Exhibit 99.1

  GRANITE CONSTRUCTION INCORPORATED ANNOUNCES UPWARD REVISION OF FOURTH QUARTER
                           AND FULL YEAR 2006 EARNINGS

    WATSONVILLE, Calif., Feb. 22 /PRNewswire-FirstCall/ -- Granite Construction
Incorporated (NYSE: GVA) today announced an upward revision to its fourth
quarter and year-to-date 2006 earnings in the amount of approximately $2.3
million or $0.05 per diluted share. The revision reflects management's
evaluation of a subsequent event involving a partial settlement of an unresolved
revenue issue on its Heavy Construction Division State Route 22 project in
Southern California which occurred after its earnings release on February 14,
2007.

    The revised year-to-date 2006 net income is $80.5 million or $1.94 per
diluted share, versus $78.2 million, or $1.89 per diluted share originally
reported on February 14, 2007.

    A reconciliation between the results originally reported in our earnings
release on February 14, 2007 and the revised results for the year ended December
31, 2006 is as follows (in thousands except per share amounts):



                                           As Originally
                                             Reported      Adjustment    As Revised
                                           -------------   ----------    ----------
                                                                
Total revenue                              $   2,964,904   $    4,700    $2,969,604

Gross profit                                     290,420        5,300       295,720
Income before provision for income
 taxes and minority interest                     107,717        5,300       113,017
Minority interest                                  7,720       (1,550)        6,170
Net income                                        78,220        2,289        80,509
Net income per share:
     Basic                                          1.91         0.06          1.97
     Diluted                                        1.89         0.05          1.94


    Audited financial results will appear in Granite's Form 10-K, which will be
filed on or before March 1, 2007.

    Company Description

    Granite, a member of the S&P 400 Midcap Index, the Domini 400 Social Index
and the Russell 2000, 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 the 4th
straight year, Granite was named to FORTUNE'S List of 100 Best Companies to Work
For. For more information about the company, please visit their website at
www.graniteconstruction.com.

SOURCE  Granite Construction Incorporated
    -0-                             02/22/2007
    /CONTACT:  Jacque Underdown of Granite Construction Incorporated,
+1-831-761-4741/
    /Web site:  http://www.graniteconstruction.com/
    (GVA)