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Released September 09, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--With the Power Industry leading the charge, project spending in the U.S. amounted to $318.31 billion in August, up 19.14% from a year earlier, according to Industrial Info's North American Industrial Project Spending Index.
Spending on power projects in the U.S. totaled $82 billion, up $11.6 billion, or 16.48%, when compared with the spending level in August 2020. Year-over-year increases were seen in all but two of the 12 industries tracked by Industrial Info.
The spending index compares planned industrial project spending for the current year to the previous year in order to get a measure of growth or contraction in the industrial market. The index, which is available to subscribers to Industrial Info's Global Market Intelligence (GMI) Database, provides spending details by industry and market region, including monthly updates that measure the rate of activity from this year to last year during the same month.
About 16 gigawatts (GW) of solar power is expected to come online this year in North America, outpacing all other new-build power projects, according to Britt Burt, Industrial Info's vice president of research for the Power Industry. For more information, see September 7, 2021, article - Get a Grip on the Industrial Market and Prepare for 2022.
Industrial Info is tracking more than $93 billion worth of power projects that are now under construction in the U.S., including $85 billion in power generation and nearly $8 billion in transmission and distribution activity. By fuel type, just four nuclear power projects, worth more than $30 billion, lead in spending, followed by solar.
Click on the image at right for a graph showing U.S. power projects under construction, by fuel type.
The U.S. Pharmaceutical & Biotech Industry also saw a hefty increase in project spending for August, totaling $33 billion, up 34.68% from a year earlier. Pharma-bio projects under construction in the U.S. are led by work on laboratories. Construction of the U.S. Department of Homeland Security's $1.25 billion Manhattan National Bio and Agro-Defense Facility in Kansas is planned for completion in 2022. Located on the north end of the Kansas State University campus in Manhattan, the 574,000-square-foot facility will house laboratories to research, detect and analyze integrated human, foreign animal and zoonotic diseases. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharmaceutical & Biotech Project Database can click here for a detailed project report.
Of the 12 industries tracked by Industrial Info in the U.S. only the Terminals and Pipelines industries saw spending decreases.
For all of North America, project spending was nearly $402 billion in August, up 15.52% compared with August 2020. Spending in Canada reached $64.8 billion, up 37.25%, but spending in Mexico was down 43.92%, amounting to $18.8 billion.
Overall project spending in North America has been in positive territory for eight consecutive months following last year's economic downturn.
Click on the image at right for a chart showing project spending by month for 2021.
Economic growth in the U.S. downshifted slightly to a moderate pace in early July through August, according to the Federal Reserve Beige Book on economic activity, released on Wednesday. The deceleration was attributed to a pullback in dining out, travel and tourism, reflecting safety concerns due to the rise of the COVID-19 Delta variant and, in a few cases, international travel restrictions. The stronger sectors of the economy included manufacturing, transportation, non-financial services and residential real estate.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Spending on power projects in the U.S. totaled $82 billion, up $11.6 billion, or 16.48%, when compared with the spending level in August 2020. Year-over-year increases were seen in all but two of the 12 industries tracked by Industrial Info.
The spending index compares planned industrial project spending for the current year to the previous year in order to get a measure of growth or contraction in the industrial market. The index, which is available to subscribers to Industrial Info's Global Market Intelligence (GMI) Database, provides spending details by industry and market region, including monthly updates that measure the rate of activity from this year to last year during the same month.
About 16 gigawatts (GW) of solar power is expected to come online this year in North America, outpacing all other new-build power projects, according to Britt Burt, Industrial Info's vice president of research for the Power Industry. For more information, see September 7, 2021, article - Get a Grip on the Industrial Market and Prepare for 2022.
Industrial Info is tracking more than $93 billion worth of power projects that are now under construction in the U.S., including $85 billion in power generation and nearly $8 billion in transmission and distribution activity. By fuel type, just four nuclear power projects, worth more than $30 billion, lead in spending, followed by solar.
The U.S. Pharmaceutical & Biotech Industry also saw a hefty increase in project spending for August, totaling $33 billion, up 34.68% from a year earlier. Pharma-bio projects under construction in the U.S. are led by work on laboratories. Construction of the U.S. Department of Homeland Security's $1.25 billion Manhattan National Bio and Agro-Defense Facility in Kansas is planned for completion in 2022. Located on the north end of the Kansas State University campus in Manhattan, the 574,000-square-foot facility will house laboratories to research, detect and analyze integrated human, foreign animal and zoonotic diseases. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharmaceutical & Biotech Project Database can click here for a detailed project report.
Of the 12 industries tracked by Industrial Info in the U.S. only the Terminals and Pipelines industries saw spending decreases.
For all of North America, project spending was nearly $402 billion in August, up 15.52% compared with August 2020. Spending in Canada reached $64.8 billion, up 37.25%, but spending in Mexico was down 43.92%, amounting to $18.8 billion.
Overall project spending in North America has been in positive territory for eight consecutive months following last year's economic downturn.
Economic growth in the U.S. downshifted slightly to a moderate pace in early July through August, according to the Federal Reserve Beige Book on economic activity, released on Wednesday. The deceleration was attributed to a pullback in dining out, travel and tourism, reflecting safety concerns due to the rise of the COVID-19 Delta variant and, in a few cases, international travel restrictions. The stronger sectors of the economy included manufacturing, transportation, non-financial services and residential real estate.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
