Incorporating: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 2.4% p.a. in a low scenario to 3.0% p.a. in a high scenario. Accordingly, the industry in New England is expected to achieve revenues of between $1.03bn to $1.05bn by 2023.
New England’s economic growth has remained relatively low and steady since 2000. The region nearly dropped into a recession during the financial crisis with a very low growth rate of only 0.1% in 2009. However, the region has since been in a higher period of economic growth, with a growth rate of 5.0% in 2018.
Industrial Production, as measured by the Industrial Production Index (IPI) has faced harsher and more prolonged periods of decline, the first being witnessed between 2001 and 2002 – and the second in 2008 and 2009 – where IPI declined by 3.1% and 9.8%, respectively.
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