The New York Building Congress is out today with some interesting numbers that show why the construction industry should love schools and hospitals.
Between May 2008 and April 2010, institutional projects (schools, museums, hospitals, universities, libraries, etc.) accounted for $8.1 billion in construction starts—a not too shabby number for an industry that totaled about $25 billion in spending last year.
Schools and higher-education spending alone made up 56 percent of the institutional spending, according to the Building Congress, which represents private firms and unions within the construction industry. Schools were followed by hospitals, which accounted for nearly $2 billion.
From the report:
Even in the face of an overall economic downturn, New York City’s private and public institutions initiated $8.1 billion in construction projects over a two year period ending in April 2010, according to a New York Building Congress analysis of recent data. The public sector was responsible for $4.87 billion, or 60 percent, of the value of these projects, while private sector owners accounted for $3.28 billion in project starts.
The full outlook is here.