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Energy and Metals Sectors Outpace Decliners to Keep North American Industrial Project Spending at 18% Growth in 2008
SUGAR LAND--July 3, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Although Industrial Info's North American Industrial Project Spending Index reports 18.08% growth in May 2008 compared with the same month last year, spending is at its lowest point since December 2006. However, capital and maintenance spending at industrial sites remains high with $352 billion in active projects under way or scheduled to begin construction in 2008. High energy prices in North America continue to marginalize plant operations across all industries, causing owners to cut back on capital spending plans. Gasoline is at an all time high in the U.S., reaching $4 per gallon, and natural gas, at more than $12 per million btu, is at a historic high level in most parts of the U.S. It is not surprising that Oil & Gas Production, Petroleum Refining, Power and Alternative Fuels continue to be the leading industries for project spending in 2008.
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Industry Segment: Industrial Manufacturing
Word Count: 479 Words
Attachment: Chart - North American Industrial Project Spending Index
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