Big Apple Takes $4.8 Billion Bite out of Northeast's $12 Billion Worth of Active Industrial Capital Projects

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Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--Despite the networks' talking financial heads droning on about an imminent collapse of our economy, the current industrial construction activity in the Northeast region may give pause to the naysayers. Home to the states of New Jersey, New York, Pennsylvania and Delaware, the region is the site of 163 capital projects in various stages of construction. Collectively, the projects represent a total investment value (TIV) of $12.2 billion, resulting in a project average of $74.8 million. While all of the region's states were fortunate to land a portion of the capital investment, New York tallied the most, with $4.8 billion worth of current activity divided among 66 projects.

Click on the image for a spending analysis for Northeast market region projects.

New York's success at attracting and retaining industrial investment is rivaled by Pennsylvania. The two states frequently swap out with the other for top honors. In this analysis, the Keystone state is just a touch behind with $4.7 billion TIV for 61 projects. New Jersey can claim a respectable 31 projects valued at $2.5 billion and Delaware makes its mark with five worth a total of $110 million.

In terms of investment value, the region's largest project is a $900 million effort to build a light rail line from Camden to Glassboro, New Jersey. The effort is adding 20 miles of service and should be complete later this year. About $500 million is being invested into the East River Science Park in New York, New York, (reference: Pharmaceutical Tracker - Online Database). Alexandria Real Estate Equities (San Diego, California) was tapped by the city to develop the project, with Tishman Construction (New York, New York) serving as the owner's representative and Turner Construction (New York, New York) handling construction.

When considering the TIV from an industry standpoint, the Pharmaceutical & Biotech Industry is the clear leader, with $3.8 billion being invested into 28 projects. The aforementioned East River Science Park is the largest investment in the sector, followed by the $400 million Rockefeller University mega-project in New York City. Construction began last year on the Collaborative Research Center which includes the construction of an 8-story LEED building and the renovation of two existing buildings. Mitchell/Giurgola (New York, New York) is the project architect and once again, Turner's New York office is handling construction.

The majority of projects, with the exception of grassroot builds, are occurring on-site at the existing 3,000-plus operational plants found within the region, as found in the Northeast Region Online Plant Directory (NEOPD). When complete and operational, the new plants will be added to the NEOPD with the pertinent contact info. All of the referenced projects are under construction and scheduled to be completed throughout the next several years. Regular project updating tracks and monitors any fundamental changes which are then entered into Industrialinfo.com's PECWeb.

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Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.