The renovation backlog for college facilities has reached a new high, according to Gordian’s 2026 annual report. Deferred capital renewal rose to $156 per gross square foot in 2025—an 8% year-over-year increase and nearly double 2007 levels—while spending on existing buildings covered only 73.5% of what is needed to prevent additional growth in the backlog. The report describes structural underinvestment colliding with accelerating institutional change. It also notes that spending constraints are occurring alongside a slowdown in new construction, as institutions shift toward “right-sizing” in response to projected declines in traditional-aged enrollment. For campus leaders, the operational risk is compounding: postponing roofs and mechanical upgrades can increase safety hazards and future costs, potentially forcing more debt to address deferred maintenance.