Life Science Industry Invests More than $2 Billion for Project 'Restarts' in New England and Northeast

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Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--It was not very long ago when it seemed the only major capital project announcements coming out of the North American life science industry were for about those being cancelled or put on-hold. While it is perhaps a bit early to start singing "Happy days are here again..." there is definitely evidence of a financial thaw.

A look at the top project restarts in just New England and the Northeast regions reveals a whopping $2.2 billion in investments. The projects range from Vertex Pharmaceuticals Incorporated's (NASDAQ:VRTX) decision to build an $800 million facility at Boston's Fan Pier, to Harvard University's move to revive its Allston Health and Science Campus.

Philadelphia's Science Center is a short time away from breaking ground on a $150 million life science building at 3737 Market Street, which is within its research park. In Manhattan, Alexandria Life Science Equities (NYSE:ARE) has resumed active planning for the Phase II of the Center for Life Science on the shores of the East River.

The life science industry underwent a double whammy that impacted capital investment plans. As the economy spiraled, it dovetailed with the launch of entire reinvention of the pharmaceutical-biotech sector. Purse strings snapped shut as budgets were iced, and what was once eagerly announced became a non-event. Not unique to just the life science sector, the "restart renaissance" has been replicated across the country, spanning all industries.

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