North American industrial firms had begun or were proposing to begin work in June 2013 on approximately $317.55 billion for industrial capital and maintenance projects. While this figure represents an approximate decline of 1% from June 2012, the movement obscures actual significant growth North America’s industrial sector.
According to Industrial Info, the overall change in total investment value (TIV) for North America from 2012 to 2013 shows an increase of $25.8 billion, representing growth of more than 8%. Industrial Info covered 12 industries covered by can be seen in the Industrial Manufacturing Industry, which increased 61.4% year over year to $19.5 billion, and the Industrial Manufacturing Industry, which has experienced a 37.9% increase, rising to $36 billion. Among the larger projects set to begin in these industries are an ethylene unit addition on the Texas Gulf Coast and several high-dollar rail projects in the U.S. and Canada.
In the U.S. and Canada, the Petroleum Refining Industry has seen a very large increase in the value of year-to-date construction starts in the U.S. and Canada increasing 133% from last year. Much of this increased activity comes from the North West Redwater Partnership's expansion of its refinery in Redwater, Alberta which includes a carbon capture and storage project.
Source: Industrial Info