School Construction / Funding tax credits , certainly , but also virtual schools , magnet schools , homeschooling , and charter schools .” This diversion of funds impacts public schools , often in struggling areas , who must compete for much-needed funding . In this environment , SchoolBondFinder believes there are still significant opportunities for companies supplying construction and renovation services to public schools , as well as school safety , transportation , and technology upgrades , but that now more than ever companies need the most accurate , up-to-date information in order to accurately identify where those business opportunities are .
In our experience , public school capital expenditures are driven by two main factors , tempered by local , state , and national political pressures : 1 ) aging , outdated facilities , and ; 2 ) growth and shifts in population . In the instances where new construction and / or renovation is being discussed or proposed , SchoolBondFinder tracks the availability of those “ actionable ” dollars and has identified trends that are affecting where those dollars will flow , in terms of both funding areas and geographical location . One such trend is that many states are dealing with years of “ deferred maintenance ,” particularly after the Great Recession of 2008-2009 . The average public school building in the United States is nearly 45 years old ; thus , deferred maintenance issues are driving demands for renovations and , in some cases , for new construction to replace buildings that are no longer viewed as viable .
During 2016 SchoolBondFinder tracked over $ 83 billion in school bond elections , of which almost $ 70 billion passed . This is a passing rate of 84 %, a similar percentage to 2015 , but with a significantly higher dollar amount at stake , presumably due to 2016 being a Presidential election year . We are seeing most of these dollars trend toward renovations and modernizations , although new construction was on the rise . In the current political climate , few institutions believe that there will be more capital funding available in 2017 , so there is a potential that new construction will stagnate at or near current levels .
Geographically , there is a population growth trend in states in the West and South . According to the National Center for Education Statistics , public elementary and secondary enrollment is projected to increase 9 percent between 2012 and 2024 in the South and increase 11 percent between 2012 and 2024 in
Public education is in the midst of a daunting shift in where state dollars may potentially flow .
the West . This growth is driving facilities needs in Texas , Florida , and California especially . In each of these states there has been political contention regarding diverting some funds to charter schools , vouchers , and other “ educational choice ” initiatives . Texas has seen the greatest population increases and is still working to catch up with shifts echoing from hurricane Katrina in 2005 , as many central Gulf Coast families migrated westward to Houston and surrounding areas and their children began to enter the local school systems . Florida ranks second in current and future population increases and has seen a huge “ school choice ” effort in the state . In 2016 the Florida Legislature passed legislation allowing charter schools to receive bond funding . California has also seen population growth and much public discussion surrounding similar “ choice ” initiatives . Even so , public schools in California succeeded in passing over $ 18 billion in bond elections in 2016 .
All data SchoolBondFinder tracks includes links to NCES ( National Center for Education Statistics ) demographic information , as well as to online news sources describing in greater detail how bond issues and needs are being presented to the local public . Bond opportunities are also presented on an interactive
map , giving site users the ability to select “ favorite ” bonds for easy access and tracking , as well as finely filter search results . Data results can be listed directly from the site , or exported in a comma separated value format ( CSV ) for import into spreadsheets or customer relationship management system .
Public education is in the midst of a daunting shift in where state dollars may potentially flow . This shift will present many challenges but also opportunities to companies who provide services in construction , renovation , school safety , technology , and transportation . The opportunities will come from the ability to track where aging facilities , deferred maintenance , and population shifts have led to public support for construction and updating . As more states begin to supply funding for “ educational choice ” initiatives , there may also be more bond dollars available for private and charter school construction and renovation as well . SchoolBondFinder will continue monitoring these trends and tracking where the “ actionable ” dollars will be available as capital projects move through our system , from being on our “ watch list ,” to being “ proposed ” for an actual vote , and then to eventual passage or failure . The SchoolBondFinder platform provides companies with an agile toolset for staying tuned to real-time information , shifting trends , and business opportunities . Early , accurate , information is critical , now more than ever . n
Jim Norwood is the Lead Researcher at SchoolBondFinder . com . For more information on this new EDmarket member service , please visit http :// www . edmarket . org / school-bond-finder /.
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