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North American project spending amounted to $690.97 billion in April, up 23.52% from spending in April 2021, according to Industrial Info's Project Spending Index. Of the 12 industries tracked by Industrial Info, only Oil & Gas Pipelines registered a year-over-year drop in spending (-39.8%).
With a global shortage of semiconductors, it's no wonder companies are jumping on the bandwagon to build more fabrication plants, with more than $50 billion of semiconductor and computer manufacturing projects set to kick off in 2022 in the U.S. alone.
The fall of 2022 is set to be the biggest season for maintenance spending in the U.S. and Canadian Petroleum Refining Industry since 2019, with related spending expected to be 80% higher.
Industrial Info is pleased to be presenting a complimentary webinar on the spending outlook for petroleum refining, alternative fuels and crude oil.
