Universities all over the United States were, like other institutions, hit by the recession. But as the recovery continues, university finances are doing so as well. Which means construction projects that were put on hold are now roaring to life.
Private universities are leading the way, not being dependent on state budgets. Yale, with its generous donors, has raised $500 million dollars to construct two new residential colleges. Massive projects are similarly underway at Notre Dame.
And Texas, of course, is building big.
Concept drawing for the new addition to be located adjacent to TACC’s current facilities courtesy of UT Austin.
In August, the University of Texas broke ground for a medical school, a project estimated to cost roughly $295 million. Additionally, they hope to renovate one of their chemistry buildings for approximately $100 million, and add $105 million dollars in improvements to a business building.
On Nov. 6, they even announced a $20 million dollar new building for the Texas Advanced Computer Center (TACC).
All of this construction is good for the industry. It means jobs, loans, and equipment purchases. This is an excellent time for bankers to be alert to opportunities, along with anyone with an interest in investing in commercial real estate.