Capital Costs

The dimensions of Harvard’s current building boom—readily obvious to sidewalk superintendents along Memorial Drive at Western...

From The March-April 2006 Issue

The dimensions of Harvard’s current building boom—readily obvious to sidewalk superintendents along Memorial Drive at Western Avenue (graduate-student housing), across from Mather House (ditto), behind the Science Center (physical sciences and engineering laboratories), north of the Museum of Comparative Zoology (life-sciences laboratories), and elsewhere—are quantified in the Financial Report to the Board of Overseers of Harvard College for the 2004-2005 fiscal year. The exhibit on annual facility expenditures, adapted here, shows capital spending for new construction, building renovations, and acquisitions of structures and land—the latter principally in Allston. The sharp rise since 2000 is made more graphic when five-year averages are calculated: that figure rises from $78.8 million in the first period, 1986-1990, to $494.5 million from 2001-2005. Even adjusting for inflation, the recent expenditures have been at a rate two to three times higher than in any previous year. As a direct result, University debt outstanding has grown from $1.6 billion in 2001 to $2.8 billion last June. For a discussion of the financial implications of this extensive building program for the Faculty of Arts and Sciences, which is particularly affected, see "Fraught Finances."

Chart by Stephen Anderson

Published in the March-April 2006 print issue in the John Harvard's Journal section.

Most popular

Harvard Stabilizes Finances With Strong Endowment Returns, Philanthropy

Small operating surplus is dwarfed by reduced federal research support and endowment tax liabilities.

China’s Excess Wind Energy

Rather than shutting down turbines, China can harness surplus wind energy to make “green” hydrogen fuel and industrial chemicals.

Harvard Weathers a Year of Turmoil

The federal government has launched unprecedented actions against the University. Here’s a guide.

House - Email

Explore More From Current Issue

Collage of three photos of an athlete in a triathlon: one swimming, one cycling, one running, in sports attire.

Alumni Profiles

The Harvard triathlete and coach says she helps normal people to “do extraordinary things.”

St. Peter's Basilica at sunset, illuminated by purple and orange sky reflections in the river.

Alumni

For advocacy and benevolence, three late alumni are reportedly in line for the Catholic Church’s highest honor.

Colorful illustration of a split-level house showing various activities in different rooms.

Undergraduate Column

Can the College do more to prepare students for the real world?