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Chicken Veggie Risotto
Medal of Honor recipient Matt Williams ’25 grew up in an Aggie household in Boerne, Texas, learning the value of hard work and service from his dad ’77. Matt was recognized at the Military Appreciation game as one of nine Aggie Medal of Honor recipients.
Read his story:… pic.twitter.com/F1RKUtqm9r
— Texas A&M University (@TAMU) November 25, 2025
Cafes at Saint George
University of Toronto Asset Management Corporation Report | $8.2B
Today we welcome #UofT‘s 17th president, Melanie Woodin. An internationally recognized neuroscientist and double graduate of U of T, Woodin starts a new chapter on her first day in office. ➡️ https://t.co/m7LbcVmGyt pic.twitter.com/f1pr0fussI
— University of Toronto (@UofT) July 2, 2025
Jordan Peterson was a Professor at the University of Toronto St. George
“The Discovery of Insulin” 1921
At the beginning of the 20th century, a diagnosis of Type 1 diabetes was a death sentence. Scientists on the faculty of the University of Toronto discovered insulin; thus saving millions of lives around the world.@UofT https://t.co/EG6fHVQKPK pic.twitter.com/yweLJiNDI4— Standards Michigan (@StandardsMich) July 2, 2024
#UofT and its hospital partners are celebrating the life and legacy of Professor Emeritus James Till, whose research demonstrated the existence of stem cells and fundamentally transformed the field of medical science. https://t.co/1l3w4XdUwP pic.twitter.com/lLPKXkjGAp
— University of Toronto (@UofT) June 4, 2025
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.
Total #construction activity for May 2026 ($2,210.2 billion) was 0.1% above the revised April 2026 estimate ($2,207.1 billion).
Learn more: https://t.co/vO6ZkjBJMY#CensusEconData #ConstructionSpending pic.twitter.com/0YZyIxT3F7
— U.S. Census Bureau (@uscensusbureau) July 1, 2026
Total #construction activity for October 2025 ($2,175.2 billion) was 0.5% above September 2025 ($2,164.3 billion).
Learn more: https://t.co/vO6ZkjBJMY #CensusEconData #ConstructionSpending pic.twitter.com/CYux8HXJ3W
— U.S. Census Bureau (@uscensusbureau) January 21, 2026
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
University of Toronto
43.0764° N | 87.8816° W
University of Waterloo Ontario
California Polytechnic University | San Luis Obispo County
Oulun yliopisto | Pohjois-Pohjanmaa
Tulane School of Architecture Louisiana
University of Michigan | Washtenaw County
Auburn University | Lee County Alabama
University of Kansas School of Architecture | Douglas County
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)
Total construction activity for June 2025 ($2,136.2 billion) was 0.4 percent below the revised May 2025 estimate ($2,143.9 billion).
Learn more: https://t.co/ljpaYyKjuX#CensusEconData pic.twitter.com/TS6ewzZhc4
— U.S. Census Bureau (@uscensusbureau) August 1, 2025
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
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
US Census Bureau Form F-33 Survey of School System Finances
New Report from Occuspace Finds U.S. Campuses Face Significant Underutilization
Global Consistency in Presenting Construction & Life Cycle Costs
Chocolate Cherry Breakfast Muffins & Cowboy Coffee
Oklahoma State University Financial Statements 2024 | $1.425B (Page 5)
Executive Leadership | Higher Learning Commission | Facilities Master Plan
Pleasant Valley Schoolhouse | Stillwater
A new Cowboy Code: No one sleeps til the pomp is done 💤 pic.twitter.com/7CsMzWaxyQ
— Oklahoma State Univ. (@okstate) October 17, 2025
“The War on the West” Jordan B. Peterson & Douglas Murray
It’s that time of year 🎄#RoadToOcala | #GoPokes pic.twitter.com/NNN03IAPEV
— OSU Cowgirl Equestrian (@OSUEquestrian) December 4, 2024
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.
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.
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Educational Settlement Finance
Giovanni Paolo Panini, An architectural capriccio with figures among Roman ruins
The post-pandemic #WiseCampus transformation requires significant capital to meet the sustainability goals of its leadership. Campuses are cities-within-cities and are, to a fair degree, financed in a similar fashion. Tax-free bonds are an effective instrument for school districts, colleges and universities — and the host community in which they are nested — for raising capital for infrastructure projects while also providing investors with, say $10,000 to $100,000, to allocate toward a tax-free dividend income stream that produces a return in the range of 2 to 8 percent annually.
An aging population may be receptive to investment opportunities that protect their retirement savings from taxation.
