< Previous124 JULY 2024 SITE SELECTION S trategic Innovation Centers (SIC) for R&D, innovation, networking, business support and other services are boosting lesser-known industries than New Jersey’s signature life sciences industry, among others). e latest SIC, launched in June, is the Aerospace Innovation Center (AIC) in Atlantic City, an initiative of the New Jersey Economic Development Authority and the Atlantic County Improvement Authority. Based in the National Aerospace Research & Technology Park in Egg Harbor, the AIC will provide research space for aerospace innovation, access to resources at the FAA William J. Hughes Center for Advanced Aerospace and other tools and equipment for collaborating with experts in the fi eld. e AIC will collaborate with Stockton University, Rowan University and Rutgers School of Engineering in New Jersey as well as such aeronautical institutions as Embry- Riddle Aeronautical University and the National Institute of Aerospace. Another recently announced SIC is the Fintech Accelerator at Stevens Institute of Technology in Hoboken. Known as NJ FAST, the accelerator is a partnership of NJEDA and Silicon Valley-based Plug and Play, an innovation platform for startups, corporations, venture capital fi rms and others. Prudential Financial, based in nearby Newark, is NJ FAST’s founding corporate partner. Besides Prudential, New Jersey is home to operations of Barclays, Fiserv and JP Morgan, among other fi nancial services heavyweights. NJ FAST will help launch fi nancial and insurance technology startups so they can one day join their ranks. In early May, HAX LLC opened its U.S. base in Newark. Run by by MARK AREND mark.arend@siteselection.com New Jersey’s largest city, Newark, is home to the HAX Strategic Investment Center for technology startups and entrepreneurs. Newark skyline photo by Harry Prott courtesy of Newark Happening The Garden State’s Support for Innovators Is SIC New Jersey STATE SPOTLIGHT 2023 Workers’ Comp Index Rate: 2.44 Industrial power cost per kWh: $12.12 Total Rev. as Share of Total Expenses, FY 2007-21: 92.5% Selected Top Projects by Capital Investment COMPANY CITY SITE AREA (K sqft) The TJX Companies Lyndhurst 1,300 Lecangs Burlington 668 Loctek Burlington 668 Elogistek Port Reading 607 Bank of America Corp. Jersey City 550 Source: Conway Projects Database BY THE NUMBERS NEW JERSEY 50 th 22 nd 46 th 1 st 43 rd 50 th Number of NCRCs: 1,044 | Percent Improved 2022–23: 10.13% Business Tax Climate Rank Change 2023–2024: 0 Higher Ed. R&D Expenditure in $000s: 1,517,906SOSV, a Princeton-based venture capital fi rm, HAX is a startup program for emerging technology companies, off ering entrepreneurs mentorship, capital and other resources. Governor Phil Murphy was on hand at the opening to stress the importance of growing New Jersey’s innovation economy. “HAX’s investment in Newark and New Jersey is a testament to the diverse talent pool the Garden State has to off er,” said the governor. “From HAX to the Princeton AI Hub, to the Helix and Edge Works, New Jersey’s innovation story is evolving and our investment in the fi eld will lead to long- term, sustainable economic growth.” “When we set out to fi nd a new headquarters for HAX in the U.S., we were looking for an ecosystem that could be the birthplace of the re-industrialization of the U.S.,” said Duncan Turner, HAX’s managing director and a general partner at SOSV. “We wanted world-class talent close to some of the largest industries in the world where we would have an industrial heritage and infrastructure ready to support our companies’ expansions. Newark really has it all. We have truly exceptional universities with academic departments that are developing IP and talent that will shape the world for generations to come. And we are a train ride away from two of the best sources of venture capital in the world. HAX, too, is an SIC. We wanted world-class talent close to some of the largest industries in the world where we would have an industrial heritage and infrastructure ready to support our companies’ expansions. Newark really has it all.” — Duncan Turner, General Partner, SOSV, and Managing Director, HAX We wanted world-class talent close to some of the largest industries in the world where N ew Jersey’s status as a leading life sciences hub cannot be denied. The 2024 New Jersey Life Sciences Report was released in June by Choose New Jersey, real estate services provider JLL, BioNJ (the state’s largest life sciences association) and the New Jersey Economic Development Authority. It demonstrates the breadth of the state’s life sciences ecosystem, from talent, manufacturing and lab facilities to research universities and industry partnerships. “New Jersey continues to lead the way in life sciences innovation with more than 50% of all new FDA approvals in 2023 coming from companies within the Garden State, thanks to its robust and collaborative life sciences ecosystem,” said Debbie Hart, president and CEO of BioNJ, in a release announcing the report. “Life sciences companies achieve greater value for their investment in New Jersey, partly due to its strong research institutions, supportive government policies, deep talent pool and aff ordable lab space.” The report quantifi es New Jersey’s strength in key life sciences sectors, such as biopharmaceutical manufacturing — eight of the top 10 global pharma companies operate in the state. More than 39,000 work in the sector, earning on average more than $165,000 annually. Biopharma R&D? About 36,000 work in that fi eld. About 390 medical