The financial meltdown and ensuing recession are forcing universities across the region to delay or scale back construction plans. Activity across the region in the higher education sector has slowed significantly since 2007. But there’s some good news. Despite the relative slowdown at both private and public institutions in New York, New Jersey and Connecticut, the Tri-State higher education market seems to have avoided the fate of other once-booming sectors such as residential and commercial building.
“The market, especially in New York and New Jersey, has actually weathered the storm a little bit better than the rest of the country,” says Antoine AbiDargham, vice president at New York-based WSP Cantor Seinuk.