Corporate site-hunter: R.I. poised to lure manufacturers

PROVIDENCE — Conditions in Rhode Island are ripe for developers to seize on the state’s surprisingly low operating costs to attract more advanced manufacturers, says the top executive from a New Jersey-based site-selection firm.

That means building industrial space before there’s a buyer or tenant — building on “spec,” as it’s called, a practice rooted in economic optimism that a new facility will attract an expanding company ready to fill it.

When The Boyd Company location consultants, of Princeton, N.J., analyzed the costs of operating a hypothetical 225,000-square-foot advanced manufacturing plant employing 500 people, Rhode Island ranked better than New York, New Jersey and much of New England, according to the study released to The Providence Journal.

 

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