device sites employ more than 11,000 at such companies as Becton Dickinson (BD), Medtronic and Stryker. Much more can be found in the report, from lab space availability and costs to existing and in-development life science innovation centers and higher education assets. REPORT: ‘GREATER VALUE’ IN NEW JERSEY FOR LIFE SCIENCES COMPANIES 126 JULY 2024 SITE SELECTION128 JULY 2024 SITE SELECTION Two Tech Hub designations recognize innovation arising where America began. F rom the Mayfl ower to today’s modern economy, New England has long been a stomping ground for pioneers. Today, this rich legacy continues to inspire the formation of leading industry clusters. In a region home to world- renowned universities and abundant natural resources, these assets are attracting an infl ux of new ventures, positioning these states as leaders in various cutting-edge sectors. MAINE Backed by $. million in federal Wood Innovations and Community Wood Grant Program funding, three Maine-based companies are anticipated to build capacity and instigate innovation within forest product manufacturing. “Federal grant programs that support innovative and sustainable uses for wood are instrumental in helping Maine loggers and forest product producers adapt to ever-changing industries, climate and markets,” said U.S. Rep. Chellie Pingree. “From bringing production back to the Jay area to furthering sustainable innovations in packaging and wood products, these federal grants for Maine support rural economies while investing in forward- thinking, sustainable practices.” is investment comes months after Maine received a fi rst-of-its-kind designation as a federal “Tech Hub” for the advancement of innovative forest bioproducts. Announced in October , this designation, created by the CHIPS and Sciences Act, recognizes that Maine’s forest bioproducts sector has the potential for rapid growth and opens the door for signifi cant federal investments such as this wood-focused grant from the U.S. Department of Agriculture’s Forest Service. From forest management and construction to wood products and transportation, Treeline Inc. wears many hats within the state’s forest industry. It plans to use the nearly $ million grant it received to construct a thermally by LINDSAY LOPP lindsay.lopp@siteselection.com NEW ENGLAND Ørsted and Eversource have invested approximately $100 million into the work at their ProvPort hub. Image courtesy of Ørsted Up-and- Coming Industry Hubs Across New England SITE SELECTION JULY 2024 129 modifi ed wood treatment facility. Located in Saco, Tanbark Molded Fiber Products, received $, to help expand capabilities to replace plastic packaging with Type molded wood fi ber. e company only began operations last summer, after securing $. million in pre-seed funding. Its founders, Melissa and Chritopher LaCasse, aim to solve “the modern problem of plastic waste” by innovating Maine’s historic pulp and paper industry. rough this grant, Godfrey Forest Products LLC was allotted $, to help reignite wood products production at the Androscoggin Mill in Jay. In March, the company announced that it has initiated the process of constructing a new oriented strand board (OSB) manufacturing facility at the site, which was previously operated by paper manufacturer Pixelle Specialty Solutions until operations ceased in March . Once the project is completed in approximately to months, Godfrey Forest Products expects to hire new employees. CONNECTICUT According to Lightcast, New Haven is the fastest growing metropolitan statistical area for physical, engineering and life sciences R&D jobs, scaling by % from to . With renowned universities such as Yale, the University of Connecticut, Wesleyan University and Trinity College located in the state, Connecticut is home to a bevy of top-tier research assets and talent pools, in turn establishing the bedrock for a robust biotech ecosystem. “Connecticut’s life sciences industry has boomed in recent years,” said John Bourdeaux, president and CEO of AdvanceCT, in a press release. “Companies are drawn to the region due to the abundance of talent along our state’s Innovation Corridor, stretching from Stamford to New Haven to Hartford, plus established life sciences centers in Danbury and Groton. is large concentration of R&D and STEM talent has sustained other notable companies such as Boehringer Ingelheim’s U.S. headquarters, Pfi zer’s largest R&D facility in the U.S., and e Jackson Laboratory for Genomic Medicine.” e U.S. Department of Labor reports that from to , the number of bioscience establishments located in the state grew by %, increasing to approximately ,. Right before the new year began, AdvanceCT announced that an additional four companies were expanding their operations in the state: MannKind Corporation, Millstone Medical (formerly MycoScience), ReST erapeutics and Revalia Bio. For Paris, France-based ReST erapeutics, this expansion marks the company’s entry into the U.S. market. e developer of therapies to treat complex neurological and psychiatric disorders, including Alzheimer’s and PTSD, has selected New Haven as the new location for its U.S. headquarters and is currently in the process of raising a $. million post-seed round to invest in the state. In addition to attracting companies from abroad, this announcement also includes companies that were founded in Connecticut and have continued to fl ourish there. Yale spinoff Revelia Bio, which strives to reinvent fi rst-in-human clinical trials through the use of organs donated for research, is expanding into Elm City Bioscience Center’s Church St. tower, a former downtown New Haven offi ce space that was converted New Haven is the fastest growing metropolitan statistical area for physical, engineering and life sciences R&D jobs, scaling by 581% from 2017 to 2022. Source: Lightcast132 JULY 2024 SITE SELECTION into a 113,600-sq.