The Plains is home to the third-smallest industrial gas market out of the eight regions of the US. Despite this, revenues generated by the commercial industrial gas activities amounted to over $1.6bn in 2015. This was up from $1.1bn in 2005, indicating an average annual growth rate of 3.9%.
The region’s economy has historically relied on arable farming and cattle ranching to drive growth. However, since 2000 the region has diversified its output, with a major new contribution hailing from the ongoing oil boom being witnessed in North Dakota. The state is now the second-largest oil producer in the country. Overall GDP growth for the decade has averaged at 3.4% per annum (p.a.) – the only slight decline was witnessed in 2009 (0.9%). Growth has been positive since 2010, with 2015 seeing an increase of just under 3%.
Industrial production, as measured by the Industrial Production Index (IPI), has faced a more turbulent period – with declines witnessed during the recessionary periods of 2001 and 2008/2009.
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