Curious about the municipal bond market? Check out the MSRB’s new resource “Municipal Market Basics” to start your journey through the MSRB’s newly updated Education Center: https://t.co/BIMBxWpKGkhttps://t.co/PLhtaXzdD9 pic.twitter.com/FVARkkYZAD
— MSRB (@MSRB_News) November 28, 2023
Once a month, we walk through the prospectuses of one or two bond offerings of school districts, colleges and universities and examine offering specifics regarding infrastructure construction, operations and maintenance. We pay particular attention to details regarding “continuing operations”. Somehow the education industry has to pay for its green agenda. See our CALENDAR for the next Finance colloquium; open to everyone.
The interactive map provided by Electronic Municipal Market Access identifies state-by-state listings of tax-free bonds that contribute to the construction and operation of education facilities; some of which involved university-affiliated medical research and healthcare delivery enterprises.
CLICK ON IMAGE FOR INTERACTIVE MAP
If you need help cutting through this list please feel free to click in any day at 11 AM Eastern time. Use the login credentials at the upper right of our hope page. We collaborate with subject matter experts at Municipal Analytics and UBS.
Issue: [Various]
Category: Administration & Management, Finance, #SmartCampus
Colleagues: Mike Anthony, John Kaczor, Liberty Ziegahn
*We see the pandemic as a driver for a step-reduction in cost in all dimensions of education communities. We coined the term with a hashtag about two years ago.
*College and university infrastructure projects are classified with public school districts under the rubric “municipal bonds” at the moment. CLICK HERE for more information.
Good question. pic.twitter.com/FtW0eSaQs7
— Thomas Sowell Quotes (@ThomasSowell) January 27, 2025
More:
Duke Law Review: Don’t ‘Screw Joe the Plummer’: The Sausage-Making of Financial Reform
International Existing Building Code
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“A Square with Imaginary Buildings” | Hendrik van Steenwijck (1614)
2024 International Existing Building Code
2025 GROUP B PROPOSED CHANGES TO THE I-CODES | April 2025
Important 2024 IEBC Changes Affecting College & University Facilities
| Code Change | Campus Impact |
|---|---|
| 1. Occupiable Roofs | New provisions coordinate rooftop occupancy requirements with the 2024 IBC. Universities converting roofs into terraces, student gathering areas, dining spaces, green roofs, or observation decks must evaluate structural capacity, means of egress, accessibility, guardrails, and fire protection. |
| 2. Risk Category Clarification for Additions | Provides clearer guidance when additions have a different occupancy than the existing building. This is particularly important for laboratory expansions, medical research buildings, student health facilities, and emergency operations centers. |
| 3. Storm Shelter Coordination | Storm shelter provisions now coordinate directly with IBC Section 423 and ICC 500. Campus projects in tornado-prone regions should verify shelter requirements early during planning. |
| 4. Smoke Compartment Requirements | Certain renovations involving healthcare occupancies, student medical clinics, and assisted-living facilities may require additional smoke compartmentation during major alterations. |
| 5. Adult Changing Stations | Projects adding toilet facilities may now require adult changing stations in certain accessible family or assisted-use restrooms. This primarily affects stadiums, arenas, student unions, libraries, and performing arts centers. |
| 6. Exterior Wall Renovations on High-Rise Buildings | Installation of combustible exterior wall coverings or envelope systems on existing high-rise buildings may trigger automatic sprinkler requirements. This should be evaluated during residence hall and research tower renovations. |
| 7. Existing Automatic Sprinkler Systems | New provisions establish conditions under which certain non-required sprinkler systems may be removed following occupancy changes. Campus owners should review this carefully before renovation projects. |
| 8. Temporary Emergency Building Uses | New Appendix E provides guidance for temporary emergency use of existing buildings. Universities can incorporate these concepts into emergency operations planning during natural disasters or public health emergencies. |
| 9. Construction Site Safety Planning | New owner responsibilities emphasize development of site safety plans and designation of responsible personnel during construction. This is especially valuable on occupied campuses where construction occurs adjacent to classrooms, residence halls, hospitals, and pedestrian routes. |
| 10. Better Coordination with the 2024 IBC | Many provisions have been reorganized or updated to improve consistency between the IEBC and the current International Building Code. Campus design teams can expect fewer conflicts between existing-building and new-construction requirements during modernization projects. |
Facilities Most Likely to be Affected
- Research laboratories
- Residence halls
- Athletic stadiums and arenas
- Libraries
- Student unions
- Classroom buildings
- Central utility plants
- Medical schools and student health clinics
- Performing arts centers
- High-rise academic buildings
“`
November 30, 2021
Every month we direct our colleagues in the education industry to the US Census Department’s monthly construction report to make a point: at an average annual clip of about $75 billion, the education industry is the largest non-residential building construction market in the United States. A large part of that construction involves infrastructure upgrades of existing buildings that contribute to sustainability goals but may not make flashy architectural statements for philanthropists.
