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I think part of it may have to do with all the new technology. Institutions are feeling pressure to be on the cutting edge as far as computer labs, libraries and student networks go, not to mention projectors and smartboards. Plus, I have seen a lot of construction and newly constructed buildings for dorms and other facilities, aimed at keeping schools competitively attractive. Maybe that keeping-up-with-the-joneses is a result of living in New England, where there are so many (expensive) institutions so close together. Anyway, it doesn't seem like many young professors are on the tenure track these days; a good friend of mine adjuncts at two places and tutors ESL at a third and he still lives with his college roommate.