Granite Construction Incorporated (NYSE: GVA - News) announced that its Board of Directors has elected to raise the Company’s previously declared quarterly cash dividend from $0.08 per common share to $0.10 per common share. The dividend is payable April 15, 2003 for stockholders of record March 28, 2003.

Commenting on the increase, William E. Barton, senior vice president and chief financial officer, said, "The Board’s decision to increase the dividend reflects the Company’s strong capital position and continued strong earnings, dedication to providing a sustainable dividend and continuing commitment to building shareholder value."

Granite is one of the nation’s largest diversified heavy civil contractors and construction materials producers. Granite Construction serves public and private sector clients through its offices nationwide.

For more information, visit www.graniteconstruction.com