New England Jumps 58% to $7.1 Billion in Capital Project Spending for 2008

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Researched by Industrial Info Resources (Sugar Land, Texas) -- Someone must have forgotten to tell New England about the dire economic news spreading across the country. With over $7 billion in industrial capital and MRO (Maintenance) projects scheduled to begin construction throughout 2008, the region has experienced a 58% increase over last year, with its $4.5 billion in project activity.

A recent analysis of Industrial Info's active project database reveals that the 2008 spending in the region, which includes the states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, will be divided over 182 projects. These projects carry an average total investment value (TIV) of $39 million. Again, more good news, as this is a considerable increase over 2007, when the average project TIV was $29 million.

Click on the image at right to view a chart showing the breakdown of New England project spending by state.

Massachusetts dominates the region in terms of attracting capital investment, claiming both the majority of the 2008 projects -- 65 -- as well as the majority of spending --$4.3 billion. The state's proactive business retention and attraction efforts are evidently paying off. The largest prize in the state's capital pie is the planned $840 million Neptune LLG (Houston, Texas) receiving buoy project 22 miles off the coast from Boston. Det Norkse Veritas (Houston, Texas) is handling engineering for the project, which is scheduled to begin in November 2008.

Connecticut claims the second spot, with 45 projects worth a TIV of $1.4 billion. The state can thank the power industry for that placement, with its plans for $450 million project to build a 620 MW combined cycle power plant in Middletown. Kleen Energy Systems LLC (Middletown, Connecticut) has hired O&G Industries (Torrington, Connecticut) as the project E&C.

The remainder of the projects are scattered throughout Maine (26 projects- $548 million TIV), New Hampshire (23 projects - $404 million TIV), Rhode Island (13 projects-$308 million) and finally, Vermont (10 projects - $93 million TIV). Like the rest of North America, this construction activity includes everything from grassroot plants, capacity expansions to routine maintenance programs. The majority of referenced projects are located onsite at the region's existing 2,000 operational plants as found in Industrial Info Resources' New England Online Plant Directory, with the new plants being added once they are operational.

View Plant Profile - 1065661 1062008
View Project Report - 35000771 36000377

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.