University expansion results in job growth in construction industry
Posted on Monday, October 1st, 2012 at 2:19 pm
The plan to expand Pace University in order to create a distinct campus area in Downtown Manhattan is creating a boost in the New York construction industry.
The plan to expand the university includes the development of a 24-story residence hall and nearby retail space. The building will include kitchens, fitness centers, pool table areas, and lounges for recreational use.
Pace University has been growing in the region since 1906, but it is often still thought of as a commuter school. Officials have stated that this is no longer the case and that the development of these two buildings will help more students live on campus as enrollment at the university continues to increase.
In New York, the overall construction industry made $27.4 billion in 2011, which was a 3.5 percent decrease since 2010. However, other construction projects are under way that will also add to job growth in this industry, including Columbia University’s Mahattanville expansion and NYU’s development in Greenwich Village.