SOURCE: Industrial Info Resources

Industrial Info Resources

December 02, 2010 05:40 ET

Canadian Chemical Industry Spending Surpasses Forecast in 2010, Sets Stage for Another Strong Year in 2011, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - December 2, 2010) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Construction starts for the Chemical Processing Industry (CPI) of Canada in 2010 are poised to exceed the original forecast of $350 million, reaching an estimated $418 million. This is a more than 16% increase in total spending, while also realizing an overall increase in project activity of more than 24%. These increases brought the average total investment value (TIV) for each project up from $4.8 million in 2009 to $5.6 million in 2010. An uptick in CPI project activity starting in the third quarter as general economies around the world began to show signs of improvement helped to spur this increased activity. Some of the larger projects contributing to the success so far this year were planned by Praxair Incorporated (NYSE:PX) (Danbury, Connecticut), Nova Chemicals Corporation (Calgary, Alberta), Methanex Corporation (Medicine Hat, Alberta) and others.

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