Transportation Projects Lead New York to More than $14 Billion in Under-Construction Projects

Researched by Industrial Info Resources (Sugar Land, Texas)--While its economy plunged due to the onset of the COVID-19 pandemic, New York state has in recent years had a very strong economy, coming in behind only the larger states of California and Texas in terms of size. As more people obtain vaccines and the state's pandemic restrictions are lifted, the economy seems set to strengthen again, and this can be seen in the state's strong industrial project activity. Industrial Info is tracking more than $14 billion in under-construction projects in the state, with transportation projects leading the way in terms in terms of overall project value.

Click on the image at right for a breakdown by industry of underway projects in New York state.

One of the state's largest under-construction projects is the Phase I redevelopment of Terminal B at the La Guardia Airport in Queens. The project entails construction of a new 35-gate terminal, parking garage and a central hall. According to the airport's website, the terminal is now more than 85% complete, and the arrivals and departures hall opened last year. The project is expected to be completed next year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for the project report.

A rail project in Jamaica, Long Island, makes for the state's second highest-value project. In 2019, contractors began work to add a third track along the main line corridor between Floral Park and Hicksville train stations. The project entails laying 9.8 miles of track, eliminating seven grade crossings, and performing upgrades to stations and railroad infrastructure to improve service. The $2 billion project is expected to be completed next year. For more information, see Industrial Info's project report.

Shifting gears somewhat, but staying within Industrial Info's coverage of the Industrial Manufacturing Industry, the state's third highest-value project is for a silicon carbide wafer manufacturing facility in Marcy, about 50 miles east of Syracuse. Semiconductors have been in short supply since the COVID-19 pandemic interrupted production and supply chains and drove up demand for items such as laptops and gaming systems. Plant owner Cree Incorporated (Durham, North Carolina) seems positioned well to capture this increased demand, having started site preparation on the project before the pandemic took hold in the U.S., and planning on completing it early next year. The plant is being constructed on the site of the State University of New York Polytechnic Institute Marcy Campus. The production facility will produce state-of-the-art 200-millimeter silicon carbide wafers, and the project also entails a 135,000-square-foot cleanroom space. According to local news media, the Mohawk Valley FAB will be the world's largest silicon carbide device manufacturing facility. For more information, see Industrial Info's project report.

The Pharmaceutical-Biotech Industry, with more than $3.2 billion worth of underway projects, makes a strong showing in the state. Among the projects in this industry is a life science campus incubator plant addition/fit-up in New York City. The project entails renovating and fitting up an approximately 300,000-square-foot, 12-story building and equipping it with flexible laboratory space for multiple commercial research and life sciences companies. The project kicked off in late 2019 and is expected to be complete by early next year. According to a press release by plant owner Deerfield Management (New York, New York), a health care investment firm, and New York City Economic Development Corporation, "The campus will provide expansion space to support healthcare and biotech start-ups and growing companies that work on cutting-edge R&D to treat diseases and chronic conditions." Subscribers to Industrial Info's Pharma-Biotech Project Database can click here for the project report.

Seemingly, hardly any U.S. state is free from having a project or two belonging to Amazon.com Incorporated (NASDAQ:AMZN), and New York is no exception. In Clay, New York, north of Syracuse, Amazon is constructing a distribution center on the former site of the Liverpool Public Golf and Country Club. According to Syracuse.com, when the 3.8 million-square-foot center opens, the facility will be one of the largest warehouses in the world by floorspace. "The center will be one of Amazon's most automated distribution centers. Amazon says it will serve the entire Upstate New York area and bordering states." The facility is expected to be operating by the end of this year. For more information, see Industrial Info's project report.

Industrial Info is pleased to be presenting a complimentary webinar on the 2021-22 spending outlook for the Industrial Manufacturing Industry. The webinar will be presented Wednesday, July 14, at 10 a.m. CDT (11 a.m. EDT). Click here to RSVP.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 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. Follow IIR on: Facebook - Twitter - LinkedIn.