Released March 27, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Industrial Info's North American Industrial Project Spending Index, which measures the value of active projects in the pipeline for the year, registered an 11.05% increase in February compared with the same month in 2018. The index amounted to $669.3 billion, up more than $66.6 billion from the total in January 2018.
The Project Spending Index is a monthly indicator that 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 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. The February spending index registered gains in all but four of the 12 industries tracked by Industrial Info.
Click the image at right to view the project spending index.
The Power Industry led the way, with an increase of $23.8 billion, or 18.34%. The industry continues to undergo a transition as more coal-fired generation plants are retired and replaced by natural gas-fired plants and renewable energy, such as wind and solar. In 2018, about 14.5 gigawatts (GW) of net natural gas capacity were added, while almost 13 GW of coal-fired capacity were retired, according to the U.S. Energy Information Administration (EIA). Britt Burt, Industrial Info's vice president of Power Industry research, said earlier this year that the growth of natural gas-fired projects is expected to slow this year. For more information, see March 26, 2019, article - EIA: U.S. Natural Gas Consumption Rises 10% in 2018.
And despite several nuclear plant closures since 2010, power generation from U.S. nuclear power plants totaled 807.1 million megawatt hours (MWh) in 2018, slightly more than the previous peak of 807 MWh in 2010, according to the EIA. The increase stemmed from a combination of added capacity through uprates and shorter refueling and maintenance cycles that allowed the remaining nuclear power plants to produce more electricity. However, the EIA said it expects that U.S. nuclear power output will decline in the near future.
Industrial Info is tracking more than $69 billion in nuclear-power project activity in the U.S., with more than $35 billion having a high or medium probability of moving forward as planned. Last week, the Trump administration approved $3.7 billion in loan guarantees for the two-unit expansion of the Alvin W. Vogtle Nuclear Power Station in Georgia. For more on that, see March 27, 2019, article - Vogtle Owners Receive $3.7 Billion in Federal Loan Guarantees.
Industrial Manufacturing also saw a strong year-on-year gain in February. Spending increased by $19.2 billion, up 14.57%. Industrial Info is tracking more than $8.7 billion in second-quarter Industrial Manufacturing project starts in the U.S. Great Lakes region, which includes Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin, and $6.5 billion in planned starts in the U.S. Southeast market region, which includes Alabama, Florida, Georgia and Tennessee. For more information, see March 25, 2019, article - Great Lakes Region Plans for $8.7 Billion in Second-Quarter Industrial Manufacturing Project Starts and March 26, 2019, article - U.S. Southeast to See $6.5 Billion in Second-Quarter Industrial Manufacturing Project Starts.
Industrial Info's North American Construction Starts Index, which measures the amount of project activity that has been funded and started construction this year across 12 industries in the U.S., Canada and Mexico, for February amounted to 2,505 projects worth $37.1 billion, down from 2,621 projects valued at more than $40.2 billion in February 2018. The total value of the construction starts fell in seven of the 12 industries from a year earlier.
Click the icon at right for a graph showing February's North American Construction Starts.
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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
The Project Spending Index is a monthly indicator that 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 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. The February spending index registered gains in all but four of the 12 industries tracked by Industrial Info.
The Power Industry led the way, with an increase of $23.8 billion, or 18.34%. The industry continues to undergo a transition as more coal-fired generation plants are retired and replaced by natural gas-fired plants and renewable energy, such as wind and solar. In 2018, about 14.5 gigawatts (GW) of net natural gas capacity were added, while almost 13 GW of coal-fired capacity were retired, according to the U.S. Energy Information Administration (EIA). Britt Burt, Industrial Info's vice president of Power Industry research, said earlier this year that the growth of natural gas-fired projects is expected to slow this year. For more information, see March 26, 2019, article - EIA: U.S. Natural Gas Consumption Rises 10% in 2018.
And despite several nuclear plant closures since 2010, power generation from U.S. nuclear power plants totaled 807.1 million megawatt hours (MWh) in 2018, slightly more than the previous peak of 807 MWh in 2010, according to the EIA. The increase stemmed from a combination of added capacity through uprates and shorter refueling and maintenance cycles that allowed the remaining nuclear power plants to produce more electricity. However, the EIA said it expects that U.S. nuclear power output will decline in the near future.
Industrial Info is tracking more than $69 billion in nuclear-power project activity in the U.S., with more than $35 billion having a high or medium probability of moving forward as planned. Last week, the Trump administration approved $3.7 billion in loan guarantees for the two-unit expansion of the Alvin W. Vogtle Nuclear Power Station in Georgia. For more on that, see March 27, 2019, article - Vogtle Owners Receive $3.7 Billion in Federal Loan Guarantees.
Industrial Manufacturing also saw a strong year-on-year gain in February. Spending increased by $19.2 billion, up 14.57%. Industrial Info is tracking more than $8.7 billion in second-quarter Industrial Manufacturing project starts in the U.S. Great Lakes region, which includes Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin, and $6.5 billion in planned starts in the U.S. Southeast market region, which includes Alabama, Florida, Georgia and Tennessee. For more information, see March 25, 2019, article - Great Lakes Region Plans for $8.7 Billion in Second-Quarter Industrial Manufacturing Project Starts and March 26, 2019, article - U.S. Southeast to See $6.5 Billion in Second-Quarter Industrial Manufacturing Project Starts.
Industrial Info's North American Construction Starts Index, which measures the amount of project activity that has been funded and started construction this year across 12 industries in the U.S., Canada and Mexico, for February amounted to 2,505 projects worth $37.1 billion, down from 2,621 projects valued at more than $40.2 billion in February 2018. The total value of the construction starts fell in seven of the 12 industries from a year earlier.
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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
