Pharma-Biotech Dominates New England's $19.6 Billion of Projects Under Construction

Researched by Industrial Info Resources (Sugar Land, Texas)--The New England market region, which includes Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont, has long been a hotspot for the Pharmaceutical-Biotech Industry and continues to hold this status. Of the more than $19.6 billion in industrial projects under construction in the region, Pharma-Biotech accounts for more than $10.4 billion worth. This is followed by the Industrial Manufacturing and Power industries.

Click on the image at right for a breakdown by industry of industrial projects under construction in the New England region.

A great deal of Pharma-Biotech construction activity is underway in the Greater Boston area. Examples include Foundation Medicine Incorporated's (Cambridge, Massachusetts) advanced genomic testing facility in Boston. The project entails constructing and equipping a LEED Gold-certified 16-story building with 580,000 square feet of research and development (R&D) space to consolidate Foundation's operations and expand advanced genomic/biomarker testing and development, as well as housing the new company headquarters. Construction kicked off in late 2019 and is expected to be completed early next year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharma-Biotech Project Database can click here for the detailed report.

Other Pharma-Biotech projects in the Boston area include Bristol-Meyers Squibb Company's (NYSE:BMY) (New York, New York) grassroot R&D laboratory building in Cambridge. Construction kicked off in early 2020 and includes a nine-story, approximately 479,000-square-foot LEED Silver-certified building equipped for the R&D activities of multiple tenants, including 360,000 square feet dedicated to Bristol-Meyers Squibb. Jacobs Engineering Incorporated (NYSE:J) (Dallas, Texas) is providing architect and engineering services on the project, which is expected to wrap up later this year. Subscribers can click here for the project report.

Among the largest science-related projects outside of Massachusetts is the University of Connecticut's laboratory addition at its campus in Storrs, Connecticut. The project includes construction of a 230,000-square-foot LEED-certified building that will include approximately 50,000 square feet of wet and dry lab space, clean room space, an auditorium, teaching labs, and administrative and support space for the expanded research of science, technology, engineering and mathematics (STEM)-related disciplines. Construction kicked off in 2020 and is expected to be completed in the coming months. Subscribers can click here for the detailed report.

Industrial Manufacturing takes the second position in regard to the value of the region's projects under construction. Projects include General Dynamics Corporation's (NYSE:GD) (Reston, Virginia) submarine and shipyard manufacturing plant expansion in Groton, Connecticut. The project entails the construction of the 200,000-square-foot South Yard Assembly Building and a new floating dry dock to facilitate construction of the U.S. Navy's new Columbia-Class submarine, a nuclear submarine designed to replace an existing class of ballistic missile submarines. The project got underway in 2019 and is expected to be completed in 2024. Subscribers can click here for the project report.

Rounding out the top three industries in terms of value for projects under construction in the region is the Power Industry. This largely comes from the decommissioning and dismantlement of Unit 1 at the Vermont Yankee Nuclear Power Station in Vernon, Vermont. In 2016, then-plant owner Entergy Corporation (NYSE:ETR) (New Orleans, Louisiana) agreed to transfer the plant licenses to NorthStar Group Services Incorporated (New York, New York), which is heading up the project. The decommissioning/dismantlement process kicked off in 2019 and is expected to stretch into the coming years. Subscribers can click here for the detailed report.

Subscribers can click here for the reports on all of the projects discussed in this article and here for the 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).