Industrial Info Project Spending Index Registers Year-Over-Year Gain for Second Month in a Row, an Industrial Info News Alert

Sugar Land, Texas, UNITED STATES


SUGAR LAND, Texas, March 19, 2021 (GLOBE NEWSWIRE) -- Researched by Industrial Info Resources.

For the second month in a row, Industrial Info's North America Industrial Project Spending Index, which measures the value of all active projects in the pipeline for the year, registered a year-over-year gain.

In comparison, the index registered only one positive month (January) in 2020, before the floor dropped out from under several markets amid the COVID-19 pandemic.

The Industrial Manufacturing Industry reported the biggest gain, up $39.14 billion, or 32% over spending in February 2020.

As of February, U.S. manufacturing employment had increased by 21,000 over January, led by a gain in transportation equipment, according to the U.S. Bureau of Labor Statistics. However, manufacturing employment last month was still down by 561,000 year over year.

The National Association of Manufacturers (NAM) first Manufacturers' Outlook Survey of 2021, released on March 8, showed manufacturers' optimism increasing to nearly 88% - the highest reading in two years, and up from 74% in fourth-quarter 2020. For more information, see March 12, 2021, article - U.S. Heavy Manufacturers Plan $2 Billion in Second-Quarter Project Kickoffs Amid Improving Optimism.

The U.S. Federal Reserve latest Beige Book survey of current economic conditions, also indicated moderate manufacturing gains. Semiconductor industry contacts reported strong demand from the auto industry and manufacturers of personal computers and other electronic devices. For more information, see the March, 2021, NavigatIIR article - Manufacturing Signals Moderate Gains in Latest U.S. Fed Beige Book.

Oil & Gas Production saw a substantial year-over-year project spending increase, rising 25.7% to $100.76 billion last month, according to the spending index.

Industrial Info's North America Spending Index also reported year-over-year spending increases by the Power (up 7.44%), Alternative Fuels (up 2%) and Food & Beverage (up 11.74%) industries.

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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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.

Brian Ford
bford@industrialinfo.com
713-783-5147