SalesLeads announced today the Q3 2022 results for the new planned capital project spending report for the Pharmaceutical and BioTech industry. The Firm tracks North American planned industrial capital project activity including facility expansions, new plant construction and significant equipment modernization projects. Research confirms 93 new projects in the Pharmaceutical sector.
Planned industrial project activity within the sector is down 3% YTD over the previous year.
The following are selected highlights on new Pharmaceutical industry construction news.
Pharmaceutical - By Project Type
Manufacturing/Processing Facilities - 62 New Projects
Laboratory Facilities - 32 New Projects
Distribution and Industrial Warehouse - 13 New Projects
Pharmaceutical - By Project Scope/Activity
New Construction - 37 New Projects
Expansion - 22 New Projects
Renovations/Equipment Upgrades - 35 New Projects
Plant Closing - 9 New Projects
Pharmaceutical - By Project Location (Top 5 States)
California - 16
North Carolina - 8
Massachusetts - 7
Pennsylvania - 7
Texas - 6
Largest Planned Project
During the 3rd quarter of 2022, our research team identified 5 new Pharmaceutical facility construction projects with an estimated value of $100 million or more.
The largest project is owned by Pfizer, Inc., who is planning to invest $470 million for a 260,000 sf expansion, renovation, and equipment upgrades at their processing and laboratory facility in PEARL RIVER, NY. They are currently seeking approval for the project. Completion is slated for early 2026.
Top 5 Tracked Pharmaceutical Projects
Biotechnology company is planning to invest $430 million for the renovation and equipment upgrades on a 168,000 sf laboratory and processing complex at 1740 Whitehall Rd. in MUSKEGON TOWNSHIP, MI. Renovations are expected to start in late 2022, with completion slated for early 2026.
Biotechnology company is planning to invest $120 million for the construction of a 400,000 sf laboratory facility in VACAVILLE, CA. Construction is expected to start in Spring 2023.
Pharmaceutical company is planning to invest $120 million for the construction of a 28,000 sf manufacturing facility at 1555 S Harding St. in INDIANAPOLIS, IN. They are currently seeking approval for the project.
Pharmaceutical company is planning to invest $94 million for a 100,000 sf expansion and the renovation of their processing facility in SOUDERTON, PA. They are currently seeking approval for the project.
Medical equipment mfr. is planning to invest $90 million for the construction of a 270,000 sf manufacturing facility in NORTH CHARLESTON, SC. They are currently seeking approval for the project. Completion is slated for 2024.
About SalesLeads, Inc.
Since 1959, SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Our Industrial Market Intelligence, IMI identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team.