Grand Canyon University enrollment is growing so fast its newly constructed dorm already is full, creating a need for a new one.
CEO Brian Mueller told analysts in an investor conference call today that he plans to start construction by the end of this year on a $13 million dorm that would house 600 more students. The most recently built 500-unit dorm cost $9 million to build and already is 98 percent occupied.
He would like to see the new dorm finished by August 2011 in time for the fall semester.
The publicly traded company (Nasdaq:LOPE) released its third-quarter earnings today, showing net income of $12.9 million on $98.9 million in revenue for the three months ended Sept. 30. That’s up significantly from $3.5 million in net income on $66 million in revenue.
The Phoenix university already has a $100 million construction project under way that included the 500-unit dorm, classrooms and a 5,000-seat arena.
Enrollment grew to 42,286 as of Sept. 30, up from 34,218 during the same period last year.