NIH Funding Cuts Could Hamper Development
Yesterday, Mayor Menino and Senator Warren (above) met with top Boston medical community executives, including Boston Medical Center CEO Kate Walsh and leading researchers, to warn that the $85B in federal budget cuts (aka the sequester) would hobble their work, a main driver of CRE development here. If the cuts go into effect March 1 as planned, they would cut $2.4B from the National Institutes of Health budget. They say medical, healthcare, and pharmaceutical research is spurring billions in CRE development from Cambridge to MGH, the Longwood Medical Area, Worcester, and beyond.
Boston receives more NIH funding than any other US city--$23.4B since 1994. New facilities being built, like National Developments $350M Longwood Center (above) support Boston research teams that usethese NIH grants to fund their work. Nationals anchor tenant is Dana Farber Cancer Institute, which in fiscal-year 12 received $124.4M in NIH awards. Boston Medical Center, which recently completed the $190M Shapiro Ambulatory Center, received $37M last year. Childrens Hospital, which is building the $169M Skinney Binney addition, also in the LMA, received $122.3M in NIH awards in fiscal-year 12.
