Texas Tops Nation In Industrial Spending
Texas is the top state for industrial project spending in the United States, according to Industrialinfo.com (Industrial Information Resources, Houston). In an analysis of active projects dating to early August, in which construction has already started or is scheduled to start in 2005, Texas ranked first in the nation in industrial project spending with 462 projects, totaling $12.9 billion in total investment value (TIV).
There were 125 Texas industrial projects totaling $4.2 billion scheduled to begin releasing RFQs during the fourth quarter. This includes 35 power industry projects worth more than $1.5 billion. One of the larger projects with scheduled RFQ release dates during the fourth quarter is a $750 million coal-fired power plant project in San Antonio.
Texas is ranked in the top 10 in all industries, with the exception of the pulp, paper and wood industry, for which it ranks 14th.
Texas ranks first in the nation in forecast spending for the petroleum refining industry, with 88 projects totaling $2.3 billion. With natural gas in high demand and numerous LNG terminals in the planning stages, the oil & gas terminals industry has the largest forecast spending with $2.5 billion from 24 projects. Texas ranks 2nd in the nation for chemical processing industry spending with 106 projects valued at $1.5 billion. (These totals were derived prior to damage inflicted on industrial facilities by Hurricanes Katrina and Rita.)
Harris County, known as the hydrocarbon processing capital of the world, accounts for about half of the forecast industrial spending in Texas. Harris is the most active county in the nation with 115 projects, totaling $2.8 billion, underway at last report.
Other states in the top 10 were: California, Florida, Louisiana, Illinois, Pennsylvania, New York, Ohio, North Carolina, and Wisconsin.