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Released September 11, 2014 | SUGAR LAND
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Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--Like any long-term union, the one shared between the U.S. Northeast region, which comprises Delaware, New Jersey, New York and Pennsylvania, and the Life Science Industry is a classic example of a love/hate relationship. The Northeast region has been pummeled over the past few years with scores of pharmaceutical plants closing and lucrative jobs lost. On the other hand, the region remains a favorite for capital investment--from both the private and public sectors--for new and upgraded life-science manufacturing plants and research centers. Currently, there are 147 active reported projects translating to a hefty $7.8 billion in total investment value (TIV).
Click on the image a right for a chart detailing project count and value by state in the U.S. Northeast.
While the Pharmaceutical-Biotech Industry continues its quest to reconfigure itself on almost every level, closing redundant plants and slashing jobs are an unfortunate byproduct. On the other hand, a need exists for up-to-date manufacturing plants and modern research centers to meet present demand and future product lines. Despite the relative high cost of living in the Northeast, and lucrative incentive wars from every other part of the U.S., the region remains a strong draw to the industry.
Out of the current 147 reported capital and MRO (maintenance) projects, 80 ($2.5 billion TIV) have a future kick-off date. The other 67 ($5.3 billion TIV) are in various stages of construction, and many have remaining bids to be let. Just as one completes construction, another almost certainly pops up in planning.
The Northeast life science construction activity is sourced out of both the public and private sectors, with universities battling for funds to build the massive research centers that are needed for a multitude of reasons. Beyond basic education, these high-dollar laboratory complexes attract federal dollars and top research scientists. Ultimately, they hope to attract commercial interest from manufacturers.
Click here to gain instant access to the 2014 North American Pharmaceutical-Biotech Outlook. New York lays claim to the region's top spot, both in terms of TIV and number of active projects. The state has $5.4 billion on the books, translating to 75 active projects. The largest of New York's projects with a future kick-off is City University of New York (CUNY) Hunter College's planned $400 million investment to build a 336,000-square-foot research facility. Planned for a 66,000-square-foot parcel off on East 47th Street in Manhattan, the project is sourced out of a two-building partnership between CUNY and Memorial Sloan-Kettering Cancer Center, with the latter planning the eventual construction of a $1 billion, 750,000-square-foot hospital.
View Project Report - 300094192
Pennsylvania places next, with 34 projects worth $1.2 billion. Under a multi-year, $500 million service contract with IPS-Integrated (Lafayette Hill, Pennsylvania), Merck & Company (NYSE:MRK) (Whitehouse Station, New Jersey) is continuing to expand and upgrade its 400-acre vaccine manufacturing campus in West Point, Pennsylvania. With roughly $100 million allocated annually, the program runs through December 2015.
View Project Report - 300079582
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Click on the image a right for a chart detailing project count and value by state in the U.S. Northeast.While the Pharmaceutical-Biotech Industry continues its quest to reconfigure itself on almost every level, closing redundant plants and slashing jobs are an unfortunate byproduct. On the other hand, a need exists for up-to-date manufacturing plants and modern research centers to meet present demand and future product lines. Despite the relative high cost of living in the Northeast, and lucrative incentive wars from every other part of the U.S., the region remains a strong draw to the industry.
Out of the current 147 reported capital and MRO (maintenance) projects, 80 ($2.5 billion TIV) have a future kick-off date. The other 67 ($5.3 billion TIV) are in various stages of construction, and many have remaining bids to be let. Just as one completes construction, another almost certainly pops up in planning.
The Northeast life science construction activity is sourced out of both the public and private sectors, with universities battling for funds to build the massive research centers that are needed for a multitude of reasons. Beyond basic education, these high-dollar laboratory complexes attract federal dollars and top research scientists. Ultimately, they hope to attract commercial interest from manufacturers.
Click here to gain instant access to the 2014 North American Pharmaceutical-Biotech Outlook. New York lays claim to the region's top spot, both in terms of TIV and number of active projects. The state has $5.4 billion on the books, translating to 75 active projects. The largest of New York's projects with a future kick-off is City University of New York (CUNY) Hunter College's planned $400 million investment to build a 336,000-square-foot research facility. Planned for a 66,000-square-foot parcel off on East 47th Street in Manhattan, the project is sourced out of a two-building partnership between CUNY and Memorial Sloan-Kettering Cancer Center, with the latter planning the eventual construction of a $1 billion, 750,000-square-foot hospital.
View Project Report - 300094192
Pennsylvania places next, with 34 projects worth $1.2 billion. Under a multi-year, $500 million service contract with IPS-Integrated (Lafayette Hill, Pennsylvania), Merck & Company (NYSE:MRK) (Whitehouse Station, New Jersey) is continuing to expand and upgrade its 400-acre vaccine manufacturing campus in West Point, Pennsylvania. With roughly $100 million allocated annually, the program runs through December 2015.
View Project Report - 300079582
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
