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The Boom in Healthcare Construction: Fact or Fiction?
Kim Kennedy, Manager of Forecasting, and Richard Branch, Senior Economist, McGraw-Hill Construction
There has been a great deal of talk in the national media about the recent boom in healthcare construction. And while you can’t always believe what you hear, levels of healthcare construction have, in fact, reached a new and higher plateau during the past decade.
Over the past 10 years (1995-2004), healthcare construction starts averaged about 89 million square feet of new and additional space each year, up from just 73 million square feet a decade earlier (1985-1994). The largest upsurge in construction occurred during the final years of the 1990s, and by 1999 healthcare construction reached 98 million square feet, a new peak for healthcare construction and a level that has yet to be bested in the new millennium.
But construction starts have remained at very healthy levels over the past five years as well. In 2004, starts reached 93 million square feet—fully one-third higher than in 1995 when the upward trend in construction began. And so, the story of today’s historically robust healthcare construction does indeed ring true.
McGraw-Hill Construction SmartMarket Report: Healthcare 2005
Special 25% Discount for SMPS Members!
Promotional Code: SMPS35
SmartMarket Report: Healthcare 2005 is a 40-page printed report (available as hard copy or pdf) that addresses the growing opportunity for design and construction firms to play a role in renovating or creating new hospitals, clinics, medical office buildings, nursing and convalescent facilities throughout the United States.
McGraw-Hill Construction analyzed economic trends and data from more than 13,000 currently active healthcare projects and millions of completed projects to prepare this valuable resource to help firms get smarter about this dynamic market.
The SmartMarket Report: Healthcare 2005 includes:
- Overview of Healthcare Design & Construction Activity
- Healthcare Market Snapshot
- Healthcare Market Outlook
- The Owner's Side of the Table
- A Healthcare Construction Marketing Toolkit.
For details, call 1.800.591.4462 or go to www.construction.com/SmartMarket/05healthcare/smps.asp.
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