|By Marketwired .||
|March 19, 2014 06:15 AM EDT||
SUGAR LAND, TX -- (Marketwired) -- 03/19/14 -- Researched by Industrial Info Resources (Sugar Land, Texas) -- The U.S. Gulf Coast region is at the heart of what most will categorize as the "biggest innovation in energy development so far this century," shale energy. The technological advancements in unconventional drilling are setting the stage for an industrial renaissance in many sectors.
In addition to the much publicized liquefied natural gas (LNG) export projects in the Gulf Coast region, the increased availability of inexpensive natural gas is driving project activity in other sectors, perhaps most notably the Chemical Processing Industry, which is experiencing high spending growth, due in large part to a sharp increase in the construction of new ethylene and methanol units, which require significant time, resources and manpower to construct.
At the beginning of 2014, Industrial Info was tracking 970 capital projects worth more than $239 billion that were planned to kick off through 2018 in the Texas, Louisiana and Mississippi Gulf Coast Region. This represents an 8.1% increase in spending from what was being tracked in the fourth quarter of 2013. Most of this spending increase comes from the petrochemical industry. Along with this new planned activity comes increasing tightness in the craft labor market.
Of course, Industrial Info does not expect that all of these projects will actually reach construction. Properly assessing the likelihood of each project moving forward is an important part of Industrial Info's quarterly updated Gulf Coast Region Labor Market Analysis, as IIR only wants to include projects that have a high probability of progressing beyond the planning stage. Industrial Info utilizes industry experts as well as owner/project intelligence to assess a level of confidence or "confidence factor" for each project.
IIR forecasts labor demand for 13 skilled craft types based on its list of qualified projects to show an accurate assessment of the labor market. IIR's proprietary data and modeling methods allow us to roll up thousands of events in any geography for any particular time and report total demand for each specific craft.
In addition to labor demand modeling, IIR directly gathers real-time wage rate information, per diem rates and supply statistics to articulate the full burden of labor demand to supply, and its impact on wage rates. This service is available for certain geographic regions of North America.
From the IIR Labor Solution, clients can better address labor issues by understanding labor surplus and deficits, utilization rates, and traveler estimations for each craft by metropolitan area.
Current forecasts show labor demand in the overall Gulf Coast region peaking in 2016, with labor demand for eight skilled crafts, including electricians, welders, pipefitters, iron workers and others, approaching 91,000 skilled craftsmen for the year, compared to approximately 53,770 in 2013.
Industrial Info currently has Craft Labor Forecasts available for the high-activity areas of the U.S. Gulf Coast and Great Lakes regions. However, we are able to custom-build reports for other parts of North America. For more information, please contact Tony Salemme, vice president of Industrial Info's Craft Labor Group, at [email protected] or by calling (209) 547-9878.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine 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. To contact an office in your area, visit the www.industrialinfo.com "Contact Us" page.
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