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November U.S. machine tool consumption of $275.20 million was up 18.3% from October and up 40.4% from the total of $195.98 million reported for November 2003. With a year-to-date total of $2,669.77 million, 2004 was up 43.0% compared with 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, which is sponsored by the American Machine Tool Distributors' Association and the Association for Manufacturing Technology.
"Pent-up demand, tax incentives and the need for increased capacity have causedU.S. manufacturers to continue their investments in new machine tools," said AMTDA President Ralph J. Nappi. "With year-to-date numbers running 43% ahead and all five regions showing positive growth, there appears to be a clear signal of continued strength in the industry. 2004 will end up to be the strongest year for machine tool sales since 2000 with all indications for further growth in 2005."
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.
November machine tool consumption in the Northeast Region stood at $37.44 million, down 5.7% compared to October's $39.69 million but up 59.6% compared to November 2003. At $400.80 million, year-to-date machine tool consumption was 60.2% higher than the comparable figure in 2003.
Totaling $52.24 million, Southern Region machine tool consumption in November was up 92.1% compared to October's $27.19 million, and 193.0% higher than the total for November a year ago. The year-to-date total of $403.04 million was 12.4% higher than the comparable figure for 2003.
Midwestern Region machine tool consumption in November totaled $91.13 million, down 8.2% from October's $99.25 million, but 17.1% higher than the November 2003 total. With a year-to-date total of $1,033.32 million, 2004 was running 39.1% ahead of 2003 at the same time.
At $57.17 million, Central Region machine tool consumption in November was 51.3% higher than October's $37.77 million, but down 3.3% when compared to November 2003. The year-to-date total of $488.25 million was 47.1% higher than the 2003 total at the same time.
November machine tool consumption in the Western Region totaled $37.23 million, up 29.2% from October's $28.82 million and up 109.6% compared to November a year ago. With a year-to-date total of $344.35 million, 2004 was up 87.5% when compared to 2003 at the same time.