Dive Brief:
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Colleges and universities in New York City will spend more than $2 billion on construction this year and nearly as much every year for the next three, according to a report by the trade group New York Building Congress.
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That’s nearly double the amount the city’s 105 higher-learning institutions spent over the previous five years.
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The report notes that construction at postsecondary institutions in the city held steady even when the industry’s commercial and residential sectors struggled. Many of the projects include expanding campus footprints and adding student housing.
Dive Insight:
New York officials view campus construction as a catalyst for economic growth because it creates jobs and attracts to the city businesses and employers that want to locate near a well-educated workforce. The report recommends that the mayor create an office for higher education.