Credit Meltdown Has Educators Scrambling For Project Financing

摘要

Owners of projects in the education sector this year are faced with conflicting market conditions. On the one hand, the market promises robust new rounds of construction due to record-breaking student populations, but on the other hand, the market threatens to delay or kill projects and programs that seemed economically feasible just a few months ago due to the meltdown in the financial sector and declining revenue for states, municipalities and universities. Owners face a growing need for new K-12 and higher education facilities in nearly every community in the nation. School districts, colleges and universities need new construction to keep up with evolving technology and changing student demographics. To attract students and maintain profit margins in what is a highly competitive buyers' market, owners are asking architects for innovation, contractors for speed and both for sustainable construction approaches. For all the promise in the market, however, there are plenty of owners for whom project financing uncertainties have swept aside all other concerns for the moment as they modify programs and projects to meet the shrinking funding stream. Much to the chagrin of designers and constructors, the global financial crisis has school districts in every state scaling back once-robust construction programs.