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January U.S. machine tool consumption totaled $161.19 million, according to the American Machine Tool Distributors' Association and the Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was down 23.9% from December, but up 19.4% from the total of $135.04 million reported for January 2003.
These numbers and all data in this report are based on the totals of actual data reported by companies participating in the USMTC program.
"The U.S. is starting to see the manufacturing sector gain much needed momentum," said Ralph J. Nappi, AMTDA President. "Orders for metalworking equipment were up in January from a year ago and the drop from December of 2003 can be attributable to strong orders due to companies taking advantage of tax incentives for year end. This is quantifiable evidence the accelerated depreciation incentives put in place are indeed having an impact on spurring capital equipment purchases and a further indication that extending these incentives would be good for the overall economy as well as U.S. manufacturing."
The United States Machine Tool Consumption (USMTC) report, jointly compiled by the two trade associations representing the production and distribution of manufacturing technology, provides regional and national U.S. consumption data of domestic and imported machine tools and related equipment. Analysis of machine tool consumption provides a reliable leading economic indicator as manufacturing industries invest in capital metalworking equipment to increase capacity and improve productivity.
U.S. machine tool consumption is also reported on a regional basis for five geographic break-downs of the United States.
January machine tool consumption in the Northeast Region totaled $20.02 million, down 26.5% from December's $27.23 million, but 37.6% higher than January a year ago.
Southern Region machine tool consumption stood at $21.10 million, 32% less than the previous month's $31.03 million, and down 22.4% compared to January 2003.
At $68.77 million, January machine tool consumption in the Midwestern Region was down 19.8% from December's $85.76 million, but 10.3% higher than the total for January a year ago.
With a January total of $27.24 million, Central Region machine tool consumption was down 25.5% from December's $36.58 million, but 41.6% higher than the comparable figure a year ago.
January's $24.05 million in machine tool consumption for the Western Region was off 22.7% compared to December's $31.12 million, but up 105.4% when compared to January 2003.