NYC Plans to Spend Nearly $10B on Higher Education Construction Projects

While the majority of these projects will be privately financed by the sponsoring organizations, much of the cost for construction of public institutions will be paid by the state of New York

Capital New York

According to a report by the New York Building Congress, over the next five years, higher education institutions in New York City are planning nearly $10 billion in construction projects, which is nearly double the amount spent over the previous five years.

Much of the work is expansion and renovation projects of major universities along with other schools and teaching hospitals. According to the report,"Dozens of other institutions throughout the five boroughs are in the planning or construction phases with a wide range of projects designed to improve libraries, student housing, performance venues, athletic facilities, nursing programs and other facilities that house a variety of academic disciplines. In addition to strengthening each individual institution, these projects are providing multiple benefits to the New York City economy in general and the construction industry in particular."

Some $2 billion in construction activity is expected this fiscal year alone.

(more on New York City's higher education construction boom...)