The head of WSP Global Inc. says the US$1-trillion infrastructure package passed by U.S. Congress on Friday marks a boon for the Montreal-based engineering firm.
Chief executive officer Alexandre L’Heureux says the company, whose design and management services overlay directly onto the types of projects backed by U.S. President Joe Biden’s bill, is poised to boost its backlog over the next year and beyond as a result.
He says clients are “excited” and even “nervous” about their ability to deliver – given the scope of the package – which bodes well for WSP.
While Mr. Biden predicted last week Americans would begin to feel the impact of the infrastructure bill within two to three months, Mr. L’Heureux says federal funds won’t start “entering the pipeline” for up to six months.
The bill, passed last Friday, holds the promise of rebuilding aging roads, highways and bridges across the United States as well as improving broadband, ports, water supplies and other public works.
WSP beat expectations yesterday as its net profit increased 33 per cent in its latest quarter, with acquisitions helping to boost revenues.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.