As reported by the US Department of Commerce Census Bureau the value of construction put in place by January 2023 by the US education industry proceeded at a seasonally adjusted annual rate of $100.593 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:
MONTLY CONSTRUCTION SPENDING, January 2023
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. For perspective consider total public + private construction ranked according to the tabulation most recently released:
$104.598 billion| Educational
$111.598 billion | Power
$55.756 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.
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.
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