North America sees cancellations of chemical projects

Published: 30 May 2009 18:46:19 PST

North America sees cancellations of chemical projects According to Industrial Info Resources (IIR), the economic upset across the world has taken a significant bite out of capital and maintenance spending originally planned for the second quarter of 2009 in North America's chemical processing industry, with more than $ 780 million project cancellations identified. This is almost double the level of project delays and cancellations for the same quarter last year, which was recorded at $ 402 million representing 46 individual projects. Despite these setbacks, this still leaves an estimated $ 1.7 billion in active projects with the potential of beginning some phase of construction during the quarter.