Tuesday, November 9, 2010

U. S. Northeast Sees Construction Investment Launches

Delaware, New Jersey, New York and Pennsylvania are looking forward to fourth quarter launches of planned major construction projects with a total investment value of over $2.3 billion. Leading the way are the industrial manufacturing and biotech-pharmaceutical sectors of the economy, with 25 biotech or drug making projects worth $572 million, and 17 industrial manufacturing projects worth $715 million.

Examples include the $175 million Fisker Automotive renovation and expansion of the former GM plant in Wilmington, Delaware, to produce plug in hybrid cars, mostly for export. The completed 3.2 million square foot facility is expected to go into production in 2012, and to be making up to 100,000 cars and trucks a year by 2014. One of the big biotech projects will be expansion of the Cornell University Department of Food Science Stocking Hall laboratory to a 145,000 square foot facility at an investment of $105 million under the construction management of Gilbane Building Company. Construction of the Stocking Hall expansion at Cornell is expected to take four years.
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