Sometimes, the success of one industry can assist with another. That's the case in Massachusetts, where a boom in biopharmaceutical companies is leading to a similar rise in construction jobs.
Genetic Engineering & Biotechnology News reports a slew of new construction jobs are underway in the Bay State, thanks to the arrival or expansion of biopharma companies in the area.
In total, companies from this industry are building 3.5 million plus square feet of lab and office space, bringing a total of $2 billion to contractors in the region. Massachusetts currently leads the country in biopharmaceutical construction starts, with more than a dozen projects currently underway.
Some companies are expanding at an enormous rate. For example, the pharmaceutical company Shire is moving employees to a new recently-built location in Lexington, MA, but the previous facility was quickly bought by Pfizer. Pfizer doesn't plan to stay in that space for long, as the company is building a brand new lab less than a mile away. If Pfizer vacates that building, it's unlikely that it would stay vacant for long, as it seems every company in the area is on the move.
Pfizer's project is small compared to the biggest project in the area, by Vertex. The company is constructing two side-by-side 18-story buildings that will provide 1.1 million square feet. This project alone makes up nearly half of the construction money for the state, costing $900 million. Turner Construction is serving as general contractor on the project.
Construction company owners that want to serve on major projects such as these will need to keep costs low. One way to do this is buying through IronPlanet, which offers a wide array of used construction equipment for sale. The site's IronClad Assurance allows buyers to view full inspection reports before they bid, ensuring they know exactly what they're getting.
