Industrial project construction starts in North America have shown steady positive growth all year when compared to last year, according to analysis by Industrial Info Resources, which shows 29.9 percent growth in the value of construction starts in the U.S., Canada and Mexico this year. The index is based on actual verified construction starts from thousands of capital and maintenance projects across 12 vertical industrial markets (Power, Oil & Gas Terminals, Oil & Gas Transmission, Oil & Gas Production, Alternative Fuels, Petroleum Refining, Chemical Processing, Metals & Minerals, Pulp & Paper, Food & Beverage, Industrial Manufacturing, and Pharmaceutical-Biotech).
Despite an uneven economic climate in 2011, Industrial Info reports firms in North America have continued to invest capital equipment and maintenance outlays in select sectors such as oil & gas, renewable energy, automotive and mining. The value of project construction starts has increased from $179 billion in 2010 to $233 billion in 2011. North American country analysis shows that the U.S. has grown 29 percent, Canada 37 percent and Mexico 15 percent. All market regions in North America are showing growth in industrial project with the exception of the Mid-Atlantic region (Maryland, North Carolina, South Carolina, Virginia and West Virginia), which is showing no growth, and Ontario which is experiencing negative 46 percent growth.
Industrial Info has recently released the Online 2012 Global Industrial Outlook, which provides detailed capital spending trend analysis and forecast for 2012.
The North American Project Spending Index is a monthly indicator comparing the total investment value of the current year to the previous year, based on actual project construction starts, in order to get a measure of growth or contraction in the industrial market.
For more information on Industrial Info”s 2012 Global Industrial Outlook report, click here.