SUGAR LAND, Texas, Jan. 21, 2020 /PRNewswire/ -- Researched by Industrial Info Resources (Sugar Land, Texas)--Skilled craft labor-demand hours required for construction and maintenance in the U.S. will increase to more than 775 million hours from 2021 through 2023.
The U.S. Gulf Coast region is forecasted to peak in 2020 at 159 million hours.
For 2020, Industrial Info estimates annual capital and maintenance spending for the U.S. industrial plant population to be $339.45 billion. This represents a $4.34 billion increase in spending from 2019.
While the downturn in the Oil & Gas Industry in 2015 pushed companies to re-evaluate project investments, the uncertainty coming from the 2016 presidential election created a wave of projects that were pushed out or canceled. Today, industrial construction and maintenance remains at an all-time high, with 2020 forecasted at $56.72 billion in the Gulf Coast Region.
Labor and other issues will be discussed at Industrial Info's upcoming Industrial Market Outlook & Networking Event, which will be held January 23 at the George R. Brown Convention Center in Houston, Texas. The event will place a special emphasis on projects in the U.S. Gulf Coast region, where Industrial Info is tracking more than $380 billion in active projects in the zones from Brownsville, Texas, to Pascagoula, Mississippi, including more than $166.4 billion worth that are set to start construction from now until the end of 2021.
Click here to learn more or to RSVP for this complimentary event.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to firstname.lastname@example.org or visit us online at http://www.industrialinfo.com.
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SOURCE Industrial Info Resources, Inc.