Incorporating: Arizona, New Mexico, Oklahoma and Texas.
The industrial gas market of the South West region is the second largest out of the eight regions of the US, and also is home to the largest onsite supply market in the country.
The South West region has enjoyed strong economic growth since 2000. One of the major contributors to the regions wealth is the large oil and gas/petrochemical industries. Texas alone is home to approximately 25 major refineries, and further seven are located in New Mexico and Oklahoma. Four of the top ten largest oil fields, and three of the top ten natural gas fields, are located in the region.
Average GDP growth for the decade (2005-2015), stood at 4.2% 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%. The downturn in the South West was short-lived, and the economy has experienced strong growth since. However, in 2015 there was a decline of -0.9% in the regions GDP.
Report Data: 2016
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