-ft. lab and research building. The company has committed to investing more than $10 million and creating over 15 jobs. RHODE ISLAND Rhode Island’s developing wind energy supply chain is quickly achieving milestone after milestone. On Thursday, June 13, Revolution Wind celebrated the completed construction of the project’s union-built advanced foundation components, marking significant progress in the development of Rhode Island and Connecticut’s first large-scale offshore wind farm and the nation’s first multi- state offshore wind farm. Spanning roughly 15 miles south of the Rhode Island coast and 32 miles southeast of the Connecticut coast, once in operation, Revolution Wind will have the capacity to generate 400 megawatts of clean, affordable offshore wind power for Rhode Island and 304 megawatts for Connecticut, enough clean energy to power more than 350,000 homes across both states. During the same week, the Ocean State welcomed the arrival of ECO EDISON — the first-ever American- built, owned and crewed offshore wind service operations vessel (SOV). Built by more than 600 workers in Louisiana, Mississippi and Florida, this innovative vessel will play an essential role in the operation and maintenance of Ørsted and Eversource’s Northeast projects. Ørsted and Eversource have invested approximately $100 million into their ProvPort hub, representing the largest offshore wind supply chain investment in Rhode Island’s history. Additionally, the Revolution Wind project alone is credited for creating around 1,200 union jobs throughout the state. “The construction of our state’s second offshore wind farm is a testament to the power of regional collaboration,” said Rhode Island Secretary of Commerce Liz Tanner. “This project not only harnesses Rhode Island’s natural resources but also continues to drive momentum in the blue economy by creating good-paying jobs and fostering sustainable development.” The vast potential of Rhode Island’s coastline, paired with the state’s demonstrated determination to grow its blue economy, led the U.S. Department of Commerce’s Economic Development Administration (EDA) to designate the Providence-Warwick region as one of the country’s 31 inaugural Tech Hubs. Alongside Massachusetts, Rhode Island will spearhead the newly established Ocean Tech Hub, leveraging its unique coastal assets to establish digital and physical testing and manufacturing environments for rapid prototype testing and meet growing commercial demand. In doing so, the states strive to advance ocean-related technology innovation, establishing this corner of New England as a global leader in the growing blue economy. The ECO Edison, one of the first U.S.-flagged Jones Act offshore wind farm service operation vessels (SOV), was christened and launched in a ceremony at the Port of New Orleans (pictured) in late May and arrived in Rhode Island in June. Image courtesy of Edison Chouest Offshore (ECO) and ABSSTATE SPOTLIGHT SITE SELECTION JULY 2024 133 T hrough various multi-million- dollar investments, the fourth- largest city in the Mountain State is receiving a much- anticipated facelift. Located in Ohio County, Wheeling, West Virginia, is a far cry from a sleepy Appalachian town, and these new projects to revitalize its historic downtown are a testament to the region’s development-friendly atmosphere. e city’s transformation kicked off in Fall with a $ million, two-year streetscape project, which includes total rebuilds of Main and Market streets and new infrastructure throughout the downtown area. “As part of this project, the city of Wheeling has gone in and replaced their waterlines and all of their utility lines that run underneath the streets. ey’re changing the complexion of the city with sidewalks and landscaping,” says Ohio County Commission Administrator Randy Russell. “Now, I’ll be honest with you, if you drove to Downtown Wheeling right now, it’s like [war-torn] Bosnia. But once it’s complete, I think it’ll be a much-needed addition to the city.” Since this venture began, additional revitalization projects have started, adding to the current construction warzone. Wheeling devel- oper Barry Allen announced a $ million project to con- struct an upscale, multi-use hotel, retail and event center in May. Located along an entire city block, this new facility will replace the former Wheeling Coff ee & Spice Co. and National Equipment Co. buildings by Wheeling’s waterfront. While the project’s plans have yet to be fi nalized, the facility is slated West Virginia by LINDSAY LOPP lindsay.lopp@siteselection.com Downtown Wheeling is currently undergoing a massive transformation. Photos courtesy of TRL 2023 Workers’ Comp Index Rate: 0.63 Industrial power cost per kWh: $6.74 Total Rev. as Share of Total Expenses, FY 2007-21: 104.6% Selected Top Projects by Capital Investment COMPANY COUNTY INVESTMENT($M) UNDBIO Monongalia 100 Alcon AG Cabell 70 TC Energy Corp. Kanawha 60 Guntry Ohio 16 Northstar Technologies Harrison 5 Source: Conway Projects Database BY THE NUMBERS WEST VIRGINIA 22 nd 44 th 21 st 49 th 7 th 15 th Number of NCRCs: 0,000 | Percent Improved 2022–23: =1.71% Business Tax Climate Rank Change 2023–2024: -1 Higher Ed. R&D Expenditure in $000s: 249,791 Paving the Way for ProgressNext >