According to the latest ChangeWave survey on water industry trends, tough financial times are causing a dramatic slowdown in planned water project expenditures.

Just one-in-three water industry respondents (33%) say overall spending will increase during the next year — less than half the percentage we saw in our February 2008 survey.

Another 28% say spending will decrease — a 7-fold jump from previously.

The ChangeWave survey, conducted October 16-22, 2008, was composed of 116 respondents who work for companies in the water industry.

The one silver lining in the results is that even though…