scale by 2030. With a 74% increase in profits to £77.7m and a revenue of £686.6m, the business unit is well on its way to achieving an annual revenue of £1.2bn. Notable appointments that have contributed to this success include the Hudson Tunnel Project in New York and the King Salman International Airport in Saudi Arabia. In Asia, Mace Consult's appointment as programme management partner with MTR Corporation is claimed to mark its biggest win in the region. The Construct division, which primarily operates in the UK, faced a more challenging year in 2024. Despite these challenges, it reported a revenue of £2.1bn and a profit before tax of £15.7m. The division completed significant projects like 40 Leadenhall Street and secured new ones such as the London Gatwick Pier 6 extension and The Daubeny Project for The Oxford Science Park. Mace Construct continues to invest in innovative production techniques, as seen at Chapter Living, London Bridge. A new governance structure was implemented on 1 January 2025, introducing a new group chief executive and a group board with six independent nonexecutive directors. This aligns Mace with the principles of the UK Corporate Governance Code, ensuring transparency and independent oversight in decision-making. Mace Group's 2026 Business Strategy, set in 2021, outlined growth targets. The 2024 Annual Report indicates that the company is on course to meet its goal of £3bn in annual revenue by 2026, having already surpassed its employment target two years ahead of schedule. Mace attributes its growth to its strategic focus on diverse and expanding markets across Europe, the Americas, the Middle East and Africa, and Asia-Pacific. Mace Group chief executive Jason Millett said: '2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the group. "We are pleased with our financial performance (particularly in Consult), generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges. 'We enter 2025 with a strong pipeline and an enhanced leadership team, and are well-positioned as we look towards 2030 and beyond.' "Mace Group reports revenue of $3.2bn in 2024" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
The 9 largest commercial construction starts of April 2025
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Total construction starts tumbled 9% in April to a seasonally adjusted annual rate of $1.03 trillion, according to Dodge Construction Network. Nonresidential building starts, such as office, hotel and healthcare projects, dropped 3%, while residential activity fell 4%. Nonbuilding starts, such as highways, bridges and utility work, posted the steepest decline of the month at 22%, according to the report. That backslide marks an alarming shift for an industry already grappling with project delays and fading momentum, said Eric Gaus, chief economist at Dodge Construction Network. 'Broad-based monthly declines in construction starts represent a troubling signal for the sector,' said Gaus in a news release. 'While not definitive, the slowdown in April aligns with delays in the planning pipeline and other economic data that capture the volatility and uncertainty of all the April tariff announcements.' Gaus added lingering questions over trade policy and the broader economy will continue to weigh on construction activity in the months ahead. Here are the nine largest U.S. projects to break ground in April, according to Dodge: The $1.8 billion Hudson Tunnel Project in New York City. The $1 billion Kaiser Permanente Medical Center in Sacramento, California. The $940 million Bally's River West Hotel and Casino in Chicago. Two buildings for the GM and Samsung SDI battery cell factory, valued at $875 million and $855 million, in New Carlisle, Indiana. The $775 million West Alabama Highway project in Thomasville, Alabama. The $365 million Carpenter wind farm in Carpenter Township, Indiana. The $331 million residential and retail development in Jersey City, New Jersey. The $256 million Vista Point apartments at Fairview Life Care Community in Groton, Connecticut. The $226 million Rambler Riverfront District apartments in West Lafayette, Indiana. Commercial construction cooled in April after a strong March, with groundbreakings plummeting 21% for the month, according to the report. Activity slowed across key categories including retail, office and warehouse starts. Institutional projects, however, posted a modest 2% uptick, supported by growth in healthcare and education projects. Manufacturing construction also rebounded, jumping 78% in April. On a year to date basis, nonresidential starts are down 10%, though commercial starts ticked up 3% during that period. Infrastructure-related construction struggled in April, with sharp declines across most categories. A 70% drop in utility projects caused most of the decline. Highway and bridge work also dipped 8%, and environmental public works dropped 2%. However, despite the monthly drop, year-to-date nonbuilding starts remain up 8%, fueled by previous gains in utility work and steady progress in road and bridge construction. Residential construction continued to soften in April, with total starts down 4%. Single-family starts declined 5%, while multifamily slipped 3%. Year-to-date, residential starts have dropped 5%, with single-family activity down 6% and multifamily down 4% compared to the first four months of 2024, according to the report. Recommended Reading The 9 largest commercial construction starts of March 2025 Sign in to access your portfolio
Time Out
23-05-2025
- Business
- Time Out
A new underground tunnel will conveniently connect NYC to Hoboken and Jersey City
For anyone who's ever stared down a gridlocked Lincoln Tunnel and wondered if teleportation might arrive before the MTA gets its act together, good news. A sleek, subterranean solution is finally on the way: Enter the Hudson Tunnel Project, part of the broader $16 billion Gateway Program, now tunneling toward a future with less congestion, fewer delays and a smoother ride between Manhattan and the Garden State. Billed as the most urgent infrastructure project in the country, this long-anticipated plan includes building a brand-new, two-tube tunnel beneath the Hudson River while revamping the current 115-year-old tunnel that's been limping along since the Pennsylvania Railroad opened it in 1910. The goal? Redundancy, reliability and (finally) some rail resiliency for the hundreds of thousands of daily commuters who rely on Amtrak and NJ Transit. Five construction projects are already underway on both sides of the river, including the Tonnelle Avenue Bridge in North Bergen and the Hudson Yards Concrete Casing in Manhattan. The new tunnel will stretch nine miles, connecting the Palisades to Penn Station and eventually adding two more tracks to the busiest stretch of passenger rail in the country. Beyond commuter convenience, this is a job-making machine: The project is expected to generate 95,000 jobs and nearly $20 billion in economic activity. That's not just a tunnel—it's a stimulus package with a shovel. And the timing couldn't be more critical. The Northeast Corridor moves 200,000 people daily and powers 20% of the U.S. economy. Without this upgrade, a tunnel shutdown for repairs would cost the country over $100 million per day in lost time and productivity. 'The century-old tunnel is the single point of failure for the entire Northeast corridor,' Gateway Development Commission chief of public outreach Steve Sigmund told Hoboken Girl. The new tunnel and a fully rehabbed original are expected to open by 2038. Until then, keep your MetroCard handy, but rest easy knowing a smoother, faster and less panic-inducing ride is finally on track.
