SUGAR LAND, TX — (Marketwire) — 10/12/11 — Written by John Egan for Industrial Info Resources (Sugar Land, Texas) — Industrial manufacturers dramatically increased their project spending in 2011, and the industry-s outlook for 2012 is even brighter, David Pickering, Industrial Info-s vice president of research for the , said in an exclusive interview.
According to data tracked by Industrial Info, through the end of September North American industrial manufacturers were on track to begin work on about $44.7 billion of capital and maintenance projects during 2011, a 91% increase over the $21.3 billion of projects they had scheduled to kick off in 2010.
Compared to 2010, scheduled project spending this year is slated to jump by more than 350% in both the and regions. Project spending in the is expected to increase nearly 200% compared to 2010. Scheduled spending in Canada should increase by more than $2 billion this year, driven by significant gains in Western Canada, Ontario and Atlantic Canada; however, spending in Mexico this year is expected to drop sharply compared to last year.
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