Due in part to the country's aging population, the medical construction market in the United States is expected to see quite a bit of activity in the near future, according to a report by Reed Construction Data, now known as CMD.
In the U.S., there are 37 relatively "firm" planned hospital construction projects that are estimated to cost $50 million or more, each, according to CMD.
Additional findings from the report include:
- Fifty-eight percent of the upcoming projects valued at $50 million or more are considered new work, as opposed to hospital additions or alterations
- Plans for both additions and alterations make up 18 percent of the projects.
- Seventy-three percent of the money going towards healthcare construction projects is from the private sector.
- Federal healthcare construction projects account for the smallest percentage of work, at roughly 5 percent.
- BJC Healthcare, a nonprofit organization based in St. Louis, is planning the largest dollar allocation for hospital construction in the country at $1.5 billion. The money will be dispersed in several St. Louis locations.
- The Rehabilitation Institute of Chicago and Marin Hospital in Greenbrae, Calif., are planning the second largest construction projects at roughly $500 million each.