SOURCE: Industrial Info Resources
SUGAR LAND, TX--(Marketwired - Feb 18, 2014) - Researched by Industrial Info Resources (Sugar Land, Texas) -- In 2014, the nation's expanding oil and gas production is poised to continue its dramatic growth, and this contributes to rising project spending across all industrial sectors. "We've realized a lot of the spending opportunity taking place in the field itself, getting the product to market, storage tanks, and things of that nature," said Michael Bergen, executive vice president at Industrial Info Resources, at the company's most recent Industrial Market Outlook, held in Houston, Texas. "We're just now starting to get on the cusp of where other industries are benefitting from this development."
And these benefits are set to lift U.S. industrial project spending in 2014 by more than 10% from last year. For the past few years in the U.S., much of the spending that has occurred has been directly involved in the oil & gas extraction process: drill pipe fabrication, fracking equipment producers, steel pipe/tube mills, etc. Spending is now reaching into new sectors, including the Chemical Processing Industry and Industrial Manufacturing sector.
Production of ceramics, electronics and automotive parts is returning to the U.S. because of lower manufacturing costs, said Bergen, who also noted that the U.S. textile industry, which for the past several years has been in severe decline, is returning manufacturing to U.S. shores. "We're tracking $800 million worth of textile mills being built and coming back to life in the Carolinas, which is pretty exciting," Bergen said.
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