Industrial Plant Construction Mushrooms In 2008
Grassroots industrial plant construction in North America continues to experience explosive growth, according to Industrial Information Resources (www.industrialinfo.com). Referring to plants being constructed from the ground up with no previous site improvements, grassroots plant construction shows a total investment value (TIV) exceeding $181 billion in North America in 2008. Some 71% of that total, representing $129 billion TIV, are under construction in the U.S. The remainder are in Canada.
This year’s performance is exceeding 2007, a banner year, which saw grassroots plant construction in the U.S. grow from $60 billion in 2006 to $88 billion. There are more than 1,000 grassroots industrial plants being constructed right now in the U.S. and Canada, up from 656 plants last year. The energy sector is driving the upsurge, with much of the construction related to oil production, mining, upgrading/refining, transmission, storage and energy facilities.