The University of Tennessee College of Nursing will announce Friday a $15 million fundraising campaign to renovate and expand the school's nursing building.

The campaign is part of the college's top-25 college initiative.

The projected employment of registered nurses is expected to grow 16 percent by 2024, and by 25 percent in Tennessee.

UT's current nursing college building is 40 years old and needs to accommodate a growing number of students and faculty, said Vickie Niederhausen, dean of the UT College of Nursing.

"We are bursting at the seams, in terms of our space. We have faculty that's doubled up in offices, we have students that are crowding in our classrooms, as well as our clinical education space," Niederhausen told WBIR 10News.

The official announcement will be made at the NightinGala Friday night. The annual event honors an alum of the college, as well as an individual who has made significant contributions to the nursing profession.

Another goal of the fundraising campaign is to provide more scholarships and opportunities for nursing students.