NavigatIIR: PVF Spending Forecast for 2020 Slips by $2 Billion, but Hopeful Economic Signs Ahead

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Researched by Industrial Info Resources (Sugar Land, Texas)--The COVID-19 pandemic and economic downturn have made a big difference in Industrial Info's Top-Line Forecast for U.S. pipes, valves and fittings (PVF) project spending this year.

At the beginning of 2020, the forecast for U.S. capital and maintenance project spending across 12 industries involving PVF was $13.6 billion for the year, up by nearly $400 million from 2019. By July, the updated forecast for this year was $11.6 billion, down $2 billion from the earlier forecast. The forecast shows PVF spending will rise in 2021, and then drop and flatten out for 2022 through 2024.

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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.