Industrial Information Resources, Inc. of Houston, says the bulk of this will come in the power industry, seven projects--worth a combined $1.8 billion--will begin construction in the last quarter of 2003. In comparison, the industrial manufacturing industry has the most projects that will kick-off in the fourth quarter, with 10. Those 10 projects, however, only amount to an investment of $39 million.
In addition, the report says, the food and beverage industry will spend $54 million in the last quarter on two projects that are scheduled to begin construction in the Wolverine state.
The chemicals and metals and minerals industries will both provide the state with $11.5 million worth of capital project kick-offs in the fourth quarter; however, chemicals will only have two projects while metals and minerals will have four. Finally, the pharmaceuticals and biotechnology industry will add another two projects worth $21 million.
All total, Michigan will be on the receiving end of $2 billion in construction kick-offs in the fourth quarter in the form of 27 projects spread across six industries. In comparison to the Great Lakes region as a whole, Michigan will play host to 18.6% of the capital and 13% of the projects that the region will have kicking off in the final three months of the year.
One of the larger projects scheduled to kick-off construction in the fourth quarter is the proposed $40 million new pizza dough plant project located in New Boston, MI. This project is being developed by Ilitch Holdings of Detroit and is a three-phased expansion of the existing pizza dough plant that services Ilitch's Little Caesar's Pizza chain.
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