New England Sees $27 Billion in Projects Under Construction

Researched by Industrial Info Resources (Sugar Land, Texas)--With the exception of Massachusetts, the states comprising the New England market region, which also include Connecticut, Maine, New Hampshire, Rhode Island and Vermont, are not among the strongest for individual industrial project activity in the U.S., but together, they form an industrial powerhouse featuring a wide and diverse range of activity. Industrial Info is tracking more than $27 billion worth of projects under construction in the New England market region, with the Pharmaceutical-Biotech Industry gaining the leading position in regard to total project investments, followed by the Power Industry.

With a few exceptions, most of the Pharma-Biotech projects under construction in the region are bound for Massachusetts, particularly around the Boston area. Two projects demonstrate the roles played by the real estate developers in this sector and life sciences companies. Alexandria Real Estate Trust Equities (NYSE:ARE) (Pasadena, California) has a large portfolio of properties that it has developed and continues to develop for the pharma-biotech sector. Among the company's current projects is a brownfield research and development (R&D) laboratory in Boston's Fort Point neighborhood. Construction on the facility kicked off in 2021, and the building will meet national standards to qualify under the Leadership in Energy and Environmental Design (LEED)-certification program.

The facility is expected to be completed later this year, but one of the soon-to-be tenants is already setting up space there. Eli Lilly and Company (NYSE:LLY) (Indianapolis, Indiana) is establishing the Lilly Institute of Genetic Medicine within a 334,000-square-foot space within the building. In the space, Lilly will work on developing RNA- and DNA-based therapies with the potential to treat diseases in a manner not possible with traditional medical technologies.

"Establishing the Lilly Institute for Genetic Medicine will allow us to pair cutting-edge technologies with our deep biological expertise in several areas including neuroscience and diabetes," said Andrew C. Adams, vice president of genetic medicine at Lilly and co-director of the Institute. "Lilly will focus on medicines acting at the nucleic acid level to advance an entirely new class that target the root cause of diseases, an approach that is fundamentally different than medicines available today."

Lilly is setting up the facility in the still under-construction building and is expected to be completed with the space toward the end of this summer, shortly after overall construction of the building is completed. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharmaceutical-Biotech Project Database can learn more by viewing the project reports for the entire building and Lilly's R&D lab within it.

As mentioned, the Power Industry follows the Pharma-Biotech Industry as the highest spender in the region. The top project in this area is the first phase of development of the Vineyard offshore windfarm in Massachusetts waters. This first portion of the project, which will use 31 turbines, each rated at 13 megawatts (MW) to provide 403 MW of generation, is expected to be completed in the coming months. A second phase of construction will add another 31 turbines, doubling the facility's generation to more than 800 MW, and is expected to begin construction later this year. Subscribers to Industrial Info's Power Project Database can click here for related reports.

Two nuclear decommissioning projects also account for a large portion of spending within the region's Power Industry. The one-reactor, 620-MW Yankee facility in Vermont and the similarly sized Pilgrim nuclear facility in Massachusetts couldn't compete with lower-priced renewable and fossil fuels and are in the decommissioning and dismantlement process. Holtec International (Jupiter, Florida) is heading up the process at Massachusetts' Pilgrim plant, while NorthStar Group Services Incorporated (New York, New York) is in charge of the Yankee decommissioning in Vermont. Subscribers can learn more by viewing the project reports on the Pilgrim and Yankee facilities.

Projects for the production of green hydrogen created from electrolyzers using renewable energy have garnered a great deal of press lately, but behind these projects are the companies that manufacture the equipment for this process. Electric Hydrogen (Natick, Massachusetts) is one such company and is in the midst of renovating a recently constructed facility in Devens, Massachusetts, to manufacture 1.2 gigawatts of electrolyzers per year. The project is expected to be completed in the coming months, when it will begin rolling out the equipment needed for this rapidly developing segment of the industrial economy. Subscribers to Industrial Info's Industrial Manufacturing Project Database can click here for more details.

Even tiny Rhode Island is not without a few projects, the largest one being from e-commerce giant Amazon.com Incorporated (NASDAQ:AMZN) (Seattle, Washington). Amazon is underway with construction on a grassroot fulfillment center in Johnston, on the western outskirts of Providence. The four million-square-foot facility will feature six levels including a mezzanine and 69 loading bays. The fulfillment center will be used to ship smaller items such as books, electronics and consumer goods to the region. Construction is expected to be completed this summer. Subscribers can learn more by viewing the project report.

Subscribers to Industrial Info's GMI Database can click here to view reports for all of the projects discussed in this article and click here for the related plant profiles.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).