Spring, Summer and Fall Highlight $5.1 Billion in 2006 Construction Starts in Virginia for Industrial Manufacturing Industry

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Researched by Industrial Info Resources (Sugar Land, Texas). Since the turn of the century, spending within the Industrial Manufacturing Industry in the state of Virginia has been modest. Only a pair of years stand out for exceptional spending, 2004 with $1.6 billion and 2001 with just over $1 billion, while during the balance of the new millennium, Industrial Manufacturing spending within the state has been, at its best, sporadic. In 2006, Industrial Manufacturing spending in Virginia has taken a dramatic upswing. Over $5.1 billion worth of construction starts are either currently underway or will be during the balance of the year with the months of March, July, and October highlighting the spending for the year.

Each of these spending months has one thing in common, a single $1 billion plus project that has either begun construction or will begin construction. In March, it was the much-anticipated Micron Technology, Incorporated’s (NYSE:MU) (Boise, Idaho) $1.2 billion wafer fabrication plant upgrade in Manassas, Virginia, that started the spending ball rolling. Micron is in the process of converting its 200mm wafer fabrication plant to manufacture 300mm wafers.

In July, the Dulles Corridor Metrorail Project (Vienna, Virginia) is scheduled to begin construction on phase I of the proposed $1.8 billion project. The project will involve the construction of an 11.5-mile extension of the Metrorail Orange line to extend commuter rail service to Loudoun County, Virginia.

Finally in October, the Virginia Port Authority (VPA) (Norfolk, Virginia) is anticipating construction to begin on the proposed $1.5 billion grassroot Craney Island container terminal project. This project will involve the construction of a fourth container terminal on an 800-acre site adjacent to the existing VPA terminals.

In addition to these three huge projects, the state of Virginia will also be playing host to at least 50 additional projects worth in excess of $660 million that are also scheduled to begin construction during 2006. Projects such as a proposed $105 million grassroot plastic packaging plant, a $78.4 million power tool plant expansion, that began construction in February, and a proposed $26.6 million carpet manufacturing plant expansion highlight the additional work planned for 2006.

When December 31st rolls around, it will be safe to say that the state of Virginia will have experienced one of the best years in recent memory, in terms of construction starts within the Industrial Manufacturing Industry. While 2007’s current spending numbers are down significantly over 2006, one cannot expect consecutive spending years of this size in a state such as Virginia. As 2006 progresses, the spending numbers for 2007 and beyond will naturally increase as companies plan for the future. However, it will be quite some time before the state sees expenditures this high again, at least within the Industrial Manufacturing Industry.

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