Carolinas' $20 Billion Industrial Construction Provides Economic Boost

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Researched by Industrial Info Resources (Sugar Land, Texas)--North and South Carolina attract a significant amount of industrial project activity, providing a much needed economic stimulus for the eastern U.S. Currently, the two states have more than $20 billion of industrial projects either under construction or scheduled to begin construction this year. This includes $5.5 billion in projects scheduled to begin construction in 2009, $7 billion in projects that started construction in 2008, and about $8 billion in projects that started construction prior to 2008 and are still active.

As previously stated, for 2009, there are 218 projects totaling $5.5 billion that have begun construction or are planned to begin construction during 2009. This is down 25% from 2008. Until 2009, industrial construction activity had shown increases in the Carolina's since 2005. For details view related March 26, 2008, news article - Value of Industrial Project-Spending in the Carolinas Increasing.

North Carolina leads South Carolina for planned project activity in 2009 with 129 projects totaling $3.2 billion. South Carolina has 89 projects totaling $2.3 billion.

Click on the image at right to view a chart showing the breakdown of planned 2009 project starts in the Carolinas.

Leading industries with the most project activity in the Carolina's include Power, Pharma-Biotech and Industrial Manufacturing. Merck Vaccines (Durham, North Carolina), a subsidiary of Merck & Company Incorporated (NYSE:MRK) (Whitehouse, New Jersey), recently began construction of a $300 million bulk vaccine manufacturing plant expansion of its newly constructed manufacturing complex in Durham, North Carolina. The Carey, North Carolina, branch of Jacobs Engineering Group (NYSE:JEC) (Pasadena, California) is providing engineering and construction services for the project.

East Coast Ethanol LLC (Columbia, South Carolina) has plans to begin construction late this year on ethanol plants in both North and South Carolina. Combined, the projects total $477 million.

FedEx Corporation (NYSE:FDX) (Memphis, Tennessee) will begin construction soon on a grassroot regional distribution hub in Kernersville, North Carolina.

Both North and South Carolina were recently listed in the top 10 states for industrial project construction in the U.S. South Carolina is ranked as the seventh with 35 projects totaling $8.5 billion, and North Carolina is ranked ninth with 48 projects totaling $6.6 billion. Together, the two states have $15.1 billion in active industrial construction, making the Carolinas the second largest market after Texas for active industrial project construction by value in the U.S. For details see related June 10, 2009, news article - Top 10 States Account for Half of $203 Billion in U.S. Industrial Construction.

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Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy related markets. For more than 26 years, Industrial Info has provided plant and project opportunity databases, market forecasts, high resolution maps, and daily industry news.