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Great Recession lessons colleges can apply to post-COVID stimulus planning, according to a higher ed facilities industry expert.
Getty Images, Visoot Uthairam
With the financial and operational landscape in higher education shifting rapidly to address today’s challenges, many institutions seek strategies to overcome short-term volatility and ensure future business continuity. These strategies are needed to protect budgets, jobs, research grants and recruitment efforts while balancing continually evolving demands on resources. Yet despite the unique challenges the COVID-19 pandemic presents, the situation facing higher ed institutions today is not entirely unprecedented in recent history.
Charlie Johnson, Schneider Electric
ARRA provides a blueprint
From 2007 to 2009, the country underwent “The Great Recession,” and the subsequent funding and operational challenges institutions faced ten years ago are not unlike the ones they’re facing now. In fact, the lessons learned shape a blueprint of sorts on what to expect and how to prepare as we enter this economic downturn, with an eye toward stimulus packages across educational technology, infrastructure and energy efficiency. If the country follows the same package plan as the American Recovery and Reinvestment Act of 2009 (ARRA), it is likely funding will be available to those with shovel-ready projects.
Higher education institutions …
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