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Released March 23, 2022 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Construction starts in the U.S. Industrial Manufacturing Industry maintained an upward trajectory in February, with project spending up 24% from the same month in 2021, according to Industrial Info's North American Construction Starts Index.
The monthly index indicated 1,067 Industrial Manufacturing construction starts in February, with a project value of $9.2 billion. Last month's growth is in sharp contrast to February 2021, when the project value was down 35.8% from a year earlier.
In all, the North American Construction Starts Index, which covers 12 industries across the U.S., Canada and Mexico, totaled $48 billion in project value in February, up 13.1% from a year earlier, as the economy continued to bounce back from the impact of the COVID-19 pandemic.
Click on the image at right for a chart showing the North American Construction Starts Index from January 2021 to February 2022.
A wide variety of sectors fall under the Industrial Manufacturing umbrella, including automotive, data centers, heavy manufacturing, semiconductors & computers and transportation systems, among others.
Economic activity for U.S. manufacturers grew last month, according to the Institute for Supply Management (ISM), but its survey was conducted before Russia's invasion of Ukraine. For more information, see March 11, 2022, article - U.S. Manufacturing Shows Growth, but Russia-Ukraine Conflict Lingers.
Looking forward, the National Association of Manufacturers' (NAM) outlook survey for first-quarter 2022, conducted February 11-25, showed 88.8% of the respondents felt either somewhat or very positive about their company outlook, up from 86% in fourth-quarter 2021.
The respondents expected capital spending to rise 3.8%, up from 3.3% in the previous survey and the best pace since second-quarter 2018, NAM said.
"Demand for manufactured goods has remained strong despite a multitude of headwinds in the global economy," according to the NAM report summary. "The challenge for manufacturing firms has been in meeting that demand, with sizable hurdles from supply-chain disruptions, workforce shortages, soaring costs and COVID-19."
NAM cautioned the effects of the war in Ukraine were largely not reflected in the survey, as most responses were received prior to the invasion.
Among last month's project construction kickoffs reported by Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database was Toyota Motor Corporation's (NYSE:TM) (Toyota City, Japan) $1.3 billion electric vehicle battery plant in Liberty, North Carolina. The facility will include four production lines with an annual capacity of 200,000 batteries per line, and could be just the first phase in a possible $3 billion investment. Subscribers to Industrial Info's GMI Project Database can click here for the project report.
In Casa Grande, Arizona, Kohler Company (Kohler, Wisconsin) has kicked off construction on a $300 million plumbing fixtures manufacturing plant. The 1 million-square-foot facility is planned for completion in second-quarter 2023. Subscribers can learn more by clicking here.
In East Wenatchee, Washington, Microsoft Corporation (NASDAQ:MSFT) (Redmon, Washington) started construction of a $409 million data center campus, which is part of a multiphase development on a 170-acre site. Subscribers can click here for a project report.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
The monthly index indicated 1,067 Industrial Manufacturing construction starts in February, with a project value of $9.2 billion. Last month's growth is in sharp contrast to February 2021, when the project value was down 35.8% from a year earlier.
In all, the North American Construction Starts Index, which covers 12 industries across the U.S., Canada and Mexico, totaled $48 billion in project value in February, up 13.1% from a year earlier, as the economy continued to bounce back from the impact of the COVID-19 pandemic.
A wide variety of sectors fall under the Industrial Manufacturing umbrella, including automotive, data centers, heavy manufacturing, semiconductors & computers and transportation systems, among others.
Economic activity for U.S. manufacturers grew last month, according to the Institute for Supply Management (ISM), but its survey was conducted before Russia's invasion of Ukraine. For more information, see March 11, 2022, article - U.S. Manufacturing Shows Growth, but Russia-Ukraine Conflict Lingers.
Looking forward, the National Association of Manufacturers' (NAM) outlook survey for first-quarter 2022, conducted February 11-25, showed 88.8% of the respondents felt either somewhat or very positive about their company outlook, up from 86% in fourth-quarter 2021.
The respondents expected capital spending to rise 3.8%, up from 3.3% in the previous survey and the best pace since second-quarter 2018, NAM said.
"Demand for manufactured goods has remained strong despite a multitude of headwinds in the global economy," according to the NAM report summary. "The challenge for manufacturing firms has been in meeting that demand, with sizable hurdles from supply-chain disruptions, workforce shortages, soaring costs and COVID-19."
NAM cautioned the effects of the war in Ukraine were largely not reflected in the survey, as most responses were received prior to the invasion.
Among last month's project construction kickoffs reported by Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database was Toyota Motor Corporation's (NYSE:TM) (Toyota City, Japan) $1.3 billion electric vehicle battery plant in Liberty, North Carolina. The facility will include four production lines with an annual capacity of 200,000 batteries per line, and could be just the first phase in a possible $3 billion investment. Subscribers to Industrial Info's GMI Project Database can click here for the project report.
In Casa Grande, Arizona, Kohler Company (Kohler, Wisconsin) has kicked off construction on a $300 million plumbing fixtures manufacturing plant. The 1 million-square-foot facility is planned for completion in second-quarter 2023. Subscribers can learn more by clicking here.
In East Wenatchee, Washington, Microsoft Corporation (NASDAQ:MSFT) (Redmon, Washington) started construction of a $409 million data center campus, which is part of a multiphase development on a 170-acre site. Subscribers can click here for a project report.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
