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SUGAR LAND, Texas, March 22, 2021 (GLOBE NEWSWIRE) — Researched by Industrial Info Resources — Industrial Info’s Global Project Spending Index for South America during the first two months of this year was higher than the same period in 2020. For the month of February, the index was 3.13% higher year over year.
The Project Spending Index is a monthly indicator that compares the current active spending rates to the previous year in order to get a measure of growth or contraction in the industrial market. The Global Spending Index includes the Power, Oil & Gas Production, Terminals, Pipelines, Petroleum Refining, Chemical Processing, Metals & Minerals industries.
“COVID-19 plant lockdowns and project delays significantly impacted industrial project spending in 2020,” said Joseph Govreau, Industrial Info’s vice president of research for the Metals & Minerals Industry. He continued: “For the year, industrial companies including power generation, oil & gas, petroleum refining and metals and minerals experienced a 31% decrease in the value of projects starting construction. That appears to be turning around in 2021, as through the first two months of 2021 we have seen a 3% increase in project activity this year when compared to last year according to Industrial Info’s Global Project Spending Index.”
Spending in South America amounted to $120.66 billion in February, up $3.66 billion from the same month in 2020. Total global spending in February was up 9.52%.
South America’s Petroleum Refining, Metals & Minerals and Chemical Processing industries posted spending increases last month.
Petroleum Refining spending amounted to $8.1 billion, up 255% from a year earlier. Latin American refining projects being tracked by Industrial Info include the grassroot 340,000-barrel-per-day Pemex Dos Bocas Grassroot refinery, now under construction in Mexico . In Peru, the modernization of the 65,000-barrel-per-day Talara Refinery is progressing.
Metals & Minerals spending in South America totaled $29.6 billion last month, up 2.4%. Chemical Processing spending was $3.3 billion, up 30% year over year.
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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.
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