"number has any geographic/location significance?"
At country level, then yes, it is fairly common for that to be identifiable. Any closer than that is less and less likely.
Some services may describe their pool of IP addresses in more detail, so for example, a Cable TV/ISP business might indicate which State and even City, a connection is from. Similarly, in the UK, Virgin Media (cable) may also do the same - it helps the company because they may be able to check down to street level when there is a fault.
With many other UK ISPs, however, using BT's network, the connections are generally put through larger and larger concentrators until they get to the interface (gateway) with the ISP (typically in the London area).
So while some of my ISP (PlusNet) servers are in Sheffield, my connection shows little or nothing about my location, just the PlusNet Gateway used for the connection (at the moment, next hour, next week, it could be via a different gateway system, all in London as far as I know, but different data centres are used to limit the risk of power failure etc).
You can get some details about the IP address info if you visit www.dnsstuff.com but be warned, while I am in N Wales it reports London (fine by me!). (Back to ISP equipment, I assume.)