The pharmaceutical industry is cutting back these days, but you would never know it from the construction underway by Pfizer Inc.

The drug maker broke ground Monday in the Boston area on a new 180,000 square-foot facility that will house researchers being moved from Groton, Conn. In the U.K. earlier this year, the company said it would mostly shutter its operation in Sandwich, the birthplace of Viagra, choosing instead to concentrate research at a new facility in Cambridge, England.

Pharmaceutical companies such as Pfizer are increasingly concentrating research and development in a handful cities known as “bioscience clusters” that are …

Article source: http://online.wsj.com/article/SB10001424052970204531404577054612465799788.html

Home prices began double-dipping months ago, but now that SP/Case Shiller has chimed in, it really must be so.

This report is the most widely-followed home price index, equally quoted in bank boardrooms, Treasury Department back rooms, and Congressional Committees.

The report finds home prices in Q1 of this year are now 2.9 percent below the previous quarterly bottom in Q1 of 2009, effectively giving up all the gains of the past few years, which were of course fueled by the home buyer tax credit.

“Just about everybody agrees we’re going to miss the seasonally strong period in 2011, which we should be at the very beginning of right now with May, but nobody thinks that will make any difference,” says SP’s David Blitzer. “Everybody’s now keeping their fingers crossed for 2012 and wondering whether people just don’t want to own homes anymore.”

Keeping your fingers crossed for the housing market is just the tip of the iceberg. Prices have now fallen, on this index, more than they did during the Great Depression. “On that occasion, the peak in prices was not regained until 19 years after they first fell,” notes Paul Dales at Capital Economics.

Page 1 of 4 | Next Page
Show Entire Article

War of Ideas on U.S. Budget Overshadows Job Struggle

Scary May Jobs Report Could Still Be a Negative for Stocks

Obama Blames Europe, Japan for US Economic Woes

Agriculture Industry Fears Immigration Enforcement

Pfizer Drug Helping Reduce Breast Cancer Risk

More Top Stories

Article source: http://www.cnbc.com/id/43224167?__source=RSS*blog*&par=RSS