Tutor Perini Secures $155M Contract for Performing Arts Venue, Accelerates Backlog Momentum

Tutor Perini Corporation TPC has expanded its project portfolio with a substantial contract valued at approximately $155 million. Its subsidiary, Rudolph and Sletten, won the bid to construct the Diego Rivera Performing Arts Center at City College of San Francisco, marking another significant win in the education construction segment.

Project Scope and Timeline

Construction on this cultural and educational facility will commence immediately, with substantial completion targeted for fall 2028. The 78,000 square foot venue combines performance and educational spaces, featuring a 631-seat main auditorium topped with an 80-foot reinforced concrete fly tower, a 90-seat recital hall, rehearsal studios, a scene shop and dedicated music and costume design classrooms. The main entrance doubles as an exhibition space showcasing the iconic Diego Rivera Pan American Unity mural, seamlessly integrating art history into the facility’s architecture.

This project reflects the growing demand for smart, multi-functional performance venues that serve both professional and educational purposes. The facility represents a modern approach to campus cultural infrastructure, designed to support music, theater and performing arts programming while functioning as a community cultural hub.

Backlog Expansion and Market Position

The Diego Rivera project bolsters Tutor Perini’s already formidable backlog position. At the end of the third quarter of fiscal 2025, the company’s total backlog reached $21.6 billion—a remarkable 54% year-over-year surge, fueled by $2 billion in new contract awards and adjustments.

This quarter alone saw the company secure multiple high-profile projects, including the approximately $1 billion UCSF Benioff New Children’s Hospital in California and a $182 million defense systems project in Guam, alongside the performing arts center contract. Looking further ahead, Tutor Perini maintains a robust pipeline with over $25 billion in potential bidding opportunities spanning the next 12 to 18 months—encompassing major transit, healthcare and infrastructure initiatives across California, New York, Minnesota and the broader Midwest region.

Both the Building and Specialty Contractors segments recently achieved record backlogs, driving strong revenue performance across all divisions. The Civil segment achieved record quarterly results, while the Building segment posted its best performance since 2020.

Market Tailwinds Support Growth Trajectory

The company’s expansion reflects favorable macroeconomic conditions and sustained public funding support. Federal, state and local budgets continue to fuel robust demand for construction services, particularly in education, healthcare and infrastructure sectors where Tutor Perini maintains significant competitive advantages.

Over the past six months, Tutor Perini’s stock has appreciated 57.3%, outpacing the broader Zacks Building Products - Heavy Construction industry index, which posted 31.7% gains. The company’s disciplined bidding strategy and strong project execution have reinforced investor confidence in its ability to convert backlog into sustained revenue growth and shareholder returns through 2025 and beyond.