As reported by the US Department of Commerce Census Bureau the value of construction put in place by April 2023 by the US education industry proceeded at a seasonally adjusted annual rate of $110.168 billion. This number does not include renovation for projects under 50,000 square feet and new construction in university-affiliated health care delivery enterprises. The complete report is available at the link below:
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:
$124.486 billion| Education Facilities
$130.644 billion | Power
$65.640 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.
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.
— Standards Michigan (@StandardsMich) January 14, 2015