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%.
