The latest stats from NPD show that 2008 was a record year for the video games industry in North America – but signs that the worsening global economic climate is beginning to hit the games market are now materialising.

2008’s annual market value of $21bn was 19 per cent up on 2007 – an impressive figure that suddenly becomes less staggering when compared to the 43 per cent year-on-year growth seen in the year before.

And GameDaily reports that at a Games Business Law summit earlier this week NPD’s senior account manager Michael Klotz stated: “Previously, people thought that games might be recession-proof, but we're already being affected by the recession. The game industry is still growing, but it has been impacted by the recession. We probably would have seen even more growth if it hadn't been impacted by the current economic climate in the US.”

Klotz pointed to small year-on-year market value gains of nine per cent and 12 per cent in August and October respectively and the seven per cent year-on-year dip seen in September. An industry as buoyant as the games market, Klotz stated, would be posting significantly higher growth were it completely immune from the credit crisis.