A year after the global financial crisis and soaring bond rates rocked hospital construction programs around the country, health-care owners are continuing with expansion and renovation plans to enhance the patient experience, keep pace with future demand and boost operational efficiency. Although the economic turmoil caused several projects to be put on hold or shelved, a number of hospitals have managed to overcome economic challenges and move forward with capital investments. For example, Kaiser Permanente’s $500-million, 340,000-sq-ft hospital and 217,000-sq-ft medical office building in Vacaville, Calif., opened this fall after a six-month delay. Ohio State University Medical Center recently announced
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.