Industrial concerns in the U.S. Gulf Coast region are scheduled to kick off $44 billion of capital and maintenance projects this year, according to the 2012 Global Industrial Outlook report by Industrial Info Resources. Energy projects account for about 60 percent of this amount in the five-state region.
“Despite macroeconomic uncertainty, the energy market has performed quite well over the last couple of years in terms of project expenditures,” said Michael Bergen, Industrial Info”s executive vice president, in a prepared statement. “We expect this to continue in 2012. The Gulf Coast region will benefit from the wet-gas shale plays in the area, from drilling to product distribution and storage. We do expect to also see an increase in activity coming from electric power generation projects, chemical plants and refineries.”
Industrial Info is tracking more than 900 capital and maintenance projects scheduled to begin this year in the Gulf Coast region. According to Industrial Info”s project-spending data, the $44 billion of capital and maintenance projects will be broken down into $3.9 billion for the power industry; $13.2 billion for oil & gas; $4.7 billion for chemical processing; $1.8 billion for petroleum refiners; and $3.2 billion for metals & minerals.
In addition to new project starts, Industrial Info says it has documented the reactivation of more than $180 billion in North American industrial projects.
To access the full 2012 Global Industrial Outlook, click here.