The rise of new school construction: The (two) billion dollar year

A $2 billion jump.

Highest totals since the 2008 market crash.

According to the 20th Annual College Construction Report, an annual analysis conducted by College Planning and Management Magazine, 2014 was a “boom year” for new construction - $9.5 billion total, and a $2 billion increase from 2013.

The report states that, since back-to-back  $10 billion years in 2006 and 2007, new construction went on a roller coaster, dropping by more than $1 billion in 2009, rising a mere $200,000 from 2010-2011 and then plummeting another billion in 2012. While totals haven’t reached those pre- market crash levels yet, the market is trending in the right direction - 2013 saw a modest increase of $500,000, and 2014 ended with that huge $2 billion jump.

Though not unexpected, high new construction completions come at a cost: decreased additions on existing buildings, and retrofits remaining stagnant.

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The 2015 College Construction Report, College Planning and Management Magazine
 
General academic buildings reign supreme
College Planning and Management’s Annual College Construction report surveyed a number of colleges and universities with new construction currently underway as of 2015. Buildings classified as Academic  (mixed use)had the highest amount of projects at 79, with Science and Residential following at 45 and 32 projects, respectively - showing us that most new buildings are mixed use or dedicated science and residence halls. Academic buildings vary by school, as some will put classrooms, labs and even a dining hall in the same building, but other institutions will opt to dedicate buildings by specialty.

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The 2015 College Construction Report, College Planning and Management Magazine

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Posted: 2/23/2016 2:01:41 PM by Lea Charnley | with 0 comments