About 80% of current North American infrastructure project outlooks are stable or positive, according to Fitch Ratings, which conducted a mid-year review of its sector outlooks. The favorable outlook is a result of the number of operators with mostly contracted revenue streams that mitigate price and volume risk.

The primary driver for the industry’s growth is strong demand for pipeline and refinery capacity and contracted cash flows at liquefied natural gas terminals. Yet, outlooks could change if recent increases in natural gas pricing are a long-term trend and not a temporary departure from recent levels, according to the report.

Also, a slow U.S. economic recovery or the global failure to resolve European economic challenges could prolong currently weak demand, and the impact of new and pending environmental laws remains uncertain, reports Fitch. Outlooks on projects with merchant or refinancing risk are most likely to be affected, according to the report.