This represents an increase in project value of 56 percent when compared to the $6.1 billion from 186 projects that were under development and scheduled for construction kick-off in 2006 (from a May 2006 study). However, the number of projects for 2007 – 183 – remains about the same as 2006, meaning that the average per project total investment value has increased. See related May 26, 2006 news article - May 2006 Update of Top 20 States for Industrial Project Spending Activity.
One of the largest projects to begin construction this year in New York is the first phase of the $700 million Grassroot East River Science Park in Manhattan, which will provide research labs to multiple life science entities for clinical drug operations and tranlational uses. Alexandria Real Estate Equities (San Diego) is constructing the park. For details see related July 27, 2007 news article - Pharmaceutical-Biotech $17 Billion 2007 Capital Investment: Site Selection, It's Nothing Personal; It's Only Business...
Click on the image at right to view a chart showing the breakdown of project spending in New York for 2007.New York is attracting an abundance of Pharmaceutical-Biotech Industry project activity. In addition to the East River Science Park, Regeneron Pharmaceuticals (Tarrytown, N.Y.) is constructing a $145 million Pharmaceutical R&D Laboratory in Greenburgh, N.Y. William A. Berry & Son Incorporated (Danvers, Mass.) is providing construction management services for the project. Structural erection is under way for a 190,000-square-foot building.
The Pharmaceutical-Biotech Industry with 21 projects totaling $1.2 billion is the third-largest industry for 2007 behind the Power Industry with 19 projects totaling $1.3 billion and the number one industry, Industrial Manufacturing with 51 projects totaling $4.7 billion. The Industrial Manufacturing Industry in New York is dominated by subway and light rail construction projects. One of the other industries showing significant growth in activity for 2007, not only in New York but nation-wide is the Alternative Fuels Industry, which has 12 projects totaling more than $700 million scheduled to begin construction this year. Industrial Info Resources provides marketing communication services ranging from industrial database solutions to market forecasting, custom analytics and specialty promotions that support high-level image campaigns. To learn more, visit www.industrialinfo.com.
