Gordian, a construction data and software company, recently put a price on the backlog of necessary infrastructure repairs, upgrades and expansions at colleges and universities across the country.
Higher education institutions would need to spend $112.3 billion to clear the backlog of projects, according to Gordian. Most of the money would be spent at public institutions, where backlogged projects total $76.1 billion. Private colleges would need to spend $36.2 billion.
Colleges and universities in the United States spend about $3.68 billion annually on facilities operations, maintenance and utilities, and spend an average of $27.8 billion annually to construct new facilities or renovate existing buildings.
“We believe these numbers to be a conservative estimate of the great need within higher education and recognize that each institution must consider their own unique challenges and opportunities,” Pete Zuraw, vice president of market strategy and development at Gordian, said in a press release. “Our solution frameworks in space, capital investment, and operational stewardship can be fundamental to helping institutions strategically confront today’s problems and create a richer and more viable future.”