Healthcare News & Insights

Is construction slow down an opportunity for health care?

The Federal Reserve is predicting the recession is “technically” over, but don’t expect to see many health care facilities breaking new ground for awhile.

Construction of new buildings and facilities is still slow, and shows no signs of picking up any time soon. With good reason: Health care business leaders are wary of making big outlays now, while the overall economy still looks shaky.

But for organizations that have both plans for expansion and cash on hand, this is a great time to move forward with new construction or renovations. Construction costs are very low right now and there’s no shortage of builders willing to bid on projects.

One caveat: Although construction costs are lower, in most cases, budgets are as well. Any project should be re-examined for areas where costs can be contained by either scaling back on size, selecting less expensive fixtures or making other concessions that won’t affect quality of care or revenue generation.

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