(1) Background: The aim of our study is to present the results of initial growth and plant physiology studies of newly selected, vegetative propagated black locust clones, with a view to assess their suitability for the establishment of fast growing tree plantations for the production of high quality timber in marginal (semi-arid) sites. (2) Methods: In the spring (May) and autumn (November) of 2021, full inventories were carried out in the black locust industrial tree plantation. The Normalized Difference Vegetation Index (NDVI) values were observed monthly from May to September 2021. For measuring the assimilation parameters the net assimilation, transpiration, stomatal conductance, intercellular CO₂ concentration, and other physiological parameters were recorded. (3) Results: Robinia pseudoacacia ‘NK2’ clone showed the highest assimilation rate and it produced the most height increment in the growing season, from May 2021 to November 2021. The discriminant analysis classified successfully the black locust clones, 86.7% of original grouped cases were correctly classified. (4) Conclusions: The study of industrial tree plantations is of great practical importance. As black locust can tolerate even marginal site conditions, the lack of timber can be reduced in the future by establishing black locust industrial tree plantations. To be able to produce good quality industrial wood on the plantations, it is essential to study the phytophysiological properties of the trees (biomass production, vegetation activity of plants, chlorophyll content, photosynthetic activity) in addition to the traditional stand full inventories.