Mid-Atlantic Industrial Project Spending Doubles In 2Q 2007

Industrial capital and maintenance spending for Mid-Atlantic region in second quarter of 2007 doubles to $6.125 billion, according to Industrial Info Resources.

The Mid-Atlantic region will see a doubling of industrial project spending for the second quarter of 2007, according to research released Monday by Industrial Info Resources.

Presently, Industrial Info Resources is tracking 222 active industrial capital and maintenance projects in the Mid-Atlantic region that are planned to start construction in the second quarter of 2007 at an investment of $6.125 billion, an increase of over 100 percent from the same time in 2006 when about $300 million was invested in 64 projects.

West virginia is in first place with more than $1.7 billion in investments and the state also has the biggest project in a proposed 600-megawatt, $1.2 billion coal fired power plant in Maidsville. Next in line with investments are North Carolina at $1.4 billion and South Carolina at $1.2 billion in planned spending.

Industrial Info reports that the power industry has the most spending at $2.8 billion for 31 projects. Industrial Manufacturing comes in second with almost $1.2 billion invested in 79 projects.

Although Chemical Processing has the most projects planned, at 33, Pharmaceutical & Biotech is in third place in relation to investment value with $620 million for 27 projects vs. $202 million on 33 projects. 

Almost 5,000 new jobs will be added to the Mid-Atlantic region by the end of the second quarter of 2007 due to the expansion projects and new plants that will be coming online, notes Industrial Info.

Currently, there are only six plants that are planned for closure in the second quarter of 2007, reducing  manufacturing jobs by more than 1,600. Half of these plant closings will be in the furniture industry.

But this is lower than the same time last year, when 17 plants closed resulting in the loss of more than 3,000 jobs, Industrial Info's research indicates.