Jacobs Solutions Inc., through its subsidiary Halcrow, has achieved a significant milestone in its infrastructure consulting services. In a joint venture with AECOM, the company has secured a consultancy contract for the first phase of the San Tin Technopole development in Hong Kong. This project holds immense strategic importance for the Hong Kong Special Administrative Region (HKSAR) government’s vision for the Northern Metropolis.
The San Tin Technopole project spans a vast 250 hectares and will be developed in two phases. The first phase will focus on creating a thriving hub for innovation and technology, while also accommodating residential, community, and commercial facilities. To achieve its sustainability goals, the project will prioritize the implementation of an integrated low-carbon infrastructure system, aiming for carbon neutrality by 2050. Moreover, the development will leverage digital strategies, including building information modeling and digital twins, to optimize project outcomes.
The scope of work for the joint venture includes comprehensive services encompassing design review, detailed design, tendering, construction supervision, and associated engineering infrastructure works. The first phase of the project is expected to attract its initial population and businesses by 2031. Upon completion, the San Tin Technopole is anticipated to provide approximately 54,000 new housing units.
This contract win underscores the strong demand for Jacobs’ consulting services across various sectors, including infrastructure, water, environment, space, broadband, cybersecurity, and life sciences. Jacobs’ efficient project execution has driven consistent growth in its backlog, which reached $30.6 billion at the end of the fiscal third quarter, up from $28.9 billion in the previous year. This growth is particularly evident in its P&PS backlog, which reached $19.28 billion, primarily driven by expansion in the Life Sciences and Energy markets. The company’s Critical Mission Solutions backlog also experienced year-over-year growth, reaching $8.45 billion, fueled by advancements in the U.K. and U.S. nuclear remediation markets and the U.K. defense sector.
AECOM, a leading provider of professional, technical, and management solutions across diverse industries, also reported strong third-quarter fiscal 2024 results. Its earnings surpassed the Zacks Consensus Estimate, with both top-line and bottom-line growth driven by organic growth in net service revenues across its reportable segments.
This project’s success and Jacobs’ strong performance in its consulting services highlight the robust demand for expertise in infrastructure modernization, energy transition, national security, and global supply-chain investments. As a result, Jacobs currently carries a Zacks Rank #3 (Hold), indicating its promising potential in the market.
