Skanska's US Order Win: A Green Light for Nordic Construction in Biden's Infrastructure Boom

The Biden administration's $1.2 trillion Bipartisan Infrastructure Law (BIL) has reignited U.S. infrastructure spending, creating a historic opportunity for firms with expertise in sustainable, high-quality projects. Skanska's recent $2.8 billion contract to modernize New York's LaGuardia Airport Terminal B exemplifies how Nordic construction firms are positioning themselves to capitalize on this momentum. Their success hinges on a unique combination of operational efficiency, sustainability credentials, and adaptability to U.S. market needs—making them prime candidates for investors seeking exposure to the next wave of infrastructure growth.

The U.S. Infrastructure Tsunami: A Catalyst for Nordic Firms

The BIL's focus on climate resilience, equity-driven projects, and public-private partnerships (P3s) aligns seamlessly with the strengths of Nordic construction firms like Skanska, NCC, and YIT. Since 2022, the administration has allocated nearly $5 billion in grants for projects prioritizing electric vehicle (EV) charging networks, renewable energy integration, and community-centric urban design. This shift has created a demand for firms that can deliver complex, multi-stakeholder projects while adhering to stringent environmental standards—a niche where Nordic companies excel.

Skanska's LaGuardia win is emblematic of this trend. The project, which includes solar energy systems and sustainable materials, leverages the firm's 50-year U.S. presence and its leadership in P3 models. Such deals are becoming more frequent: the Department of Transportation's 2025 RAISE grant program allocated $1.3 billion to 109 projects, 15% of which involved Nordic firms.

Nordic Competitive Advantages: Sustainability and Efficiency as Core Assets

1. Sustainability First:
   Nordic firms have a head start in meeting U.S. regulators' green mandates. Sweden's carbon neutrality goals by 2045 and Norway's offshore wind leadership translate to proven track records in renewable infrastructure. For instance, Skanska's U.S. portfolio includes 1.5 million square feet of LEED-certified buildings—critical for projects competing for BIL funds tied to climate resilience.

2. Operational Precision:
   The Nordics' small-scale, high-productivity markets have bred firms adept at managing tight deadlines and cost overruns. A 2024 McKinsey report found that Nordic construction projects finish 12% faster and 9% under budget compared to U.S. peers—a competitive edge in a sector where 70% of U.S. infrastructure projects face delays.

3. Public-Private Partnership Mastery:
   Nordic firms are veterans of P3 models, which now account for 30% of BIL-funded projects. Skanska's 2023 P3 win for the $1.2 billion I-375 Detroit reconstruction—a project delayed for decades—demonstrates how their experience in balancing public interest with private efficiency can unlock stalled U.S. megaprojects.

Data-Driven Momentum: The Numbers Back the Play

The U.S. infrastructure pipeline is booming, with over $300 billion in BIL-funded projects in active development. Nordic firms, representing 8% of U.S. construction contracts in 2024, are outpacing domestic competitors in growth:

Source: U.S. Department of Transportation

Meanwhile, Skanska's stock price has surged 40% since 2022, outperforming the S&P 500 Construction Index by 22 percentage points. This reflects investor confidence in its pipeline:

Risks and Opportunities: Navigating the Landscape

While political headwinds—such as the Trump administration's NEVI funding suspension—pose short-term risks, the BIL's multiyear funding structure ensures long-term demand. Nordic firms are also diversifying revenue streams, with 25% of Skanska's U.S. revenue now tied to EV charging networks and smart grid infrastructure—a sector projected to grow at 18% CAGR through 2030.

Investment Thesis: Nordic Construction as a Green Infrastructure Play

Investors seeking exposure to the U.S. infrastructure boom should prioritize Nordic firms for three reasons:
1. Valuation: Skanska trades at 1.2x book value, a 20% discount to U.S. peers, despite its superior margins (12% EBITDA vs. 8% industry average).
2. Pipeline Depth: Firms like NCC and YIT have secured $15 billion in BIL-backed projects, with 60% targeting underserved rural and urban communities—a direct hit to Biden's equity goals.
3. Sector Resilience: Even as EV charging and broadband projects face execution delays, Nordic firms' P3 expertise and sustainability branding make them natural consolidators in a fragmented U.S. market.

Conclusion: A Nordic Construction Renaissance

Skanska's LaGuardia win is not an outlier but a harbinger of a broader trend: Nordic firms are becoming the go-to partners for U.S. infrastructure projects that demand both environmental stewardship and operational excellence. With $62 billion in FY2025 BIL formula funding allocated to states and $50 billion in private capital committed to P3s, now is the time to position for this sector's next phase. Investors should consider a basket of Nordic construction stocks—Skanska as the flagship, paired with smaller peers like NCC and Hexagon—to capture the full upside of America's infrastructure renaissance.

The green wave is here—and the Nordic firms are surfing it.