Decline in New Industrial Manufacturing Planned Industrial Project in April 2024

Industrial SalesLeads announced today the April 2024 results for the new planned capital project spending report for the Industrial Manufacturing industry. The Firm tracks North American planned industrial capital project activity; including facility expansions, new plant construction and significant equipment modernization projects. Research confirms 110 new projects as compared to 174 in March 2024.

The following are selected highlights on new Industrial Manufacturing industry construction news.

Industrial Manufacturing - By Project Type

            Manufacturing/Production Facilities - 96 New Projects

            Distribution and Industrial Warehouse - 75 New Projects

Industrial Manufacturing - By Project Scope/Activity

            New Construction - 41 New Projects

            Expansion - 35 New Projects

            Renovations/Equipment Upgrades - 38 New Projects

            Plant Closings - 11 New Projects

Industrial Manufacturing - By Project Location (Top 10 States)

            Indiana - 10

            Texas - 9

            Ohio - 8

            Louisiana - 6

            Washington - 6

            Alabama - 5

            Florida - 4

            North Carolina - 4

            Ontario - 4

            Pennsylvania - 5

Largest Planned Project

During the month of April, our research team identified 22 new Industrial Manufacturing facility construction projects with an estimated value of $100 million or more. 

The largest project is owned by SK hynix America, who is planning to invest $4 billion for the construction of a 430,000 sf manufacturing and research facility at 1281 Win Hentschel Blvd. in WEST LAFAYETTE, IN. They are currently seeking approval for the project. Completion is slated for Fall 2028.

Top 10 Tracked Industrial Manufacturing Projects

ONTARIO:

Pharmaceutical company is planning to invest $2 billion for the construction of two processing facilities in TORONTO, ON. The project includes the renovation and equipment upgrades on their existing processing and laboratory facilities at the site. Completion is slated for 2027.

NORTH CAROLINA:

Biotechnology company is planning to invest an additional $1.2 billion for the expansion of their currently under-construction processing facility at 11751 Holly Springs New Hill Road in HOLLY SPRINGS, NC. Completion of the first phase is slated for Summer 2025.

GEORGIA:

Plastic recycling service provider is planning to invest $950 million for the construction of a 2.5 million sf processing and warehouse facility in THOMASTON, GA. They are currently seeking approval for the project. Construction is expected to start in 2025, with completion slated for 2027.

OHIO:

Automotive mfr. is planning to invest $700 million for the renovation and equipment upgrades on their manufacturing facilities in MARYSVILLE, OH, EAST LIBERTY, OH and ANNA, OH. They are currently seeking approval for the project.

INDIANA:

Cement mfr. is planning to invest $500 million for the renovation and equipment upgrades on their processing facility in MITCHELL, IN. They are currently seeking approval for the project.

TENNESSEE:

Industrial ventilation equipment mfr. is planning to invest $300 million for the construction of a manufacturing, warehouse, and office campus in KNOXVILLE, TN. They are currently seeking approval for the project. Construction will occur in phases, with completion of the first phase slated for Summer 2026.

MICHIGAN:

Automotive component mfr. is planning to invest $278 million for the construction of a 713,000 sf manufacturing facility in AUBURN HILLS, MI. They are currently seeking approval for the project. Construction is expected to start in late Spring 2024, with completion slated for late 2025.

TEXAS:

Window and door mfr. is planning to invest $121 million for the construction of a 650,000 sf manufacturing, warehouse, and office facility in MANSFIELD, TX. They have recently received approval for the project.

MANITOBA:

Startup pharmaceutical company is planning to invest $120 million for the construction of a processing and warehouse facility in WINNIPEG, MB. They are currently seeking approval for the project.

ALABAMA:

Lumber company is planning to invest $115 million for the construction of a sawmill in KELLYTON, AL. They have recently received approval for the project. Completion is slated for early Fall 2025.

About Industrial SalesLeads, Inc.

Since 1959, Industrial SalesLeads, based in Jacksonville, FL is a leader in delivering industrial capital project intelligence and prospecting services for sales and marketing teams to ensure a predictable and scalable pipeline. Our Industrial Market Intelligence, IMI identifies timely insights on companies planning significant capital investments such as new construction, expansion, relocation, equipment modernization and plant closings in industrial facilities. The Outsourced Prospecting Services, an extension to your sales team, is designed to drive growth with qualified meetings and appointments for your internal sales team. Visit us at salesleadsinc.com.

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