North American Industrial Project Spending Up in November

After reaching its lowest point in nearly three years in October, the North American Industrial Project Spending Index, measuring project spending growth, rose to 13.73% in November

After reaching its lowest point in nearly three years in October, the North American Industrial Project Spending Index, measuring project spending growth, rose to 13.73% in November, according to Sugar Land, Texas-based Industrial Info Resources. In October, the project spending index dropped for the seventh consecutive month to 1.17%.

According to Industrial Info Resources, all but three industries are showing increases for 2008, led by oil and gas production with 167% growth, metals and minerals with 81% growth, chemical processing with 59% growth, and oil and gas terminals with 28% growth. The three industries experiencing drops are pulp, paper, and wood with a decrease of 25%, industrial manufacturing down 24%, and alternative fuels with a drop of 12%.

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