The industrial gas market of the US South West is the second-largest out of the eight regions of the country, just being eclipsed by the sprawling market of the neighboring South East region. The South West is, however, home to the largest onsite market in the country, mainly due to extensive onsite and pipeline infrastructure.
The region’s market achieved revenues of just over $4.3bn in 2015. This is up from just over $3.3bn in 2005, indicating an average annual growth rate of 2.7%. Average GDP growth for the decade (2005-2015), stood at 4.2% per annum (p.a.). The region’s economy did, like most others, fall into recession during the worst years of the global financial crisis – in 2009 GDP dropped by 5.9%. Although the downturn in the South West was short-lived, with the economy experiencing strong growth until this year, there was a slight recession of -0.9%
Industrial production, as measured by the Industrial Production Index IPI, has experienced more turbulent fluctuations over the past 15 years. Two periods of contraction have occurred, the first lasted for two years – between 2001 and 2002 – and witnessed drops in industrial production of 6.6% and 1.3%, respectively. The second drop in IPI followed in 2008 and 2009. The recovery in GDP in 2010 was matched by a recovery in IPI, though IPI did contract (2%) again in 2015.
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