Tuesday, September 29, 2009

Industrial Construction Spending Declines Again

According to the North American Industrial Spending Index, construction projects for industry declined again in August, for the ninth consecutive month. The only sector with positive growth is the manufacturing sector, with a $3 billion increase in projects over last year. Leaders in the declining sectors are oil and gas transmission, down 79%; oil refining, down 75%; pulp and paper plants, down 69%; alternative fuels, down 65%; oil and gas terminal construction, down 55%, and chemical processing construction, down 47%. Ouch!
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