The construction market in Boston is one of the most diverse in the country.
Residential, life science, commercial, education, healthcare, and infrastructure projects are all present here in similar proportions. There are several high-profile projects underway here, including the redevelopment of the city’s Seaport District, residential towers along the waterfront, and continued life science development across the Charles River in Cambridge and throughout greater Boston. Laboratories operate across the city serving the thriving biotech industry, which requires specialized workspaces, equipment, and workers who are predominately on-site. This has in turn spilled into other parts of the economy and surrounding communities and kept adjacent businesses operating.
The overall market is on-track to slightly decline by about 0.5% this year and about 4% next year. Still, the pharmaceutical and technology manufacturing and infrastructure sectors are predicted to see some growth. Due to breakthroughs in vaccine advancement during the pandemic, the life sciences sector continues to see focused attention. Startups have been affected by the failure of investment banks and shortage of scientists, which has caused a slight slow down in the market.