The Public School Construction program has updated the estimated cost of new school construction, increasing it by $9 from the rate used last year. The five year escalation has been dramatic – from $215 to $303, during a time of only modest general inflation.
As presented by the Executive Director of the Public School Construction Program, the State is again increasing the number it uses to determine its contributions to individual school construction projects. Based on data collected, the costs of school construction have increased again this year, though this year’s increase is smaller than in year’s past.
The costs of new school construction including site work are even greater-up to $360 per square foot.
The following slide was used by Maryland’s Executive Director of Public School Construction, Bob Gorrell, in a presentation to the state’s Capital Debt Affordability Committee.
For more information, see the complete presentation, or previous posts, Public School Construction Head Proposes Flat Funding Despite Cost Increases, and School Construction Costs Appear Out-of-Step With Construction Industry, Lever: School Construction Costs “Booming” For Economic, Policy Reasons