North American Chemical Project Cancellations for Second Quarter Nearly Double from One Year Ago

SUGAR LAND--April 22, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--The economic upset across the world has taken a significant bite out of capital and maintenance spending in the Chemical Processing Industry (CPI) originally planned for the second quarter of this year in North America with more than $780 million identified in project cancellations. This is almost double the level of project delays and cancellations for the same quarter last year, which was recorded at $402 million representing 46 individual projects. Despite these setbacks, this still leaves an estimated $1.7 billion in active projects with the potential of beginning some phase of construction during these three months.