The Rocky Mountain region (Arizona, Colorado, Idaho, Montana, New Mexico, Nevada, Utah and Wyoming) is closing out 2006 with a total investment value (TIV) of $6 billion in capital projects expected to be completed by year's end, according to research released Tuesday by Industrial Info Resources. The 186 projects included new grassroot locations, expansions, and upgrades.
This is a 25 percent increase compared to 2005, when only $4.5 was invested in 152 projects, the research indicates.
The Power Industry came out on top in regional spending, with more than $1.8 billion in construction projects, the study reports.The Nevada Power Co., Las Vegas, Nev., spent almost $1.5 billion to complete two projects including a $700 million, 1,200-megawatt (MW), natural gas combined-cycle power plant in Moapa, Nev., and an 800 MW natural gas-fired simple cycle peaking unit in Apex, Nev.
In 2005, Industrial Info's research shows that the Industrial Manufacturing Industry was the biggest spender in the Rocky Mountain region with $2.2 billion, which accounted for nearly half of the region’s total completed projects.
Compared to 2006, there were slightly more new facilities brought online in 2005. Of the 152 projects completed in 2005, 31 were for new facilities.
Industrial Info projects that for 2007, the Rocky Mountain region will see a major increase in spending, with over $14 billion in projects currently scheduled for completion over the next 12 months. If all of the projects proceed as scheduled, this will represent a 57 percent increase over 2006.