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Top Markets for New Markets
Late 2025 saw the announcement of more than 140 New Markets Tax Credit awards by the U.S. Department of the Treasury in a “double round” of allocations. Though many are statewide or national in scope and impact, here’s how they break down by location of the recipient.
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NEWS DIGEST
World Reports
An Indian port city nabs $26 billion in data centers; the “top” 10 global cities by hours lost in traffic; spandex manufacturing expands in China; Hyundai boosts battery production in South Korea; Czech Republic wins a $2 billion semiconductor manufacturing facility.
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McTavish Street, McGill University, Montreal
Photo courtesy of McGill University
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The recent announcement that the National Institutes of Health had instituted a new policy ending the use of human fetal tissue in NIH-supported research cited “advances in organoids, tissue chips, computational biology and other cutting-edge platforms” that have created “robust alternatives that can drive discovery while reducing ethical concerns.”
Organoids? Site Selection writers have encountered them several times in our reporting, including the 2024 story “How Oregon Health & Science University Is Transforming Patient Care” and the 2018 story “Mini Brains and Not So Mini Brains,” which documented the unique research work of Vietnamese-Canadian scientist and baker (?) Nguyen-Vi Mohamed at the Montreal Neurological Institute-Hospital (The Neuro) located at McGill University.
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Where Business Builds Future
West Palm Beach is emerging as South Florida’s center of business, where healthcare, financial services, and technology leaders are building what comes next. Related Ross is reimagining the city’s skyline, creating a connected ecosystem where global firms, growth-stage companies, and talent can scale together. Led by Stephen Ross, the firm is advancing more than $10 billion in planned investment across Palm Beach County to anchor a new era of commerce and innovation. From next-generation Class AA+ office buildings and mixed-use city centers to luxury and attainable housing, hospitality, and activated public spaces, Related Ross is designing the platforms high-growth enterprises need to recruit top talent, collaborate across sectors, and move at the speed of opportunity.
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Chicago, Illinois
Photo by Boris Zec: Getty Images
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Even as a 2025 office market overview from Avison Young indicated U.S. office leasing of 203 million sq. ft. was down by 9.6% from 2024 levels and 13.6% below pre-COVID norms, a new report released last week by the NAIOP Research Foundation examines the economic contributions of commercial real estate from new development and the ongoing operations of existing buildings. Among its findings:
- New development contributed $1.6 trillion to GDP and supported 7.4 million American jobs and $555 billion in personal earnings.
- Totaling 73.8 billion sq. ft. as of the second quarter of 2025, building operations produced an estimated $752.4 billion in direct expenditures, contributed $2 trillion to U.S. GDP, generated $697.5 billion in personal earnings and supported 13.1 million jobs nationwide.
The report’s home page includes an option to explore data by state and/or NAIOP chapter.
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Photo courtesy of Rocket Lab
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Late January saw the successful delivery of Rocket Lab Corporation’s “Hungry Hippo” captive fairing to Virginia for the company’s Neutron rocket, the world’s largest reusable carbon composite rocket. The fairing was delivered to Wallops Island in Virginia and transported to Rocket Lab’s Neutron Assembly and Integration Complex.
Backed by a $23.9 million CHIPS and Science Act award from the U.S. Department of Commerce, Rocket Lab is making investments that it says will “drive economic growth in California, Colorado, Maryland, New Mexico, Mississippi, Arizona and northern Virginia” as it expands its U.S. based headcount to more than 2,000 employees. Watch for more about investment in Maryland and in the Hampton Roads area near Wallops in the March 2026 issue of Site Selection.
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