Dive Brief:
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The institutional construction sector grew for the first time in six years in 2014, increasing 4% after declining or standing still each year since 2009.
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The 2015 Dodge Construction Outlook by Dodge Data & Analytics projected the industry would continue to increase 9% next year, largely because of an increase in the number of educational buildings under construction.
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More than half of school construction in 2014 was for grade schools and high schools, although a $251.3 million project for the University of Buffalo School of Medicine weighed in as the largest educational construction project of the year.
Dive Insight:
The industry has been stymied, in part, by a delay in construction of healthcare facilities caused by uncertainty over the direction of healthcare reform. But Robert A. Murray, Dodge Data’s chief economist and vice president, said last week that he expects the sector to improve by approximately 6% in 2015 as the elderly population continues to grow and older hospitals, nursing homes, and other healthcare facilities need replacing.