The U.S. manufacturing technology orders in February 2023 did not meet expectations, according to AMT – The Association For Manufacturing Technology. Despite a 2.1% increase from January, orders totaled $343.3 million, which is a 26.5% decrease compared to the same period last year. However, the average monthly orders in the first three months of 2023 were $455.6 million, and orders in the remaining months only reached $395.9 million.
The largest consumers of manufacturing technology, contract machine shops, experienced a decrease in orders during this time. On the other hand, manufacturers of engines, turbines, and power transmission equipment saw an increase in orders, reaching their highest level since February 2023. This sector has seen heightened orders in recent years due to factors such as extreme weather requiring infrastructure improvements and government incentives for clean energy generation.
In an April 9 news release, AMT officials noted that March typically sees an increase in orders as it marks the end of the fiscal year for many companies. With an order value of $548.8 million in March 2023, surpassing this amount will be challenging if demand from contract machine shops does not pick up soon. Despite the potential for orders to fall short of 2023 levels in the coming months, there are positive signs that the remainder of 2024 could offer opportunities for growth if demand from contract machine shops picks up soon.
The data collected by AMT for its U.S. Manufacturing Technology Orders Report provides valuable insight into regional and national orders of domestic and imported machine tools and related equipment
