The U.S. Midwest region has exploded with industrial project development scheduled to begin construction in 2007, with Alternative Fuels, Power, Industrial Manufacturing, Oil & Gas Transmission, and Metals & Minerals leading the way, according to a report by market research firm Industrial Info Resources (www.industrialinfo.com). In the alternative fuels industry specifically, Industrial Info is tracking 102 projects, estimated at $11 billion, which are scheduled to begin construction in the Midwest in 2007. Industrial Info acknowledges that some of these projects will likely be delayed or cancelled due to market, permitting, and/or financing reasons.
All told, Industrial Info is showing $35 billion worth of projects scheduled to begin construction during the year in the Midwest, including 107 projects valued at $100 million. The largest project is the reopening of an iron ore mine and construction of steel manufacturing complex in Minnesota.
The Power Industry, which in recent years has far outpaced all other industrial markets for project spending, not only in the Midwest, but also nationwide, could be usurped by the Alternative Fuels industry as the leading spending industry in 2007, according to Industrial Info.
Iowa, with 23 percent of Midwest region planned project spending, will see the majority of the work. Iowa has leaped ahead Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota, not only in the number of industrial projects planned, where it has 131, but in the total investment value (TIV) of projects, with more than $8 billion planned. More than 50 percent of that number is for Alternative Fuels projects. Another 40 percent is for Power Industry projects.
To view a chart showing the breakdown of Midwest region project spending by industry, click here (registration required).