The New York regional construction market’s dark journey since late 2008 has had its few bright spots – K-12 schools, higher education, massive ongoing transportation jobs – but few seemed as brilliant as healthcare. The vital signs were strong, with big projects churning along and expectations that the demographics of aging Baby Boomers and a growing population would keep the market humming.
But beneath the veneer of vigor, multiple maladies have set upon the healthcare market, altering its short-term prospects and clouding its long-term outlook. And it all happened quickly, with economic pressures and the healthcare reform debate colliding, says Tom Gormley, vice president for healthcare services at URS Corporation.