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The Great Gate of Kiev: Pictures at an Exhibition

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Cafes at Saint George

University of Toronto Asset Management Corporation Report | $8.2B


Jordan Peterson was a Professor at the University of Toronto St. George


Facilities & Services | Campus Master Plan | 2025 update to U & T building design standards

Ædificare & Utilization

New Construction Release Schedule: https://www.census.gov/construction/c30/release.html

Reports are usually released at 10 AM EST the first day of every month except this month. (May 2026)

There’s been a significant redesign of the look and feel of the monthly Census Bureau reports construction activity. Today we sort through the rather more granular statistics that inform our recommendations for facility spend.

 

December 1, 2025

It has been 20 years since we began tracking educational settlement facility spend.  Starting this month we will examine federal government data together with the best available data about space utilization to enlighten our response to the perfectly reasonable question: “Are we over-building or under-building or building ineffectively”.  Use the login credentials at the upper right of our home page.

United States: Schools of Architecture

The Society for College and University Planning (Ann Arbor, Michigan)

National Center for Education Statistics

The Financial Impact of Architectural Design: Balancing Aesthetics and Budget in Modern Construction

 

Homeschooling

2022 International Existing Building Code 

  • University College London

As reported by the US Department of Commerce Census Bureau the value of construction put in place by August 2025 by the US education industry proceeded at a seasonally adjusted annual rate of $137.604 billion.  This number does not include renovation for projects under 50,000 square feet and new construction in university-affiliated health care delivery enterprises.   Reports are released two months after calendar month.  The complete report is available at the link below:

MONTHLY CONSTRUCTION SPENDING August 2025 (released two months after calendar month)

 

 


This spend makes the US education facilities industry (which includes colleges, universities, technical/vocational and K-12 schools, most university-affiliated medical research and healthcare delivery enterprises, etc.) the largest non-residential building construction market in the United States after commercial property; and fairly close.  For perspective consider total public + private construction ranked according to the tabulation most recently released:

$137.604 billion| Education Facilities

$155.728 billion | Power

$69.625 billion | Healthcare

Keep in mind that inflation figures into the elevated dollar figures.  Overall — including construction, energy, custodial services, furnishings, security. etc., — the non-instructional spend plus the construction spend of the US education facilities is running at a rate of about $300 – $500 billion per year.

LIVE: A selection of construction cameras at  US schools, colleges and universities

Architectural Billings

We typically pick through the new data set; looking for clues relevant to real asset spend decisions.  Finally, we encourage the education facilities industry to contribute to the accuracy of these monthly reports by responding the US Census Bureau’s data gathering contractors.

Reconstruction of Ancient Agora

 

As surely as people are born, grow wealthy and die with extra cash,

there will be a home for that cash to sustain their memory and to steer

the cultural heritage of the next generation in beautiful settings.

More

National Center for Educational Statistics

AIA: Billings Index shows but remains strong May 2022

National Center for Education Statistics

Sightlines: Capital Investment College Facilities

OxBlue: Time-Lapse Construction Cameras for Education

Architectural Billing Index

IBISWorld Education Sector

US Census Bureau Form F-33 Survey of School System Finances

American School & University

New Report from Occuspace Finds U.S. Campuses Face Significant Underutilization

Global Consistency in Presenting Construction & Life Cycle Costs

Carnegie Classifications

Job Site

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Strawberry Iced Latte

Cal Poly: University Budget 2024-2025 *

Facilities Management & Development | $1.2B Student Housing Expansion

Animal science student and barista Lola Coetzee is on the opening shift at Scout Coffee. Photo by Joe Johnston/University Photographer/Cal Poly 11-20-24

Scout Coffee

College of Agriculture, Food and Environmental Sciences 

“Do you remember the Shire, Mr. Frodo? It’ll be spring soon. And the orchards will be in blossom. And the birds will be nesting in the hazel thicket. And they’ll be sowing the summer barley in the lower fields… and eating the first of the strawberries with cream. Do you remember the taste of strawberries?” — Sam Gamgee (J.R.R. Tolkien (from ‘The Return of the King’ 1955)

California’s Collapse Is Far Worse Than Reported | Douglas Murray

* Why is the Net Position number so elusive in college and university financial statements?  Short answer: So goes the nature of non-profit organizations.  More.

Bagel & Lox

Culture and Cuisine Recipe of the Week

Hamburg’s Master Plan for Education for Sustainable Development 2030

“With this weekly post we want to introduce you into the culinary range of the English speaking world. Each week we present you an iconic dish and give you information around its origin, preparation and eating habits. This week we are visiting the Big Apple – New York. Bagels can be regarded as a true American melting-pot meal.”  — von Nadja Wostiera (Language graduate and blog author)

Standards Michigan: Food/Kitchen/Farm/Agriculture

EAT

Universität Hamburg

Pushed by Old World limits. Pulled by New World promise.

 

Evensong “Peace”

Deuteronomy 30

Standards North Carolina

Duke University Chapel arose from James B. Duke’s conviction that spiritual life should occupy a visible place at the center of a great university. In 1925, while surveying the wooded site of the future West Campus with President William Preston Few, Duke selected its highest point for a chapel—a “great towering church” intended to influence generations of students. His broader philanthropy supplied the financial foundation for Duke University and its new campus; the Chapel itself ultimately cost about $2.2 million.

Designed by the Philadelphia firm of Horace Trumbauer, principally through chief designer Julian Abele, the Chapel is an American interpretation of English Gothic architecture rather than a copy of any particular church. Its 210-foot tower establishes it as the visual and symbolic center of West Campus. The cornerstone was laid in October 1930, construction continued for more than two years and the building was formally dedicated in 1935.

