Released July 30, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Industrial Info's North American Industrial Project Spending Index, which measures the value of active projects in the pipeline for the year, registered a 13.87% increase in June compared with the same month in 2018. The active project value was $504.71 billion, up by $61.48 billion. Within the index, onshore Oil & Gas Production project spending registered a 21.6% gain.
The Project Spending Index is a monthly indicator that compares planned industrial project spending for the current year to the previous year, in order to get a measure of growth or contraction in the industrial market. The index provides spending details by industry and market region, including monthly updates that measure the rate of activity from this year to last year during the same month. The June index registered gains in seven of the 12 industries tracked by Industrial Info.
By market region, the Southwest led with $130.36 billion, up 57.59%. The Southwest Market Region includes Texas, Oklahoma, Louisiana and Arkansas.
Click on the image at right to view the June project spending index by market region.
Onshore Oil & Gas Production project spending totaled $10.54 billion in June, up 21.67% from a year earlier. This includes $386.83 billion in the U.S. (up 18.15%), $80.43 billion in Canada (up 1.86%) and $37.46 billion in Mexico (up 1.59%).
U.S. crude oil production and lease condensate totaled 12.2 million barrels per day (BBL/d) in April, marking the first time that monthly U.S. crude oil production levels surpassed 12 million BBL/d, according to the U.S. Energy Information Administration's (EIA) Petroleum Supply Monthly.
"This milestone comes less than a year after U.S. crude oil production surpassed 11 million [BBL/d] in August 2018," the EIA said.
Texas and the Federal Offshore Gulf of Mexico (GOM) reached record levels of production in April at 4.97 million BBL/d and 1.98 million BBL/d, respectively, the EIA said in its July 8 Today in Energy report. Oklahoma also reached a record production level of 617,000 BBL/d.
Onshore production growth was led by the Permian Basin in western Texas and eastern New Mexico, the EIA said.
The Permian Basin accounts for about 63% of Texas and 96% of New Mexico crude oil production. From January 2018 to April 2019, Texas crude oil production increased by 1.1 million BBL/d (28%) and New Mexico production increased by 345,000 BBL/d (64%).
For related information, see July 26, 2019, article - Surging U.S. Oil Production Overwhelms OPEC+ Production Cuts.
Industrial Info's June North American Construction Starts Index, which measures the amount of project activity that has been funded and started construction this year, amounted to $13.25 billion for June, down 30.5% from $19.08 billion a year earlier. Total investment values fell in five of the 12 industries tracked by Industrial Info.
The Construction Starts Index registered 723 project starts in June, down 0.4% from 726 starts in June 2018. The number of project construction starts fell in five of the 12 industries.
Click the image at right for a graph showing June North American construction starts by industry.
The Project Spending Index is a monthly indicator that compares planned industrial project spending for the current year to the previous year, in order to get a measure of growth or contraction in the industrial market. The index provides spending details by industry and market region, including monthly updates that measure the rate of activity from this year to last year during the same month. The June index registered gains in seven of the 12 industries tracked by Industrial Info.
By market region, the Southwest led with $130.36 billion, up 57.59%. The Southwest Market Region includes Texas, Oklahoma, Louisiana and Arkansas.
Onshore Oil & Gas Production project spending totaled $10.54 billion in June, up 21.67% from a year earlier. This includes $386.83 billion in the U.S. (up 18.15%), $80.43 billion in Canada (up 1.86%) and $37.46 billion in Mexico (up 1.59%).
U.S. crude oil production and lease condensate totaled 12.2 million barrels per day (BBL/d) in April, marking the first time that monthly U.S. crude oil production levels surpassed 12 million BBL/d, according to the U.S. Energy Information Administration's (EIA) Petroleum Supply Monthly.
"This milestone comes less than a year after U.S. crude oil production surpassed 11 million [BBL/d] in August 2018," the EIA said.
Texas and the Federal Offshore Gulf of Mexico (GOM) reached record levels of production in April at 4.97 million BBL/d and 1.98 million BBL/d, respectively, the EIA said in its July 8 Today in Energy report. Oklahoma also reached a record production level of 617,000 BBL/d.
Onshore production growth was led by the Permian Basin in western Texas and eastern New Mexico, the EIA said.
The Permian Basin accounts for about 63% of Texas and 96% of New Mexico crude oil production. From January 2018 to April 2019, Texas crude oil production increased by 1.1 million BBL/d (28%) and New Mexico production increased by 345,000 BBL/d (64%).
For related information, see July 26, 2019, article - Surging U.S. Oil Production Overwhelms OPEC+ Production Cuts.
Industrial Info's June North American Construction Starts Index, which measures the amount of project activity that has been funded and started construction this year, amounted to $13.25 billion for June, down 30.5% from $19.08 billion a year earlier. Total investment values fell in five of the 12 industries tracked by Industrial Info.
The Construction Starts Index registered 723 project starts in June, down 0.4% from 726 starts in June 2018. The number of project construction starts fell in five of the 12 industries.
Industrial production was unchanged in June, as increases for both manufacturing and mining offset a decline for utilities, according to the U.S. Federal Reserve's July 17 Industrial Production and Capacity Utilization report. For the second quarter as a whole, industrial production declined at an annual rate of 1.2%, its second consecutive quarterly decrease.
On the other hand, the Institute for Supply Management said economic activity in the manufacturing sector expanded in June, albeit at a slower rate than in May, and the overall economy grew for the 122nd consecutive month.
The North American Spending Gap Index, which measures the amount of fallout from projects that have been cancelled, placed on hold or moved to another year, totaled $417.7 billion in June, compared with $381.9 billion in June 2018.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com
