The city of New York is planning a major investment in higher education institutions over the next few years, according to a report by the New York Building Congress.
The report indicates that New York City construction will include spending some $10 billion on higher education construction projects during the five-year period ending in 2017.
Substantial amounts of construction representing portions of the spending noted in the report are already underway. About $2 billion in construction investments have already been made during the previous three years.
The $10 billion figure spent between 2012 and 2017 represents a doubling of the construction investment amounts spent between 2007 and 2012.
Several major renovation and expansion projects at New York colleges, universities and teaching hospitals are fueling the increase in spending. Some of the larger projects are being undertaken at Columbia University, Cornell Tech, and at various state and city university systems.
Columbia University is expanding its Manhattanville campus by nearly 7 million square feet while also planning a neuroscience research center that will occupy 450,000 square feet. Cornell Tech is building a campus on Roosevelt Island in the East River, which is expected to cost nearly $2 billion for 2 million square feet of space. The City University of New York is planning a 306,000 square foot academic building at the New York City College of Technology, which is estimated to cost $406 million.
A number of smaller educational institutions in New York City are planning or moving forward with projects to renovate and improve libraries, athletic facilities, student housing and performance spaces.
Overall, the boost in educational institution construction is providing a major economic boost to the New York economy and the state’s construction industry.
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