2022 has shaped up to be a return to normalcy for the Boston market. The economic center of the US has shifted towards the West Coast over the last 40 years, and construction volume in other parts of the country has been declining as a result.
Fortunately, Boston has a robust education sector and has positioned itself as a key player in the life-sciences industry. Laboratories are operating across the city, which requires specialized equipment and workers who cannot be remote. This has in turn muted the effect of the pandemic’s housing boom.
The overall market is expected to decline this year, but sizable growth is likely to come from the manufacturing sector. Unlike in other cities, this is not due to the reshoring of manufacturing jobs but rather to the role of life sciences in ending the COVID-19 pandemic. New vaccines will need to be developed, manufactured, and distributed alongside the work that has not been changed by the pandemic. In short, biotech companies in Boston will need to increase capacity, and fast.
* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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