Corporate News
Newforma, a construction information management technology provider, announced Wednesday that it has acquired Lumi AI, an artificial intelligence startup, for undisclosed terms. Newforma will integrate Toronto-based Lumi's agentic AI into Vojo, its AI assistant, to enhance capabilities such as natural language search and cross-project queries across more than two decades of project data. Lumi's AI enables plain language queries to uncover patterns in data. No layoffs are expected, and Lumi co-founder and CTO Tudor Boiangiu joins Newforma as vice president of AI engineering. The acquisition follows similar moves by Procore, Autodesk, and Trimble to leverage project data.
This week's construction news includes HNTB being selected by Amtrak to provide architectural and engineering services for replacing two Maryland bridges, Turner Construction reporting a 5.5% year-over-year cost increase in Q3, CMAA naming Michael Mendick as board chair, AECOM appointing Dwight Pullen as global transportation chief, and Manhattan Construction's Brian Killion retiring after 43 years.
Tutor Perini subsidiary Fisk Electric won a $24 million contract to provide electrical services for a confidential data center customer in Houston. Fisk's scope focuses on prefabrication and assembly of modular containment systems, including liquid-cooled components and piping, for a new ground-up data center. Fisk will construct the components at its new 75,000-square-foot manufacturing facility in Houston. The prefabrication market has seen increased demand due to the shortage of electricians nationally, particularly in data center construction. Tutor Perini, historically focused on large civil infrastructure projects, has been exploring opportunities in the data center construction space. Fisk's electrical construction work is expected to begin this year, with substantial completion anticipated in the first quarter of 2027.
Balfour Beatty has appointed Emma Loxton as chief strategy officer, effective October. Loxton, formerly a McKinsey partner, will shape long-term strategy in core markets including energy, transport, defence, and U.S. buildings. The move is part of a series of C-suite changes over the past year.
Ann Caruso joined Cross Management in 2004, became CEO in 2022, and last year facilitated a strategic partnership with Shimizu Corporation. She believes the construction industry is undergoing structural changes in office space demand, and that success hinges on trust and long-term relationships. She encourages women to stay curious, proactively learn, and embrace diverse career paths.
Balfour Beatty CEO Philip Hoare stated during the H1 2026 earnings call that data centers have become the hottest topic in the industry. Large publicly traded construction firms, while enjoying the concentrated boom brought by data center construction, also emphasized maintaining business diversification, covering transportation, aviation, energy, and infrastructure megaprojects. Data shows that companies with annual revenues exceeding $100 million had a backlog of 12.1 months in July, while smaller contractors had only 7 months.
During the first-half 2026 results call, Balfour Beatty revealed that its US construction business has returned to profitability, with operating profit reaching £22 million. CEO Philip Hoare highlighted data center and aviation projects as key growth drivers and emphasized the effectiveness of collaboration with long-term clients such as Wells Fargo.
During its Q2 2026 earnings call, WSP Global stated that the share of U.S. power business has risen from about 20% five years ago to 35%-40%, emphasizing strong demand in electricity, data centers, and nuclear energy. The company expanded its utility sector coverage through acquisitions of POWER Engineers and TRC Companies, with revenue growing 20% year-over-year, but net profit declining 12%.
Tutor Perini generated second-quarter 2026 revenue of $1.64 billion, up 19% year-over-year, and net income of $65.7 million, more than double the prior-year period. The company's backlog stood at $19.86 billion, including nine large projects with a combined value of approximately $16 billion.