EDUCATION INDUSTRY CONSTRUCTION SPEND
The International Existing Building Code (IEBC) is a model code in the International Code Council family of codes intended to provide requirements for repair and alternative approaches for alterations and additions to existing buildings (LEARN MORE). A large number of existing buildings and structures do not comply with the current building code requirements for new construction. Although many of these buildings are potentially salvageable, rehabilitation is often cost-prohibitive because compliance with all the new requirements for new construction could require extensive changes that go well beyond the value of building or the original scope of the alteration.
FREE ACCESS: 2021 International Existing Building Code
Education facility planners, architects and managers: Sound familiar?
ICC administered workgroups have been convening with considerable frequency over the past several months to pull together a number of relevant concepts for the next (2019 Group B) revision. For the purpose of providing some perspective on the complexity and subtlety of the issues in play, a partial overview of working group activity is available in the links below. Keep in mind that there are many other proposals being developed by our ICC working group and others.
IEBC Healthcare for BCAC December 11 2018
16-169 IEBC BCC Worksheet October 2-3 2018
There are other many other issues we have been tracking. The foregoing simply presents the level of detail and subtlety that is noteworthy.
On Tuesday the ICC has released its the complete monograph for use at the Group B Committee Action Hearings, April 28-May 8 at the Albuquerque Convention Center:
It is a large document — 2919 pages — so keep that in mind when accessing it. There are many issues affecting #TotalCostofOwnership of the education facility industry so we will get cracking on it again next week. See our CALENDAR for the next online teleconference. Use the login credentials at the upper right of our home page.
Finally, we persist in encouraging education industry facility managers (especially those with operations and maintenance data) to participate in the ICC code development process. You may do so by CLICKING HERE. Real asset managers for school districts, colleges, universities and technical schools in the Albuquerque region should take advantage of the opportunity to observe the ICC code-development process. The Group B Hearings are usually webcast — and we will signal the link to the 10-day webcast when it becomes available — but the experience of seeing how building codes are determined is enlightening when you can watch it live and on site.
Issue: [16-169]
Category: Architectural, Facility Asset Management, Space Planning
Colleagues: Mike Anthony, Jack Janveja, Richard Robben
#StandardsNewMexico
LEARN MORE:
ICC Group B Code Development Schedule
Plan now to participate in the International Code Council's 2019 Committee Action Hearings in Albuquerque, April 28 – May 8. Your expertise & participation in this year's code hearings are vital. Register for FREE now! https://t.co/kuLDyCiOH6 #CodeHeroes #BuildingSafety365 pic.twitter.com/SpZuehOmd8
— IntlCodeCouncil (@IntlCodeCouncil) March 6, 2019
Innovation and Competitiveness in Artificial Intelligence
NIST Expands AI Consortium’s Scope, Calls for New Members
The International Trade Administration (ITA) of the U.S. Department of Commerce (DOC) is requesting public comments to gain insights on the current global artificial intelligence (AI) market. Responses will provide clarity about stakeholder concerns regarding international AI policies, regulations, and other measures which may impact U.S. exports of AI technologies. Additionally, the request for information (RFI) includes inquiries related to AI standards development. ANSI encourages relevant stakeholders to respond by ITA’s deadline of October 17, 2022.
Commerce Department Launches the National Artificial Intelligence Advisory Committee
Save the date! NIST is set to release our AI Risk Management Framework this week.
📅 Thursday, January 26 at 10am ET
📍 Livestream (no registration needed)Learn more: https://t.co/2YmN2R6bTV pic.twitter.com/muICEyRYcP
— National Institute of Standards and Technology (@NIST) January 23, 2023
Municipalization
Municipalization refers to a local governmental unit purchasing a merchant utility; a practice gathering pace in university towns in recent years. It is a very large transaction. Best practice discovery and promulgation begins with an accumulation of case studies before any concepts stabilize into a “standard”. Today at the usual hour we examine a few representative case studies. Use the login credentials at the upper right of our home page.
This topic is a standing item on the agenda of the IEEE Education & Healthcare Facilities Committee
Relata:
New update alert! The 2022 update to the Trademark Assignment Dataset is now available online. Find 1.29 million trademark assignments, involving 2.28 million unique trademark properties issued by the USPTO between March 1952 and January 2023: https://t.co/njrDAbSpwB pic.twitter.com/GkAXrHoQ9T
— USPTO (@uspto) July 13, 2023
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