Every industrial corridor announcement carries the same three numbers: the investment commitment, the land acquired, and the projected jobs. None of them is the interesting number.

The interesting number is the utilisation rate ten years out — the share of committed capacity that actually runs. History in comparable corridors is not encouraging, and it is not because of any one failure. It is because industrial policy in most economies produces buildings faster than it produces customers.

What to watch

Watch for the second-order announcements: logistics policy, the tariff schedule, and whether the states competing for the same investment coordinate on capacity rather than undercut on incentives. Those decisions are made quietly, and they are what determine the outcome.