Industrial Projects to See Spending Increase in 2008
Market research firm Industrial Info Resources (IIR), Sugar Land, Texas, is forecasting a 5.55% increase in total investment value (TIV) for North American industrial projects this year compared to 2007.
For North America, more than 5,300 major projects with a TIV of $401 billion have been identified to begin construction in 2008. IIR is forecasting that about $245 billion of that total will actually take place by the end of 2008 (after adjustments are made from project fallouts because of cancellations and schedule changes). Using a five-year Confidence Factor (the percent of change in TIV from the initial forecast to the actual number) based on industry trends, the forecasted 2008 value represents a $13.64 billion increase or 5.55% growth when compared with last year's actual spending.