Today the Chapel operates as an interdenominational Christian institution supporting worship, preaching, sacred music and community ministries. Its stewardship is also a substantial facilities undertaking. Duke invested $19.2 million in its 2015–16 restoration, addressing the limestone ceiling and roof while upgrading HVAC, electrical and audiovisual systems and refurbishing stained glass and woodwork—an example of the continuing maintenance required to preserve monumental university architecture for daily use.

Sacred Spaces

Pain aux Raisins & Café au lait avec presse française

Confédération Nationale de la Boulangerie et Boulangerie-Pâtisserie Française

Croissant de tradition

Association française de normalisation

AgroParis Tech

Ecole Polytechnique | Arrondissement of Palaiseau

Café au Lait with French Press

Codex Alimentarius

Alexis de Tocqueville on the Foundations of American Democracy

Tax-Free Bonds

Current Referenda | Ballotpedia

Perspective:

  • The largest school bond referendum on ballots in November 2025 is the $1.4 billion package for Richardson Independent School District (ISD) in Texas.
  • University of Michigan’s 2025  $2 billion general revenue bonds
  • New York University’s 2025 $2.18 billion bonds through the Dormitory Authority of the State of New York
  • The largest school bond referendum on ballots in November 2024 was Measure US for the Los Angeles Unified School District (LAUSD) in California, totaling $9 billion.
  • In the November 2022 elections, a significant number of school bond referenda were presented to voters across the United States. For example, in Wisconsin alone, there were 57 successful capital referenda amounting to nearly $2.1 billion in authorized debt​ (Wisconsin Policy Forum)
  • In Texas, Central Texas schools had a total of $4.24 billion in bonds on the ballot, covering various propositions for school facilities, technology improvements, and athletic facilities​ (Fox 7 Austin)
  • In California and Arkansas, bond measures totaling $74 million — including school choice — were aimed at addressing school facility improvements​ (The74Million)
  • Voters in 16 North Carolina counties approved bond issues totaling $4.27 billion, with $3.08 billion dedicated to K-12 public school construction and improvements​ (EducationNC)

 

“The cure for high prices, is high prices” — They say.

Today we explore fiscal runaway in the US education “industry” with particular interest in the financing instruments for building the real assets that are the beating heart of culture in neighborhoods, cities, counties and states.  We steer clear of social and political issues.  The marketing of these projects — and how the loans are paid off — provides insight into the costs and benefits of this $100+ billion industry; the largest non-residential building construction market in the United States.

Educational Settlement Finance

We cannot do much to stop the hyperbolically rising cost of administrative functionaries but we can force the incumbents we describe in our ABOUT to work a little harder to reduce un-used (or un-useable) space and reduce maintenance cost.  Sometimes simple questions result in obvious answers that result in significant savings.

More recently hybrid teaching and learning space, owing the the circumstances of the pandemic, opens new possibilities for placing downward pressure on cost.

What the University of Michigan has done to reduce the life cycle cost of the real assets of educational settlements

Gallery: School Bond Referenda

Regulation or Money-Laundering?

After Architect-Engineers and Building Construction Contractors (many of whom finance election advocacy enterprises) the following organizations are involved in placing a bond on the open market:

  1. School Districts: Individual school districts issue bonds to fund construction or renovation of school facilities, purchase equipment, or cover other educational expenses. Each school district is responsible for managing its own bond issuances.
  2. Colleges and Universities: Higher education institutions, such as universities and colleges, issue bonds to finance campus expansions, construction of new academic buildings, dormitories, research facilities, and other capital projects.
  3. State-Level Agencies: Many states have agencies responsible for overseeing and coordinating bond issuances for schools and universities. These agencies may facilitate bond sales, help ensure compliance with state regulations, and provide financial assistance to educational institutions.
  4. Municipal Finance Authorities: Municipal finance authorities at the state or local level often play a role in facilitating bond transactions for educational entities. They may act as intermediaries in the bond issuance process.
  5. Investment Banks and Underwriters: Investment banks and underwriters assist educational institutions in structuring and selling their bonds to investors. They help determine bond terms, market the bonds, and manage the offering.
  6. Bond Counsel: Bond counsel, typically law firms, provide legal advice to educational institutions on bond issuances. They help ensure that the bond issuance complies with all legal requirements and regulations.
  7. Rating Agencies: Rating agencies, such as Moody’s, Standard & Poor’s, and Fitch Ratings, assess the creditworthiness of the bonds and assign credit ratings. These ratings influence the interest rates at which the bonds can be issued.
  8. Investors: Various institutional and individual investors, including mutual funds, pension funds, and individual bond buyers, purchase school and university bonds as part of their investment portfolios.
  9. Financial Advisors: Financial advisory firms provide guidance to educational institutions on bond issuances, helping them make informed financial decisions related to borrowing and debt management.
  10. Regulatory Authorities: Federal and state regulatory authorities, such as the U.S. Securities and Exchange Commission (SEC) and state-specific agencies, oversee and regulate the issuance of bonds to ensure compliance with securities laws and financial regulations.

These organizations collectively contribute to the process of issuing, selling, and managing school and university bonds in the United States, allowing educational institutions to raise the necessary funds for their capital projects and operations. The specific entities involved may vary depending on the size and location of the educational institution and the nature of the bond issuance.

Bond issuances affect local property values.

Lights Out

 

Johann Sebastian Bach: Brandenburg Concerto No. 3 in G Major

 

 

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