May 2024 Makes a Comeback with 147 New Industrial Manufacturing Project After a Steep Decline the Previous Month

TL;DR

Sales Leads Inc. reports a rebound in industrial manufacturing projects for May 2024, with 147 new projects identified, up from 110 in April. This includes new constructions, expansions, renovations, and significant equipment upgrades. The largest project is a $15 billion EV battery manufacturing complex by Honda Canada Inc. in Alliston, ON.

Synopsis

Sales Leads Inc. announced the May 2024 industrial manufacturing project report, highlighting a recovery from April's decline. The report identifies 147 new projects, with details on project types, scopes, locations, and significant investments. Notably, Honda Canada Inc. plans a $15 billion EV battery manufacturing complex, leading the list of substantial investments. The top 10 tracked projects include expansions and upgrades across various states and industries, from automotive to semiconductor manufacturing.

Industrial SalesLeads announced today the May 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 147 new projects as compared to 110 in April and 174 in March.

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

Industrial Manufacturing - By Project Type

            Manufacturing/Production Facilities - 129 New Projects

            Distribution and Industrial Warehouse - 73 New Projects

Industrial Manufacturing - By Project Scope/Activity

            New Construction - 42 New Projects

            Expansion - 52 New Projects

            Renovations/Equipment Upgrades - 66 New Projects

            Plant Closings - 14 New Projects

Industrial Manufacturing - By Project Location (Top 10 States)

            Indiana - 10

            Ohio - 10

            Texas - 9

            Michigan - 8

            New York - 8

            California - 7

            Pennsylvania - 7

            South Carolina - 7

            North Carolina - 6

            Quebec - 5

Largest Planned Project

During the month of May, 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 Honda Canada Inc., who is planning to invest $15 billion for the construction of an EV battery manufacturing complex in ALLISTON, ON. They are currently seeking approval for the project. Completion is slated for 2028.

Top 10 Tracked Industrial Manufacturing Projects

ILLINOIS:

EV mfr. is planning to invest $1.5 billion for the expansion and equipment upgrades on their manufacturing facility in NORMAL, IL. They are currently seeking approval for the project.

INDIANA:

Automotive mfr. is planning to invest $1.4 billion for the expansion, renovation, and equipment upgrades on their manufacturing facility in PRINCETON, IN. Construction is expected to start in Fall 2024, with completion slated for late 2026.

QUEBEC:

Global technology company is planning to invest $730 million for the expansion and equipment upgrades on their manufacturing facility in BROMONT, QC. They are currently seeking approval for the project.

TEXAS:

Automotive mfr. is planning to invest $531 million for the expansion of their manufacturing facility at 1 Lone Star Pass in SAN ANTONIO, TX by 500,000 sf. They are currently seeking approval for the project.

MINNESOTA:

Semiconductor mfr. is planning to invest $525 million for the expansion and equipment upgrades on their manufacturing facility in BLOOMINGTON, MN. They are currently seeking approval for the project.

GEORGIA:

Hygiene products mfr. is planning to invest $418 million for the expansion and equipment upgrades on their manufacturing, warehouse, and office facility in MACON, GA. They are currently seeking approval for the project.

KANSAS:

Automotive mfr. is planning to invest $390 million for the renovation and equipment upgrades on their manufacturing facility at 3201 Fairfax Trafficway in KANSAS CITY, KS. They are currently seeking approval for the project.

NORTH CAROLINA:

Solar panel mfr. is planning to invest $300 million for the construction of a 1-million sf manufacturing facility in GREENVILLE, NC. They have recently received approval for the project.

 NEVADA:

Recycled paper product mfr. is planning to invest $272 million for the construction of a recycling facility in WINNEMUCCA, NV. They have recently received approval for the project.

WASHINGTON:

Aerospace company is planning to invest $200 million for a 70,000 sf expansion and equipment upgrades on their manufacturing facility in SPOKANE, WA. They are currently seeking approval for the project.

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.

Each month, our team provides hundreds of industrial reports within a variety of industries, including:

• Industrial Manufacturing
• Plastics
• Food and Beverage
• Metals
• Power Generation
• Pulp Paper and Wood
• Oil and Gas
• Mining and Aggregates
• Chemical
• Research and Development
• Distribution and Supply Chain
• Pipelines
• Pharmaceutical
• Misc. Industrial Buildings
• Waste Water Treatment
• Data Centers

Analysis

The May 2024 report from Sales Leads Inc. indicates a positive shift in the industrial manufacturing sector after a sluggish April. The increase in new projects, particularly significant investments like Honda's EV battery complex, suggests a strong focus on sustainable and advanced manufacturing technologies. This rebound is likely driven by the growing demand for electric vehicles, renewable energy, and advanced manufacturing capabilities. The geographical distribution of projects highlights the industry's broad base across North America, with notable activities in states like Indiana, Ohio, and Texas.

FAQ

Q: What is the significance of the May 2024 report? A: The report signifies a rebound in industrial manufacturing projects, indicating industry growth and increased capital investment.

Q: Which project had the highest investment in May 2024? A: The largest investment is by Honda Canada Inc., planning a $15 billion EV battery manufacturing complex in Alliston, ON.

Q: How does May 2024 compare to previous months in terms of new projects? A: May 2024 saw 147 new projects, an increase from 110 in April but a slight decrease from 174 in March.

Q: What types of projects are included in the report? A: The report includes new constructions, expansions, renovations, equipment upgrades, and plant closings.

Q: Which states had the most new projects in May 2024? A: Indiana and Ohio each had 10 new projects, followed by Texas with 9 and Michigan and New York with 8 each.

Glossary of Terms

Industrial Manufacturing: The production of goods in an industrial setting, typically involving machinery and technology.

Capital Project: A long-term, capital-intensive investment project with a purpose to build, add or improve a facility.

EV Battery Manufacturing Complex: A facility dedicated to producing batteries for electric vehicles.

Expansion: The process of enlarging a facility to increase its capacity or capabilities.

Renovation: The act of improving or modernizing a facility or equipment.

Equipment Upgrades: Enhancements or replacements of machinery or technology to improve efficiency or performance.

Plant Closings: The shutdown of an industrial facility, often leading to the cessation of operations at that location.

Outsourced Prospecting Services: Services provided by an external company to identify and qualify potential sales leads for a business.

Industrial Market Intelligence (IMI): Insights and data on companies planning significant capital investments in industrial facilities.