December 9, 2016
By Stephanie West
New York, NY – New York City’s hospitals are expected to invest $6.3 billion on construction projects in 2016 and 2017, according to Healthy City: Inside New York City’s Hospital Building Boom, a new report from the New York Building Congress.
The report is based on an extensive survey of New York City hospitals, interviews with leading healthcare construction professionals, and an analysis of other available data sources.
The massive amount of spending comes in the face of rapid change in the healthcare industry. To keep up with these changes, hospitals will help add roughly two million square feet of hospital space over the 2016-2020 period, as hospitals undertake a range of priorities, including the expansion of primary and outpatient care capacity on and off the main hospital campus. Hospitals also will look to complete projects to replace core inpatient facilities by replacing multi-bed suites with single bed suites, updating maternity wings, and modernizing specialized treatment facilities.
“What our survey and research revealed is that much of the construction activity is being driven by a healthcare sector that is changing before our eyes. New York City’s large hospital systems are consolidating, adding new services, and expanding well beyond their historic borders throughout the City to transform how they deliver healthcare,” said Building Congress President Richard T. Anderson. “And the types of investments they are making reflect this.”